What is the best insurance policy/insurer for vacant dwelling flips?


#1

Key issues that the policy would cover:

-Fire
-Contractors injuring themselves on-site
-Property damage due to plumbing accident, etc
-Vandalism
-Theft
-Anything I’m missing?

Most mainstream insurers like State Farm won’t touch flips if you tell them that’s what you’re doing. So, what is the best insurance policy and insurer to cover flips? I prefer individual property policies but I’m open to all suggestions.


#2

You can get a California Fair Plan policy for ‘vacant’ property. I’m not sure about the contractor liability, but I do know that it DOES NOT cover vandalism. Covers everything else.

I moved over to Farmers Insurance because they guaranteed that they would cover vacant properties. They forced me to bring all of my personal insurance in order to do the business. 6 months later, Oh Sorry, we don’t cover vacant properties anymore.

The only way that they know it is vacant is when they drive by and do the inspection. Unfortunately, Farmers does it every time. So, I have to do California Fair Plan until I have time to figure this out.


#3

Foremost has covered most of our vacant flips. Safeco takes care of our rentals. We had a vacant flip with a pool, the only coverage our broker could find was Lloyds of London, that was pricey.