Thursday, August 16, 2007

Insurance for Rehab projects

Q - How do I find an insurance company to cover my home rehab projects?

A - You've got a few options; if we're talking residential houses (1-4 units) go to and do an agent search; Foremost will do vacant property in rehab up to two years. The agent who handles your P&C may have another company they use. Make sure any policy in endorsed for Vandalism (VMM) and Liability. If Liability is not available, you may be able to extend Liability from your Homeowners policy. Make sure the coverage is in the name of the person(s) or entity that purchased the policy.

If you're a real contractor (with insurance, bonding, licencing) then your P&C guy may have access to a builders risk program that allows vacant property under rehab.

Each program will have underwriting guidelines and restrictions you'll have to follow. Good Luck

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