Over the past couple years we have seen many investors purchasing homes. With many new investors in the market. Almost every day, I get a call from a Realtor saying, “They have a buyer for a home, it has damages and they are going to renovate and flip or they are going to repair and have a long tern rental. Their buyers called them and said, they can’t find insurance”
A home insurance policy stipulates that a home is completely built, finished and occupied.
Here is a solution, an interim policy is needed to provide coverage while a home is being repaired or substantially remodeled. Many flippers or Investors want to protect their investment while repairs are being done. A short term Builders Risk policy will protect their investment while they are doing repairs and renovations.
Many investors and flippers might be replacing the roof and major interior renovations. We have written many 30 or 60 day policies. Once they conpleted repairs, they have then flipped the property or written a new standard policy for their investment.
Some of these short term policies are Ideal when purchasing damaged foreclosure homes
Please let us know if we can help
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