House flipping is the popular craze on HGTV right now. If you have never seen the show House Flippers, here is the overview: A husband and wife duo buy the worst and cheapest house in the best neighborhood and flip it into a dreamy home that, ideally, will sell for more than the cost of the house and renovations. It seems simple on TV but there are numerous details that need to be thought out in advance.
Whether house flipping is for business or pleasure, it is important to consider these insurance coverage issues before making a commitment:
- Insurance is required to purchase a home.
- You may need to insure the home for its reconstruction cost or get builders risk coverage for the remodeling cost.
- An installation floater covers movable property, so any materials being sent to the work site.
- All hired contractors should be insured and their policy should have at least a $1 million per occurrence and general aggregate limits.
Before you jump into a house flipping project, keep these insurance needs in mind. Talk with your insurance agent to determine an insurance company and policy. Some policies have additional coverages that you may need. This will help position you to receive the best benefits and rewards of house flipping. To learn more about house flipping and the right policy for you, contact a trusted AssuredPartners NL agent at (844) 507-2528.
Sources: HGTV, PropertyCasualty360Share This: