***need some feedback*** So 2 of my properties being rented out are in the same city and were on the same homeowner (landlord) insurance policy. I just received notice of decline to continue coverage upon renewal due to 2 claims within last few yrs. Has anyone ran into this before and what did you do? I need to find a company that will insure us.....
I need a builders insurance policy on one of my flips! Asap! My regular agent sent me an insane policy... rates have gone up but this is ridiculous
Steve G. replied:
Call Monica White at 888-741-8454 --- she's with REI Guard aka National Real Estate Insurance Group. If she is not in, ask for another agent that works with her. Also, you can can checkout their site at https://nreig.com/
Any suggestions for insurance agents who cover houses during the rehab and then during the showing periods? On my last house, I had to have one policy for the rehab and then another during the listing period.
Steve G. replied:
National Real Estate Insurance Group will let you have the same policy during the rehab process, and while its vacant and/or occupied. You need to tell them each time the property status changes, for underwriting purposes, but thats easy. You still keep the same policy. Checkout http://www.nreinsurance.com/ Note most traditional insurance companies will need you to have separate policies - a builders risk policy (with a huge deductible) during the rehab process, and another policy while the house is occupied or vacant. NRE (listed above) provides a corporate type insurance policy, which is handy when you have a large volume of properties OR are a rehabber and the property status (occupied, being rehabbed, vacant, etc) changes frequently. A corporate type policy is basically the same as a traditional policy - you can get ACV, RC, liability, loss of rents, etc coverage - but is far more flexible and it may have a higher deductible that hurts a little bit on lower end / cheaper properties. But in the end the flexibility is what you need...because the coverage they provide vs say a builders risk policy is a lot better.