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What’s a Dwelling Policy?
A Dwelling Policy for a vacant building that’s under renovation is to protect against direct and physical damage to the property. As a flipper, these unforeseen events can happen at any stage of a fix and flip. And insurers see it that way too.
Vacant or renovated properties are considered a higher risk as they’re more prone to vandalism, water damage, or arson.

What’s a Builder’s Risk Policy?
A Builder’s risk insurance policy is something you’d have to get if you’re carrying out a structural renovation of a property. It covers direct, physical damage to a property during the construction process.
It’s worth noting that some dwelling policies don’t cover renovation or materials. If that’s the case, it’s paramount you add a ‘builder’s risk rider’ to your policy.

What’s a General Liability Umbrella Policy?
A General Liability policy is put in place to provide coverage for bodily injury that occurs on the property’s premises.
However, this coverage does not extend to your general contractors or the workers you hire.

​Do You Need An Insurance Policy For House Flipping?
Don’t even consider going into a fix and flip project without insurance! As we mentioned, there are a multitude of things that can go awry when flipping houses. Not convinced? Here are some highly conceivable things that could go wrong:

• Your house could burn down
• A contractor could get injured
• Your property could be vandalized
• Building tools and materials could be stolen

So why risk it? Here are the insurance policies we recommend to protect your property and personal assets and, ultimately, give you peace of mind.

What Type Of Insurance Do You Need For a Fix and Flip?
Flipping houses requires a special kind of insurance coverage.
The special kinds of insurance you need for fix and flips are:

• Dwelling Policy
• Builder’s Risk Policy
• General Liability Umbrella

When Should You Get Insurance For Your Flip?
Like most things in life, it’s best not to put off insurance for house flipping until the last minute. Otherwise, you could miss something crucial.
For this reason, we recommend that as soon as you get your property under contract, you should begin reaching out to our agency and start getting quotes. As soon as you take possession of the property, it’s your financial responsibility. Therefore, you don’t want to be caught out because you delayed getting insurance.

With all of your policies, you need to recognize that all properties are different and yours will have its own unique requirements.