Your First Fix and FlipYou just acquired your first Fix and Flip property, and are ready to begin your adventure becoming the next Fixer Upper. You’ve lined up contractors to do the dirty work you aren’t able to do yourself. You know the area you will focus on to buy and sell homes. You have a marketing plan to get the house sold as quickly as you finish. What have you forgotten?
When you’ve left one of your investment properties unoccupied, it’s imperative that you ensure the property has sufficient insurance coverage. Vacant homes are generally targeted more than other homes, so they carry more risk, which makes finding proper coverage more difficult than simply searching for the right homeowner’s policy. If you know you will have vacant properties in your possession, you should take the time to consider all your unoccupied home insurance options. Here are some things you should keep in mind when searching for this type of insurance.
When homeowners live in one property and rent out another, this second home isn't always full of tenants. There are times when the rental home is vacant for weeks or months at a time. Because property owners can't be present at both homes simultaneously, insurance companies offer some peace-of-mind with unoccupied property insurance. This policy type isn't familiar to every homeowner, however. It's important to know what kind of coverage comes with vacant home insurance to protect the owner's finances.