What type of insurance could be puchased for multiple homes that are purchased and being fixed up?

Question

In addition to our 2 homes, we currently own 2 houses that we are fixing up. I am wondering if I could get a blanket home owners policy that we insurance our homes as well as the homes that are being renovated

Answer 1

Not sure what state you are in - each is a bit different from one another - but the basics are the same.

Commonly used product names are:

* Fire-Dwelling;

* DP-1, DP-2, DP-3.  Each varies on the coverages you want, other than the basics

Most likely can't find coverage under 1 contract for all 3 properties - the 2 being renovated.  This is that they are most likely vacant, and also are not "owner occupied" - a key phrase regarding any form of property insurance.

Start with whomever currently insures your homes - they can easily offer the correct coverage for what you need.

Hope that helps.

Answer 2

You need a "remodeler's builder's risk" on the houses you are fixing up, then tenant dwelling coverage on them when complete.   Since the houses would be vacant - I wouldn't count on my homeowner policy to cover them.

Are you going to live in them or rent them out?

You might want to consider a property owner liability policy and then perhaps an umbrella (sold in $1M units -$1M, $3M, $5M) over the general liability.

Just find you a LOCAL independent agent - he should have several different companies with which to help you.

Good luck and I hope this helps!