Whether you’re a first-time investor or a seasoned pro, investment properties undergoing extensive renovations require special insurance.
A typical homeowners policy, for example, does not cover properties undergoing extensive renovations. This is especially true if your property will be re-sold or rented full-time once the renovations are completed. That’s why having the right renovation insurance coverage in place is crucial for your fix & flip investment.
With a tailored insurance coverage policy, you can confidently tackle your projects, knowing you’re financially protected against unforeseen risks.
Because every renovation project is different, the types of insurance coverage needs can vary significantly depending on the nature and duration of the project.
However, no matter how big or small your fix and flip or rental property renovation project is, securing both property and liability coverage is a must.
Property coverage helps protect the dwelling against loss from direct physical damage due to fire, lightning, windstorm, vandalism, theft, and other events.
Liability coverage is designed to protect you, the investor, from claims that happen at your investment property, including someone slipping and falling on your property.
