Insurance on a flip property

[Rook7777]

We are in the process of purchasing a flip property. Haven't done this in quite a few years so I don't have an insurance broker to use. My own insurance company wouldn't touch it. I've called several insurance brokers this morning with little success. As soon as they hear the property will be vacant, they indicate they have no options.



I tried changing my tactics and indicated property would be a rental but would be vacant for a few months for us to perform cosmetic upgrades and still received a negative response.



Any suggestions on who to use for insurance or how you frame your insurance needs when speaking with a broker would be appreciated. Thanks.

 

[Sherilynn]

Which province?

 

[Rook7777]

I'm in Alberta and looking for a policy to insure the property.

 

[Sherilynn]

We have all of our insurance through Sadler Insurance. Excellent coverage for REIN members. That - and because we have multiple properties with them - they are willing to carry the insurance on our current flip. Give Steve Hambly a call and see if he can help. (780) 433-4426



I noticed that you are not currently a REIN member. To me, it is worth it for the insurance coverage alone. (Of course there are MANY other reasons.)

 

[TroyTravis]

I told my insurance company that I was buying a rental property, got the insurance, the tenant happened to be moving out the day before closing, I fixed it up for a couple weeks and then got a new tenant. I don't remember them asking who was living there. I don't think I did anything wrong as far as I know. Hopefully not.

 

[Sherilynn]

I believe that some policies require that you inform the insurer if the property is vacant.



And as far as I know, all policies require that the property be checked every few days (3 or 4 usually) to be sure that all systems are functioning normally and there are no water leaks.

 

[coolaj]

You don't have to be REIN member to use insurance like Sadler Insurance

I have been using lots of tools of what REIN members use and don't have to be a member of REIN