Do you buy Home insurance on a flip property?

yes, i do even if you hold it for a short timeframe. You never know what will happen...

Homeowners insurance is not that costly and a vandal or burglar can run up some expensive damages quickly. Or what if your new property suddenly strikes plumbing leak or etc, etc? The odds are nothing will happen but is it really worth the risk when it does not cost much.

John,

I had not thought to ask that. My thanks to those that answered, for now I know how to proceed as well

Andrew Dean

I would agree with others that have responded…..YES, get insurance always. All you need is something to go wrong and if you are just starting out, it could be devastating. The cost is minimal compared to the long term of vandals and repairs going on in the home.
Always check your contractors or handyman for insurance that they should carry on them for their repairs also.

John,

there are vandals out there targeting empty houses; they take everything!!! I recently purchased a REO, and during the timeframe after my offer had been accepted, but prior to closing, vandals got into the property and caused a $2,500 damage- they took the copper pipes, ruined water heater from pulling the pipes,and damaged the door frame to get in; luckily, the bank agreed to deduct the cost for repairs from my purchase price.

The small cost of insurance is well worth it!!

Learning and progressing every day,
Valerie

Who here has done this? I had a chance years ago to do 2 and did not know how. I called the bank..DUH!!!!!! never. Check to see what they owe, etc., but do it as a company helping them. Then tell you will be helping them with their payments and send them in when you get a renter who is paying more. Also, you can do a lease with option and then you have money up front. You may end up having someone that eventually could buy the place and you are out with nothing but money made.

I need to find a house soon or I could lose everything. I had plenty of income until I was screwed along with 44 others in our marina investment. The states of Florida and California have done nothing really, but I have a friend who is an investigator and I pray he can get to the bottom of this and get Calif. to help and we get the men in jail and at least of SOME of our lost funds to go on.

BUT..if you have had people turn over their home please contact me on how to do it....or find them... Adelle

If you purchase your home to flip with a mortgage, your bank is going to require that you have insurance. I used to fight with a former partner of mine because he was cheap. I would always say "don't be penny wise and pound foolish!" The few hundred dollars we would spend potentially saved us Millions in the end.