Property Insurance

[flip_it_fast]

One thing for sure that I recomend is that you purchase property insurance for your flip house. You just never know what is going to happen so you need to be covered.

Not only do you need to have a policy but you need to know what it covers.

Will you be protected if a fire occurs? Does it cover the things that you have in the house?

What about in a flood? Are you covered there?

You have read the entire policy, front to back including the small print and be sure that you are covered no matter what happens.

You also need to update your policy as you make home improvements and the value of the propertry increases.

Better to be safe than sorry.

[flippinout]

Property Insurance is a necessary thing for everyone whether you are flipping a home or it is the home you live in.

And speaking of insurance, the company we were with closed its doors and we had to sign on with another company. The first company would not insure us because our fuel oil tank is in the basement and the reason behind that was because of flooding that has occured here. But our problem is that we have no where to put that tank that it wouldnt be in the flood if and when it occured.

So another company picked us up. And in their application, you had to fill out answers and one was about a wood burner which we have. Well, to make a long story shorter, I acknowledged the wood burner and when the guy came to take pictures of the outside of our home he got a picture of the Oxygen in Use sign on our door so that will take care of the extra that we have to pay because of them thinking we are using the wood burner, which we wont be this year.

Another question was about dogs. We have 2, a dachshund, and a mixed breed and the guy took a picture of the larger dog to indicate that it was not a large breed of dog that might bite.

Anyway, my point is that the insurance premiums that you have to pay for property insurance has a lot to do with what you have and use at your home and a lot to do with the location of many things.

[flip_it_fast]

Oh yea they look at everything. You have to have gutters and handrails and just about everything you can think of. If you don't, they won't even consider insuring you until you do.

[House on the Prairie]

Is property insurance the same as homeowner's insurance? I don't recall going through this fifth degree when we insured our home.