Fix 'N Flippers: 3 Ways to Make Sure YOU Make It To Closing ON TIME

You've put in a lot of time, effort, and money into getting your next project. Not being able to start on time due to a lack of insurance is not what you want to have happen!

Here are three key steps to help you secure the right insurance coverage promptly:

1. Provide Lender's Information to Your Insurance Agent Right Away: This will help make sure your policy aligns with the lender's requirements and is tailored to the specifics of your fix and flip project. Communication between your lender and insurance agent can help streamline the process and avoid any last-minute issues.
2. Provide Detailed Information About the Property: Be prepared with comprehensive details about the property, especially if it is an older structure. Underwriters may scrutinize older properties more closely. Provide information about the roof's age and material it is made of, as well as the last updates to electrical, heating, and plumbing systems. This information helps the underwriters assess the risk and determine appropriate coverage.
3. Research and Share Your Builder's Information: Know your builder's background and track record. Provide details such as:

 

• The builder's website and/or portfolio of past projects.
• The number of projects they undertake annually.
• Any insurance claims against the builder in the last 10 years.
• Sharing this information with your insurance agent allows underwriters to evaluate the reliability of the builder and the associated risks. A reputable builder with a positive track record can positively impact your insurance coverage.

Remember, proactive communication and thorough documentation are key to expediting the insurance process and ensuring you have adequate coverage for your fix and flip project.

To know more of what might be asked of you, feel free to check out our online form here or call or text us at: 720-389-7651.

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