Short Term Homeowners Insurance?

[BocaLouis]

I just took the jump an opened an agency, was an auto producer for years so not at all an expert on homeowners, this is the deal, I was approach by a Realtor that deals with a lot of foreclosures and ask me about short term insurance, he flips lots of real state; now is that a different animal as it compares to an standard homeowners policy, he says that he flips dozens of homes a month, my thinking is that it would be a bit..h to write an standard policy and then cancel it (1 or 2 months later) and get a charge back on every one every couple of months as he is just temporarily insuring, Any suggestions would be appreciated?

Thanks

 

[CaptiveGuy]

Foremost pays as earned for property insurance and can do the vacant homes. The min. earned premium is $250 I believe but it is a pain to write and cancel for a small amount of commission. If it is legal in your state, I would charge a broker fee for those deals.

 

[Milkman1265]

vacant home policies has 3months term with extension periods. but 3 months is 100% earned.

 

[Sales71]

I just took the jump an opened an agency, was an auto producer for years so not at all an expert on homeowners, this is the deal, I was approach by a Realtor that deals with a lot of foreclosures and ask me about short term insurance, he flips lots of real state; now is that a different animal as it compares to an standard homeowners policy, he says that he flips dozens of homes a month, my thinking is that it would be a bit..h to write an standard policy and then cancel it (1 or 2 months later) and get a charge back on every one every couple of months as he is just temporarily insuring, Any suggestions would be appreciated?

Thanks

I would not do a regular home since it would not cover vacant home. You can use vacant express they do from 3,6 month policy.

 

[blue_wynd]

I remember there is a thread where some carriers has a program for house flippers. See if you can find it and post it back here for people too.

 

[Milkman1265]

USLI does vacant and so does vacant express.

USLI does vacant with reno, if they doing some reno before they put it back on the market.

not sure about vacant express, i never used them

 

[BocaLouis]

Spoke to Vacant Express, very easy to deal with, they do not cover wind in Fl, but they do policies for 3 months, Thank you guys, I found my answer,

 

[joshb]

Spoke to Vacant Express, very easy to deal with, they do not cover wind in Fl, but they do policies for 3 months, Thank you guys, I found my answer,

Try Tapco, they do 1 month all the way up to 12. Builders risk also. They include Wind and Liability.

 

[BocaLouis]

Awesome, I will call them, thanks!!

 

[USF3983]

Yeah I was going to say Tapco. They have online rating now. It's usually worth it to write a 3 or 4 month policy even if they don't need that much because of all of the earned premium on it. They might get a 3-month policy with $210 of earned premium. If they do a 1 month policy and then need another month, they'll end up with 2 1-month policies with $210 of earned premium per policy. That was the case for the last one I wrote anyway.