Whether you’re new to property flipping or a seasoned veteran, renovating a home comes with a unique set of risks, so it’s important that you have the right insurance coverage. At National Real Estate Insurance Group, we believe having the proper coverage for your investment is paramount. Keep reading to learn about the key components of insuring a renovation property.
Dwelling Coverage
Dwelling coverage protects against sudden and accidental physical damage to your property. For instance, if severe weather were to cause a tree to fall on your roof, resulting in structural damage, you may be covered for the cost of repairs or replacement.
National Real Estate Insurance Group offers two coverage form options for you to choose from: Basic and Special. For locations undergoing renovations, we highly recommend Special Form coverage, as it extends to Theft and Water Damage- two perils that are more likely to occur at properties undergoing renovation. Read about the differences between Basic and Special Form coverage here.
Premises Liability
It’s not just the physical structure that requires protection. As you may know, when you own a property, you have liability risks. A Premises Liability policy offers you protection against liability claims that can arise from incidents on your property. Essentially, this coverage protects you from everyday risks, like a guest slipping on an icy walkway. Click here to learn more about Premises Liability.
