Renovation property insurance for investors
Renovation property insurance is a must-have when doing major renovations to your property. It can limit your exposure to losses that can happen at the property during a rehab. National Real Estate Insurance Group can help protect your property and your investment during the renovation process.
Submit your property information using our online proposal request, and receive a custom proposal. An agent will contact you to go over your custom insurance options and help you choose the best coverage for your specific situation.
Start a proposal request to get your renovation property insurance today!
What does renovation property
insurance cover?
When renovating a property, dwelling coverage can protect your property against direct physical damage to the property, such as:
- Fire
- Lightning
- Sprinkler Leakage
- Windstorm and Hail
- Vandalism
- Theft
- Named Windstorm and more
Choose between Basic and Special form coverage when discussing options with one of our insurance agents.
Liability insurance for
renovation properties
Premises Liability coverage is critical in protecting you, the investor, from claims that happen at your investment property. Examples may include:
- If someone were to slip and fall on your property
- If a dog bite were to occur on your property
- Coverage extends to pools and spas, provided they meet code
- Medical expenses are included
Our liability insurance options start as low as $7 per month, per property and come with a minimum of $1,000,000 per occurrence and $2,000,000 aggregate limits of liability. This coverage does not extend to general contractors or workers that you hire. Ask your agent if you would like to add General Contractors Liability or Products & Completed Ops.
Attention DIY Flippers!
If you are doing some or all of the renovation work yourself, you are exposed to other liability risks that your Dwelling and Premises Liability policies will not cover. To mitigate this exposure, we developed FlipShield, NREIG’s liability policy for DIY flippers.
How much renovation property insurance coverage do I need?
Renovation property insurance provides coverage in an event of a loss at the property. Your coverage amount will depend upon your purchase price and your renovation budget. After you request a proposal, an agent will discuss with you how much coverage you need as everyone’s situation is different. You can request a proposal or call 888.741.8454 to discuss your proposal with one of our licensed insurance professionals.
What deductible is right for a property being renovated?
Property deductible is a portion of what you are responsible for paying “out-of-pocket” toward a loss at your property before your insurance carrier will pay for a claim. When deciding on a property deductible, think about the minimum claim you would have to turn in before it harms your business and do as much as double it. If you would never file a $1,000 claim, don’t carry a $500 deductible. Remember, the lower your property deductible, the higher your rate. Our liability insurance has no deductible.
How much does renovation property insurance cost?
Insurance costs on properties being renovated vary greatly based on your deductible, coverage amount, geographical location of your property and the size of your portfolio. With us, you can increase your coverage amount as you are allocating more resources into the project, never overpaying for insurance during the renovation process. You can obtain Replacement Cost coverage, extending to both the existing structure and improvements, when you insure your renovation property to $120 per square foot.
Why choose us when insuring your renovation property?
Ease of Use
Insure all of your properties on one monthly report
Monthly Payments
Pay monthly with no long term commitments
Leading Carriers
All coverage are underwritten by AM Best “A” or better rated carriers
Nationwide Coverage
Insure your investment portfolio in 49 states + DC (excluded in Louisiana)
Add more coverage to your renovation insurance
With NREIG, you can add extra coverage options to your renovation insurance coverage. After you request a proposal, an agent will contact you to discuss your proposal and additional coverages to limit your exposure. We have products ranging from flood to service line to additional liability limit options.
Need to speak to an agent?
Please give us a call at 888.741.8454 to speak to a licensed insurance professional. If you would like to discuss your specific location, please request an insurance proposal and one of our agents will contact you shortly.
Want to learn more about renovation property insurance?
Read one of our articles about renovation property insurance or go to our Resource Center to learn more about different insurance topics.
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