newly built property insurance?

Question

we have built 5 one bedroom properies and need to insure them

Answer 1

OK, well, a local independent agent should be able to get a quote for you.

You'll need to clarify if it's one building with five units, or five different buildings. You'll also need to clarify if they are occupied or vacant. Vacant properties are EXPENSIVE to insure, especially spec houses!

Answer 2

Make sure you take them all to tha same insurer, you may get a discount. Also, if you are insuring them with your spouse, they will pull credit Characteristics from the older of the two. Make sure the older applicant has good credit, or keep them off the application & add them later.

If you are renting the propertys out, you will need a rental dwelling policy. These are ususlly more expensive.

Answer 3

You actually should have had coverage already in place by now.
What happens if they burn down right now before you have them insured?

You'd lose everything of your investment.

If you are going to rent them out you just need to cover them for property damage (from perils like fire, wind, flood, etc.) and for liability.

You may also want to purchase a warranty product on them so that if something goes wrong from a construction defect within the first 10 years, you won't have to necessarily pay for them out of your pocket but could just make a warranty claim against the warranty insurer.

Answer 4

If you would like to get a quote on insurance and you live in michigan I can give you a quote but you may need to provide more information like the zip code, how much the property is worth. are the property frame or brick and are they going to be rental

Answer 5

You might try getting a quote online. I shopped around & they were able to offer me the lowest price by far. Go to: http://www.insureme.com/landing.aspx?Refby=613178&Type=home