Dennis Norman
Over the past couple of years, coming in right behind financing, it seems many real estate investors’ biggest problems have to do with insurance. It is getting more and more difficult to obtain insurance on vacant property that you are holding to “flip” or rehab, and if you can get it, it tends to be quite expensive. While getting insurance on rental property is considerably easier, it is still getting to be quite expensive.
A couple of years ago a friend of mine in Kansas City recommended an insurance agency to me that he said specialized in doing insurance for real estate investors and rehabbers and that they delivered good service and good prices. I will admit I was skeptical because I knew how difficult (and expensive) it was to obtain legitimate insurance and I also knew there were a few brokers out there playing games and putting vacant property on rental policies when in fact it wasn’t a rental. I wanted nothing to do with that and was only interested in a policy in which the real use of my property was what the coverage was for. So with my skepticism, I contacted the company to find out more.
I grilled people at the company to obtain information I wanted to asure myself that everything was legit and the insurance polcies would cover vacant property and property being held to flip or wholesale and not just rentals. In the end I was satisfied (and quite frankly impressed) with the company and moved forward with them using them for insurance on some vacant real estate as well as rental.
Now that I have some experience with them under my belt I wanted to share information about the company as a potential resource for other investors out there. Before I go further, this is not a paid endorsement, I’m not getting anything from the company for doing this, nor am I even endorsing them for that matter, I just simply want to share information on resources I find that I think can be helpful. I would still advise you to do your own homework and research before acting on any advice I give here.
The company I’m speaking of is Wrenn Insurance and Affinity Group Management in Mission Kansas. I have their complete contact info at the end of this post. Prior to writing this post I inquired to see if they write insurance in all 50 states and was told that they do write in all states but do have “a few zip code exclusions”, so they should be able to help you in most areas. Rates will vary throughout the country, but just to give you an idea of rates, I was paying 11 cents per $100 of value per month for property insurance on a renovation policy ($55.00 per month for $55,000 coverage) plus a flat rate of $15.00 per month for liability insurance. The rates vary based upon whether it is a rental, renovation property or vacant non-renovation property.
Some of the highlights of their “Renovator’s Insurance” plan (according to a brochure from the company) include:
- Property and liability coverages for remodelers and rental property owners
- They currently insure over 750 participants
- They offer monthly reporting and monthly billing
- Very competitive rates
- Same day turn around time for proof of insurance for closing
To contact the company for more information, please see below:
Wrenn Insurance and Affinity Group Management
5800 Foxridge Drive, Suite 400
Mission, KS 66202
Phone: 913-599-2020
Toll Free: 800-790-4872
Fax: 913-894-6534
Email: heatherp@wrennins.com
Website: www.renovatorsinsurance.com
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They are a member of our Real Estate Investor association in Kansas City and they are a legitimate company. There are very few companies that will insure a vacant property and Renovators is one.