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Verify InsuranceThe next stop is at the insurance office where the flip property is insured. Let the agent know you have closed on the property. You are there to verify that the policy is active.Obtain a list of payment amounts and due dates for this policy for the next full year.Also verify that the policy you have purchased will cover anyone working on the property against medical bills and liability claims. Lastly, explain to the agent that you will be improving the property by adding material and labor over time. Find out what is required for you to prove that these improvements have been made, should there be a problem.A good practice is to take pictures of the progress. Pictures of completed aspects are very important. A final video when the house is put on the market will also be a good record to have.
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Prepared 2006-2010 David Ullian Larson |