Insurance agents are another essential player that you need as a member of your dream team for flipping homes. If you are using financing for flipping homes you will be required to take out insurance. This added expense can dig in to your profits. So the better relationship you have with an insurance agent, the better rates you are going to get and the easier they will be to work with. This can make more real estate investing deals viable and make sure you are getting the maximum return on investment possible.
A good insurance agent can assist you with getting the best deals on insurance as you are flipping homes and let you know what you can do to get the biggest discounts. However, it is not just price that is important when it comes to insurance for flipping houses. Often speed and flexibility are even more essential. You need an insurance agent who can get you quotes quickly, makes changes on the fly and deal with lender requests rapidly. In the reverse a bad insurance agent can cost you big time and jeopardize your deals.
Having a good relationship with an insurance agent can make getting your real estate deals closed much smoother. Make sure you have one that is flexible in how and when they are paid so that you have to come up with the least amount out of pocket, yet get your proof of insurance on time. Keep in mind this not only makes flipping homes easier on your end when you buy, but also makes it easier when you sell. Having access to easy and inexpensive homeowners insurance for your buyers can make flipping of real estate easier and make your deals more attractive to buyers.
While some investors see insurance as a necessary evil, you will of course still want to make sure you are well covered and your investment is protected. So just as any other member of your dream team for flipping homes, interview and try out a few agents to see who is the best to work with.
