If You Flip Houses, Youd Better Be Well Insured

Published: Nov. 2, 2016, 6:03 p.m.

b'With Terry Story, 28-year veteran Real Estate Agent with Coldwell Banker in Boca Raton, FL
Every week, expert realtor Terry Story keeps us up-to-date on the latest news in the real estate market.
Following up on last week\\u2019s topic about the returning trend of flipping houses, Terry emphasizes the importance of having the necessary insurance if you\\u2019re planning to engage in that practice.
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* Before renovating, notify your homeowner\\u2019s insurance company, since you\\u2019ll be increasing the value of the home.
* Confirm that the general contractor is licensed and bonded and carries workman\\u2019s compensation and liability insurance.
* Consider coverage for subcontractors because, if the contractor doesn\\u2019t pay them, it becomes your liability.
* Think about having builder\\u2019s risk insurance which covers building materials and equipment.
* Confirm that your contractor has completed operations insurance in case something goes awry after the job is done.

When to Drive By a Real Estate Listing
You see a house in the paper or online that you like but are unsure as to certain aspects of the neighborhood. What time of day is best to drive by? According to Terry, one of the best times is around 8 a.m. in the morning, during rush hour. From there, she recommends:
*10 a.m. to check for construction, traffic, noise
*3 p.m. when kids return home from school
*5:30 p.m. again to check on traffic and commute time
*after midnight for noise from trains or planes overhead
*Friday night for level of activity and safety concerns
Having the experience of a real estate expert on your side is probably the best investment you can make when considering to\\xa0 buy or sell your property.'