Fix and Flip Insurance Washington State
Last updated: October 16, 2025
"The first rule in investment is don't lose and the second rule in investment is don't forget the first rule." - Warren Buffett
Fix and flip insurance in Washington is a tailored policy crafted for real estate investors revitalizing properties for resale. Often referred to as renovation or builder’s risk insurance, this coverage goes far beyond standard homeowner’s insurance it’s built for Washington’s dynamic property market, accounting for periods of vacancy, construction activity, and rapid title transitions that define the fix and flip and BRRRR strategies.
From Seattle’s high-growth neighborhoods to Tacoma’s emerging markets and Spokane’s infill flips, investors across Washington need insurance that adapts to their specific risks and deal timelines. Whether you’re new to flipping or manage a full rehab portfolio, fix and flip insurance is essential for safeguarding your capital, managing liability, and staying on track.
Fix and flip insurance premiums are on the rise, this directly affects your profit and deal viability. In Washington, insurance premiums for fix and flip properties have climbed over 25% in just 18 months, directly impacting your margin and feasibility. Through OfferMarket’s lending and insurance divisions, we analyze hundreds of policies annually. Our research shows that investors in Washington often pay up to 33% more than necessary, simply because they’re steered toward policies by agents unfamiliar with renovation risk or constrained by single-carrier access.
That’s why we created the OfferMarket Insurance rate shopping platform. In under a minute you can shop 40+ carriers to get the best coverage at the lowest possible price. Your quote is quality-controlled by our expert team that specializes in saving money for 1-4 unit residential real estate investors. Every month we help Washington clients save thousands. See how much you could save now!
Fix and Flip Insurance Markets
Wherever your property is located in Washington, OfferMarket has you covered with state-specific expertise and carrier access.
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Fix and Flip Insurance Washington: Coverage Areas
Wherever your Washington rehab is based, our insurance network has you covered:
- Seattle
- Spokane
- Tacoma
- Vancouver
- Bellevue
- Everett
- Renton
- And beyond
Our specialized coverage spans the diverse landscapes and neighborhoods unique to Washington.
Why You Need Fix and Flip Insurance
1. Vacant Properties Are High Risk
In Washington, many fix and flip projects begin with homes that have sat empty for weeks or even months. Traditional insurance plans often exclude vacant dwellings, leaving you exposed to risks such as break-ins, water damage, or unnoticed fires. Fix and flip insurance steps in to provide continuous coverage—even when no one’s on site.
2. Construction and Renovation Risks
Rehabbing a craftsman in Tacoma or updating a duplex in Spokane? Any construction site brings exposure to accidents and damage. Whether you’re replacing roofing, tearing out walls, or installing new systems, fix and flip insurance ensures you’re protected from:
- Structural issues
- Contractor injuries
- Fire hazards
- Stolen building materials
3. Liability Protection
Liability is a serious risk during Washington renovations. If a worker is injured or a trespasser sues for injuries on-site, you could face costly legal consequences. A dedicated fix and flip policy includes robust general liability coverage to protect your financial interests.
What Does Fix and Flip Insurance Cover?
Property Coverage
Your Washington investment should be protected from damage beyond your control. Property coverage shields your structure and on-site materials from:
| Covered Risks |
|---|
| Fire |
| Theft |
| Vandalism |
| Windstorms |
| Lightning strikes |
| Water damage (non-flood related) |
General Liability
From job site falls to property damage claims, general liability coverage in Washington helps cover medical costs and legal expenses for third-party injuries or damage.
Builder’s Risk
This coverage is essential during Washington rehab projects. It includes protection for the structure, stored or transported materials, and newly added features as you build.
Vacant Property Endorsement
This endorsement guarantees your policy remains active during vacancy periods—a must-have for most Washington fix and flip ventures.
Tools and Equipment
From air compressors to saws, protect your Washington job site equipment with optional coverage against loss or damage.
Ordinance or Law Coverage
In cities like Seattle and Olympia, strict building codes may require updates after a loss. This add-on covers code compliance costs during rebuilding.
Loss of Rents
If your project includes a rental phase post-rehab, this coverage safeguards against lost income from tenant displacement due to a covered event.
What is NOT covered?
Fix and flip insurance policies in Washington do not cover:
- Normal wear and tear or substandard work
- Flooding (requires standalone flood insurance)
- Earthquake-related damage (common in western WA, may require special coverage)
- Intentional destruction or insurance fraud
- War or government takeover
Always examine your exclusions carefully and speak with an experienced Washington insurance advisor to make sure you understand the risks outside your policy’s scope.
Who Needs Fix and Flip Insurance?
Fix and flip insurance is crucial for a wide range of Washington-based real estate professionals:
- Individual flippers renovating in Everett or Spokane
- Real estate LLCs managing multiple projects in Tacoma
- Partnerships tackling split rehabs in Bellingham
- Wholesalers temporarily taking title in Yakima
- Private lenders securing their investments across King and Pierce Counties
Whether you're renovating a modest bungalow in Olympia or flipping a $1.5M home in Bellevue, this coverage is a must-have.
How Much Does Fix and Flip Insurance Cost?
Fix and flip insurance premiums in Washington can vary widely based on the city, project size, and scope of renovation. Your premiums depend on:
- Property location (Seattle premiums may differ from Spokane)
- Property value and size
- Scope of work involved
- Project duration
- Selected coverage limits
- Deductible amounts
Example rates
| Property Value | Rehab Budget | Estimated Annual Premium |
|---|---|---|
| $150,000 | $50,000 | $1,000 – $2,000 |
| $300,000 | $100,000 | $1,500 – $2,500 |
| $500,000 | $200,000 | $2,000 – $3,500 |
Washington investors often qualify for pro-rated refunds if they cancel their policy early due to a sale or refinance. You can also reduce your cost per property by bundling multiple Washington projects into a single portfolio policy.
Best Fix and Flip Insurance in Washington
Washington real estate investors have no shortage of insurance providers to choose from. But price isn’t the only factor—your policy must reflect your risk tolerance and your lender’s expectations. We recommend choosing a well-rounded policy that includes:
- Property and general liability coverage
- Loss of rental income (if applicable)
- Builder’s risk and ordinance/law protection
- Flood or earthquake add-ons (if required)
Work with a fix and flip insurance specialist familiar with Washington’s regulations and contractor landscape to ensure you get the best value and protection. Get your fix and flip insurance quote today!
How to Get Fix and Flip Insurance Through OfferMarket
OfferMarket makes it simple for Washington real estate investors to secure the right fix and flip insurance policy. Our technology-driven approach pairs you with expert underwriters who understand local risk profiles, building codes, and financing conditions.
The OfferMarket Advantage:
- Quotes in under 24 hours, tailored for Washington projects
- Custom coverage for portfolios from 1 to 100+ properties
- Support for titles held in personal names, LLCs, trusts, or corporations
- Specialist compliance with lender insurance
- Highly competitive rates from top-rated insurers
- Fast Certificate of Insurance (COI) generation
- Secure file storage in your OfferMarket Insurance File
Insurance Requirements for Fix and Flip Loans
Washington lenders typically require the following coverage to fund your deal:
- Property insurance equal to or greater than loan value
- General liability limits of at least $1 million per occurrence
- Named insured and loss payee clauses that reflect lender interest
- Proof of active insurance coverage prior to closing
- Uninterrupted coverage throughout the project term
Failure to maintain coverage could result in loan default, higher-cost force-placed insurance, or personal liability.
OfferMarket ensures a smooth process by coordinating directly with your Washington-based lender during underwriting and post-closing. If you're using OfferMarket Capital for your fix and flip or DSCR loan, the experience is even more seamless.
How to Structure Coverage for a Multi-Property Portfolio
Washington flippers handling multiple rehabs at once should consider consolidated policy options for simplicity and savings:
Blanket Policies: Cover all of your properties under one premium and set of terms.
Scheduled Policies: List each Washington property separately with distinct premiums and coverage levels.
Master Policies: Combine various coverages such as builder’s risk and vacant property endorsements under a single bill.
OfferMarket specializes in helping high-volume investors in Washington streamline and reduce their insurance expenses.
Fix and Flip Insurance Checklist
Use this checklist to ensure your Washington flip project is fully protected:
| Requirements | Status |
|---|---|
| Full replacement cost coverage for property | ✅ |
| General liability coverage of at least $1M | ✅ |
| Vacant property endorsement included | ✅ |
| Builder’s risk coverage during renovation | ✅ |
| Tools and equipment coverage if required | ✅ |
| Your lender listed as loss payee | ✅ |
| Flood and earthquake coverage if required (especially in Western WA) | ✅ |
| Policy dates align with project timeline | ✅ |
| COI issued and stored securely | ✅ |
Fix and Flip Insurance Guidelines
Below are the standard fix and flip insurance guidelines generally expected by Washington-based lenders, especially for hard money loans. These align with smart risk management practices and help ensure compliance with underwriting standards.
Property Coverage Guidelines
| Requirements | Details |
|---|---|
| Mandatory | Yes |
| AM Best Rating | A- VIII or greater |
| Term | 1 Year |
| Limits | Replacement Cost or Loan Amount with Agreed Value or no coinsurance |
| Deductible | $5,000 |
| Accepted Policy Types | Dwelling Fire (Special Form), Commercial Property (Basic or Special Form) |
| Cancellation | 30-day notice |
| Exclusions | No windstorm/hail exclusion, No named storm exclusion |
| Lender’s Designation | Mortgagee |
General Liability Coverage Guidelines
| Requirements | Details |
|---|---|
| Mandatory | Yes |
| AM Best Rating | A- VIII or greater |
| Term | 1 Year |
| Limits | $1,000,000 per occurrence, $2,000,000 aggregate |
| Deductible | $1,000 |
| Coverage Details | Occurrence basis (not claims-made) |
| Cancellation | 30-day notice |
| Lender’s Designation | Additional Insured |
Business Interruption Insurance Guidelines
| Requirements | Details |
|---|---|
| Mandatory | Yes |
| AM Best Rating | A- VIII or greater |
| Term | 1 Year |
| Limits | One year of effective gross rental revenue |
| Coverage Details | Actual Loss Sustained basis accepted |
| Cancellation | 30-day notice |
| Lender’s Designation | Mortgagee |
Flood Insurance Guidelines
| Requirements | Details |
|---|---|
| Mandatory | Yes (If in a FEMA flood zone) |
| AM Best Rating | A- VIII or greater |
| Term | 1 Year |
| Limits | Greater of $250,000 or loan balance |
| Cancellation | 30-day notice |
| Lender’s Designation | Mortgagee |
Additional Details
Lenders require their mortgagee clause on your policy, such as:
| Requirements | Washington Specific Fix and Flip Insurance Details |
|---|---|
| Mortgagee Clause | OfferMarket Capital LLC ISAOA/ATIMA, 627 S Hanover St, Baltimore, MD 21230 |
| Condominium Insurance Requirements | A blanket policy is acceptable if it includes the individual unit. HOA must maintain “all risk” insurance for common areas, fixtures, and equipment at 100% replacement cost. |
| PUD (Planned Unit Development) | Same requirements as condos. Blanket policy may be used if it includes the individual unit. HOA must provide full “all risk” replacement coverage for shared components. |
| ACORD Form Usage | All documents must be submitted using the standardized ACORD form format to meet compliance requirements. |
| Insurance Certificate Submission Deadline | Certificates, invoices, or paid receipts must be submitted no later than 24 hours prior to closing. |
| Final Policy Documentation Deadline | Final, bound policy documents must be submitted within 60 days following the closing date. |
| Vacancy Disclosure Requirement | Borrower must notify the insurance provider if the property becomes vacant. A vacancy permit is required for the entire duration of vacancy to maintain valid coverage. |
Why Choose OfferMarket for Fix and Flip Insurance
OfferMarket is a specialized platform built for serious real estate investors. We are not a generic agency. We understand the financial, legal, and operational nuances of managing fix and flip projects in Washington—from Seattle and Tacoma to Spokane and Vancouver.
Whether you're financing one deal or overseeing dozens, your insurance needs require precision, speed, and risk-aligned pricing. We deliver all three.
What Sets Us Apart
| Feature | OfferMarket Advantage |
|---|---|
| Real-Time Rate Shopping | Quotes from over 40 top-rated carriers in under a minute |
| Expert Policy Review | Every quote is reviewed by professionals who specialize in renovation risk |
| Compliance with Lender Standards | All policies are structured to meet fix and flip loan requirements |
| 1-100+ Property Support | Ideal for individual investors and portfolio managers alike |
| Entity-Agnostic Coverage | Coverage for properties held in personal name, LLC, Trust, Corporation, and more |
| Streamlined Documentation | Instant COI generation and secure record keeping for every policy |
| Integrated Lending & Insurance | Simplified experience when using OfferMarket for both financing and insurance needs |
OfferMarket is designed to eliminate wasted time, reduce insurance costs, and provide institutional-grade support for independent investors. You don’t have to chase agents or wonder if you’re covered—our system ensures you’re always protected and in compliance.
Frequently Asked Questions
Do I need insurance before closing on a flip?
Yes. Whether you’re using a hard money loan or paying cash, your lender (or title company) will require proof of insurance prior to closing. OfferMarket can issue your Certificate of Insurance (COI) within hours.
Can I get coverage if renovations have already started?
Yes, but you must disclose any existing work. Some carriers may limit coverage or require an inspection mid-project. Honesty is critical to avoid claim denial.
What happens if I sell the property early?
You may cancel your policy at any time and receive a pro-rated refund for the unused portion of the premium. Early sales or refis are common, and OfferMarket policies are designed to accommodate this.
Can I insure multiple flips under one policy?
Absolutely. If you manage multiple properties in Washington, a portfolio or master policy can simplify administration and reduce per-property cost. OfferMarket supports both scheduled and blanket structures.
What if my flip includes an occupied unit?
Fix and flip policies typically do not cover tenant-occupied properties. If you’re renting during renovation, you’ll need a landlord or hybrid policy tailored for temporary occupancy.
Can I use my own insurance agent?
Yes, but they must understand fix and flip insurance guidelines and be able to provide commercial-grade coverage. We frequently encounter delays when agents specialize in personal lines. Our team avoids those issues entirely.
Can I pay for insurance at closing?
Yes. Premiums can be paid directly or included on the HUD-1/ALTA closing statement. If paying outside of closing, a paid receipt must be provided before funds are disbursed.
Do I need to escrow the premium?
Most Washington lenders do not require insurance escrows. However, if your rehab timeline exceeds 12 months, you’ll need to provide proof of policy renewal. Canceled policies with remaining term are refunded on a pro-rata basis.
What is an AM Best rating?
AM Best is an insurance credit rating agency. Lenders typically require policies to come from insurers rated A- VIII or higher for financial stability.
What is builder’s risk insurance?
Builder’s risk coverage protects your structure and job site during active renovation. It includes the dwelling under construction, materials in storage or transit, and any new improvements being installed.
Builder’s risk policies terminate when:
- The property is sold
- 90 days have passed since project completion
- The property is occupied or leased
- You abandon the renovation project
Protect and Grow Your Portfolio with OfferMarket
Fix and flip insurance in Washington is not optional—it’s foundational to serious investing.
With rising construction costs, increased regulatory oversight, and narrowing profit margins across Washington’s markets—from Seattle’s competitive neighborhoods to value-heavy zones in Spokane—your risk management strategy must be deliberate. That means having the right insurance coverage in place before the first nail is driven.
OfferMarket exists to help you protect your capital, safeguard your timeline, and stay fully compliant with lending and legal obligations. Whether you’re flipping one home a year or managing a large-scale pipeline of deals across the state, our tools, team, and carrier network are built to support your growth.
We work with investors, private lenders, wholesalers, and portfolio operators who are committed to operating like professionals.
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