UPDATE - Insurance - Don't have any & not worried. - NOW INSURED!

[JR T.]

Hello BP,

About two months ago I posted a discussion about operating subprime rentals sans insurance which generated some 100 replies:

https://www.biggerpockets.com/forums/95/topics/235...

My main objection to insuring the properties is that the insurance I was being quoted ran ~$1,000/yr/door and was inappropriate to the type of risk I wanted to hedge against. A BP Pro member @Jason Bott contacted me believing he could find a solution. 

I'm happy to say he produced and for Christmas I paid my insurance premium. A million in liability and casualty insurance on the properties with a $10k deductible at around $275/door/year. At this price it made the policy a no brainer and I sleep better at night for it. Thanks Jason.

[Michael Boyer]

nice happy ending .....I really enjoyed that epic thread and many posters made good points....it popped up from time to time,,..I like the questioning of conventional wisdom on BP...for example, a guy had a blog on cap rates the other day that was quite good and over the years, many have made good points on the unintended consequences of the llc that have helped others...so you have to question assumptions..

But even if it really does not pencil out for the individual or small firm to self insure when you run the numbers, I was glad you had the courage to question this assumption and invite others to offer the reasoning rather than accept the status quo.  And, luckily, as you found, insurance is available at decent rates. Perhaps your thread even helped bring you the best rate.. Win/win...