All Forum Posts by: Adam Myers

Should have also clarified, an umbrella policy picks up when the limits of the underlying home or auto policy have been maxed out. It adds additional $$ to the limits, but does not pick up additional perils or causes of loss.

Typically, no -- your friend's health insurance would pick up the cost for the injuries. If you were negligent in causing the injuries, and if you were not remunerating your friend in any way, your policy might, depending on the circumstances. An umbrella policy will not cover lost time, etc., like a Workers Compensation policy would.

I'm an insurance agent in Oregon. @Doug Sah is exactly correct--you may be comfortable with the risk of loss to property, but one liability claim could wipe you out permanently.

NY is a bit far for me to have any specific agent recommendations, but I would look for an "independent agent" -- that's someone who can write policies for several different insurance companies. He or she can find the right fit based on your specific property risks and liability needs.

As someone about to dive in and purchase my first rental, this is a question I had thought about but not come to any conclusions on. Appreciate hearing the perspectives from the Santas and the Grinches both. :)

Thank you, @Account Closed. That's one of the markets I've been researching -- glad to hear it's working well for you both. When we're ready to start taking action on this, I'll look you up if we decide on Columbus! 

We bought our primary residence through Hubzu about 5 years ago. We won the auction in July, but did not close until October. I don't know how many hours were spent on the phone with uninformed call center reps who had to put us on hold while they "researched the file." It's worked out well for us eventually, as we started out with instant equity in an area that has appreciated steadily...but I won't use them again.

Thanks, Martin. Working on that process/system now, and finding BP to be a huge help for knowing what questions to ask, etc.

New to BP, new to RE other than primary residence. Working as insurance agent in OR, and am looking for Buy & Hold small multifamily properties in the Midwest -- either IN or OH. I'll be clicking through old posts hoping to learn as much as I can - thanks to all who participate in this!