All Forum Posts by: Alex Smith

@Daniel Ditto this is what I'm learning! Thank you for writing it all out and explaining it thoroughly! I did just speak to 2 other brokers that are looking for me :) I have also received a loss run from my current insurance company. This is my only claim, ever, on any property. Wish me luck!!

@Joe Splitrock I believe they would get an insurance policy for me that is just as expensive but would cover themselves more than it would cover me.

@Joe Splitrock -yea, I'm really not sure. Everything is brand new now...safer than ever:P New electrical, new HVAC, new windows, new roof, new insulation, drywall, flooring, etc. The whole nine

@Joe Splitrock it was an electrical fire...never got an actual "cause," but it originated at the electrical boxes.

@Joe Splitrock - payout was $100,000 (which was the amount of the policy) ...the policy ends 10/15 and they won't let us renew. There was no liability or personal harm payout.

@Todd Rasmussen - That's a great idea- i'll look into it. That makes sense (what you said in your first comment). Just unfortunate!

@Russ B. yea- i understand frequency of claims. This is my only claim EVER....couldn't help that a fire happened and destroyed the entire downstairs unit. It's not like I'm putting in claims left and right for shingles and siding that blow off in a wind storm.

@Will Fraser yea- we have about $40-50k of equity in it, but this was our first investment property and it's fully renovated and cashflows better than all of our others. Not going to be easy to let go of, but can't let an emotional attachment get in the way of our end goal. 

The guy I'm currently working with acts as a middle man and he's pushed it out to several, just having a hard time :/

Early in January, our duplex caught fire, destroying the bottom unit. We fully renovated it and placed the tenants. This is our best performing property and I really don't want to sell it, but after getting a notice a month ago that our insurance is cancelling us because of the large claim, I'm afraid it's my only option. I'm trying to find someone else to insure us and so far many have said that they will not insure us and the one quote I have received is for almost 4 times the amount i was paying ($3050/year). If insurance is going to be this high, the property will no longer fit our buy and hold criteria and it won't make sense to hold it. 

Any ideas? Anybody been in this boat?