All Forum Posts by: Alex Toler

@Matt Dickens I am a little late to the party on this one.  Premiums around that price for a 100 year old building sound good.  However, there is a lot more to it than the annual premium.  How much coverage is being provided? Is the policy on an actual cash value or replacement cost basis?  Has all of the knob and tube been removed from the property?

I am more than happy to provide a free analysis to help you make the best decision on your coverage.

Ryan,

In short, you should separate your personal insurance coverage and your business insurance coverage.  You should have an umbrella for your personal insurance and a separate commercial umbrella for your properties. Not knowing who your current insurance carrier is leaves a few holes in my answer, but traditionally everything should be separate.

Joe, I'm over in your neck of the woods and would love to help you out with any insurance needs you may have. Shoot me a message and we can find some time to talk on the phone or meet. Alex

Matt, id be more than happy to help you out. I work with a lot of investors in the St. Louis area. Alex

@Carlos Rovira if you are still looking for an agent I would be more than happy to help you out.  I am an independent agent out of St. Louis and I work with investors all over Missouri, Illinois, and Texas.

Andrew Kover, I am an independent agent out of Saint Louis.  I work with a lot of investors across Missouri, and I would be more than happy to provide options for you.

Joseph,
There are three different ways in which you can cover the properties: Replacement Cost, Actual Cash Value, and Agreed Value.
Replacement Cost:  The insurance company determines how much the home will cost to rebuild after a complete loss, and then use this amount as the coverage.

Actual Cash Value:  Is determined as the "fair market value" of the home.  In this case, outside of a total loss, you will be subject to depreciation eating into the payout from the insurance company.

Agreed Value:  This is an amount agreed upon by you and the insurer in which to insure the property.  Any claims that do not reach the agreed amount will be paid out as replacement cost.  In the case of a total loss, the agreed amount will be paid out.   Please note that it is much more difficult to find carriers who will write this type of policy.

I've never come across a lender who will allow you to have less coverage than the sales price of the property.  In a perfect world, I'd love to have all rentals on an agreed value policy, but these are hard to come by.  I write most of mine on Replacement Cost unless my client insists on Actual Cash Value.

If you ever want another eye to look at your policy, or help explain what you have, I'd be more than happy to give you an unbiased opinion.

Welcome @Mike Healey!

Brett, I could certainly be of assistance to you in regards to your insurance. I work with investors all over the state, and we have multiple programs to use depending on your specific needs. I will send you a PM with more info. Alex Toler

Bryce, There are many other carriers who are starting to get competitive in the 1-4 family insurance market. I am in St. Louis, and I'd be more than happy to provide quotes for your property. Alex