All Forum Posts by: Andrew Wicklow

@Benjamin Sussman

I Chicago it usually comes

Down to the water department. Whatever the water service size is set for, that’s the number of units.

It’s possible they could have updated the water line but you would see that in past permits on the building departments website. If you don’t see anything like that, it’s likely a 2 flat and you should get out of the deal unless they are selling it at a 2 flat price.

Good luck,

@Nick G.

Each state has its own plan for uninsurable properties. You could check out NJ to see what it’s called.

That said, reach out to me in the morning and I may have some options for you. It may be slightly expensive, but you will have insurance.

Best,

@Jeremy Torres-Jimenez

Happy to help. I’m licensees in Washington and multi family insurance is my specialty.

Let me know if interested,

Looking for alternatives to Home Depot and Lowe’s and other big box stores for a minor rehab I’m doing. Specifically bathroom vanity sets (cabinet, under mount sink, and vanity top). There has to be other places out there that offer quality at prices less than the big box stores. Any suggestions?

@Stacie Katori

If the contractor caused the fire (and this is verifiable) you should have gone through his insurance. Maybe you still can. That’s why they carry insurance in the first place.

That said it may be uninsurable at this point. It may actually make sense to let the lender put it on their forced place policy because not too many insurers will want to step up to that. This is a semi expensive option but it may be your only option.

Good luck,

Andrew

As a general rule, insurance agents don't need practice quoting.  I guess it's semi akin to me asking you to take me around the area and show me several properties, but really have idea whether I'll buy or not...at least not today.   

That said, I work with several RE brokers who sell investment properties and offer them indications all the time (for their marketing materials as well as to pass along to the potential buyers.  This way they have something better than "industry norms" and I don't need to go full bore into a quote for something that MAY never materialize.  

So, my suggestion is to develop a relationship with an insurance broker who is not a computer bot and ask them for some indications.  I'm open to this if you're looking for someone.

Best of luck, 

As an insurance agent, I can tell you it's imperative to update.  Not only because of the safety, but because the list of available companies that insure knob & tube is tiny and because they are taking on the 1800's technology risk, they are likely going to charge you for it.

The upgrade will likely cost a bit but your place will be more marketable and also, all in all, safer.  

Good luck,

Andrew

@Shawn Ab

As an insurance agent I can tell you to stabilize the property but be sure to document with invoices and photos. Technically it’s your duty to preserver the property so no further damage happens.

Ultimately it depends on the cause if the collapse to determine who pays for it. If it was just deferred maintenance and things just were not maintained, that’s not covered. If it was an “event” tat caused the collapse, more than likely it is covered depending on the coverage you opted for.

Call your insurance ace guy first thing as he may check messages later and you’ll need them to file a claim sooner to get a jump on it.

Let me know if you have further questions and best of luck with the repairs.

Andrew

@David Jones

I write builders risk insurance nationwide. Call me if you need anything.

Andrew

312.eight90.five195

@Ryan Bird

Commercial umbrellas go over the commercial insurance policies that would cover the property.

If you own the property in an LLC but insure it personally, technically there is a coverage gap where you (May) get protection but the LLC doesn't. To be eligible for protection you have to have "insurable interest". I suspect you could argue you do but it's just another hurdle to jump over. So it's best to have the insurance in the name of the LLC and then you automatically get protection as the owner of the LLC.

Hope this helps. Let me know if you or anyone else has any questions.

Andrew