All Forum Posts by: Casey J Burkhead

Hi Jessica,

It depends on whether this is a policy for a vacant home that you will be renovating or an already occupied rental.  Based on the coverage, it looks like this would be an actual cash value policy for an occupied rental.  If so, it definitely seems high.  Especially if it is a single family home.

Are you currently working with an independent agent?  I have a number of options in Ohio for investment properties.  Feel free to contact me if you'd like a second look.

- Casey

Hey @Zack Rosenbaum,

That's high but it also depends on what style of building it is, square footage, whether all units have two means of egress, etc.  I write Millers Mutual for a lot of those types of properties in PA and Ohio.

Hey Jeff,

There is a big difference in coverage between a DP2 and DP3.  DP2 is named perils coverage - the policy only covers a certain list of perils.  DP3 is open perils coverage - it covers everything except what is specifically excluded.  You should get more quotes but for a DP-3 policy - preferably from an independent agent with different options.

- Casey

@Dave Bopp  - You would technically want to be listed as an additional interest - not an additional insured. You wouldn't be covered on his renters policy. You just want to be notified if the renters policy is ever cancelled. And it is fine to have the PO BOX listed for the LLC.

I have a few different options and would be happy to help.

-Casey

Hi Alan,

In my experience, bank lenders require the annual premium to be paid in full.  If you are using a bank lender, then that is standard practice.  Hard money and private lenders don't seem to be as concerned about the payment option as long as they are listed as an additional interest.  If you are paying cash for the property, it shouldn't be an issue at all and you should be able to break the payments down into as many as the insurance company allows.

- Casey

Hi Jorie,

I have a couple options for rehabs in PA.  Shoot me a message if you'd like to discuss.

- Casey

It may vary from state to state but Travelers will do short-term rental landlord policies but only for individuals or LLCs owned by a single individual or family.  Guard will write them as well.

I don't know if Travelers does business in RI or not but in my area they will take knob & tube as long as it is in good shape and is hooked up to a breaker box that is 100 amps or more.

Bruce,

Your personal insurance agent is correct, although having a personal umbrella policy is still a good idea. Is your Ohio agent independent with access to multiple carriers? If so, they should be able to find you property policies that will give you a million in liability coverage - whether they are individual policies or packaged together. They should also be able to provide an umbrella for the LLC if you want the additional coverage over the underlying limits. If that agent does not have access to these options, I'd be happy to help.

- Casey