All Forum Posts by: Casey J Burkhead

Aaron,

The company I use most for those with more than a few investment properties is PersonalUmbrella.com.  They will cover up to 30 units in North Carolina.

- Casey

@Paul Gwilliam ,

Are the properties vacant or occupied?  If occupied, a lot of times an actual cash value policy (which it sounds like you have now) can be just as expensive or more than a replacement cost policy.  If vacant, $90 a month does sound a bit high for $50K in coverage.  Either way, there are always other options, it just depends on the vacant/occupied factor.

Hey @Daniel Pichardo ,

I can't see the attachment either but there are many factors that go into determining the cost for insurance: Will the property be vacant or occupied?  Will it be insured at replacement cost or actual cash value?  Once these questions are answered, then that leads to more that would need answered.  I can tell you if it's vacant and you are doing work on it initially, the policy will not be cheap.

Hey @Rob Hakes,

You definitely want to let your insurance agent know. And it just depends on the insurance company as to how they handle it. Most will have no problem just listing the Trust and/or LLC as an additional insured. Of course this is assuming your LLC isn't associated with any kind of other business and is just there for your property investments. If there is another business behind the LLC, you may be required to get a commercial policy.

Hi @Rickey Ear,

I've never heard of them. There have been more and more REI focused insurance programs popping up recently though. If you have ten or more properties, my best option is through All Risks in case you want to check out someone else.

Hi @Jen Kurtz,

I'd reach out to @Anthony Angotti.  I'd also check out @Alex Deacon's meetup.

- Casey

Hi Elad,

Your best bet would be to call Geico and ask to speak to an Underwriter.  They can clarify your questions in regards to what is and isn't covered.  However, here are my interpretations of the exclusions that concern you:

1.) Business pursuits or business property would be referring to a business you run from the property for financial gain but would not include the rental income you receive from the property.  They wouldn't allow you to add rental properties to the umbrella coverage if they were going to exclude it in the language of the contract.  They'd be setting themselves up for their own lawsuit.

2.) This is broad but I believe what they are trying to exclude is you assuming liability for someone else's actions via contract.  I'd assume that's not the case with either of your contracts.  Both your property manager and your tenant should have their own liability coverage.

3.) This is straight forward and common.  What else would the tenant sue you for?  If you aren't keeping up your end of the contract - i.e. fixing the plumbing when it needs done - the insurance company isn't going to cover you for being an absent landlord.

4.) It is common for most standard companies to have a limitation on how many properties or units they will cover under an umbrella policy.  Most of my standard carriers are in the 6-8 unit range.  But I also have a carrier who will write up to 25 units.

I hope this helps.

- Casey

Hey @Michael Vieira ,

Welcome to Pittsburgh and Bigger Pockets.  I am an insurance agent from the area with a focus on investment real estate.  Please feel free to reach out anytime if you have any questions or needs pertaining to property insurance.  Also, @Alex Deacon and @Ian Hoover are great people and resources when it comes to Pittsburgh real estate investments.

@Ryan Ingram, REI Guard or I think they are now called NREIG is a referral based structure with the Agent having little to do with the process except referring the client. All Risks is definitely more hands on.

Hey @Ryan Ingram,

Most of my standard carriers are good for 1-4 units (MetLife, Hanover, Travelers, etc.). If you are an investor with more than 4 properties or 8 units, then I would recommend a carrier with a specific REO program. All Risks has been the best one I've worked with but REI Guard also works.