All Forum Posts by: Cameron Moore

I always suggest looking at every angle so that you do not make any mistakes. Before transferring your property to an LLC, check your mortgage agreement for any "due-on-sale" clauses that might be triggered. Notify your lender and discuss the implications. Update your insurance policy accordingly. The LLC may need its own insurance coverage. If the property is under your personal umbrella policy, update it or get a separate policy for the LLC.

A lot of carriers have stopped accepting Landlord business in this hard market. It is also not so much a "Conversion" as it is a completely different form/policy. Find a broker in the area, they will know what carrier is both competetive and responsive to Landlord policies. 

Find an insurance broker in the area of the property. They are unbiased and know which carriers are competetive at any given time. 

Find an insurance broker in the area, they will shop the market as a one stop shop and ensure your cash flow is solid year over year. They will also know which carriers are the most competetive. 

If your primary concern is ensuring that your mortgage gets paid off in the event of premature death, term life insurance is likely the better fit. It provides coverage for a specified period, aligning with the mortgage duration, and is generally more affordable.

However, if you're looking for lifelong coverage and see value in an investment component, permanent life insurance might be worth considering. Some individuals opt for a combination of both, with a larger term policy for specific needs like the mortgage and a smaller permanent policy for lifelong coverage and cash accumulation. Ultimately, the choice depends on your budget, financial goals, and individual circumstances.

Just scheduled an appointment meeting with them for Friday, I like to stay competitive so I will know more then. They look like a decent carrier so far. Sounds like the only draw back is that they are in only 12 states. 

I recommend @Jerry V. for all roofing needs. I have also actually heard of you being able to pay the deductible on the Sellers insurance to cover the new roof for you and then neither you or the seller being penalized for the claim going forward. 

Do not worry, a competetive rate will be found somewhere if you are using a broker. It is Labor + Material cost. They have increased like crazy even in the last 12 months. 

Yes, Landlord insurance is a different form than Homeowners insurance. NO do not keep a homeowners policy on a rental as you would not get a claim paid if you knowingly falsified the type of form. Usually, escrow teams will not know the difference. 

Quote from @Viral Patel:

Quote from @Matthew Rolf:

@Viral Patel I just suggested this to someone else but I use Britton Skinner (248-891-0893) with Goosehead...I think he's great and will explain things thoroughly to help strategize.

hi Matthew, thanks for the response. I will reach out to Britton about it. I already have one house with them what I know is they charge me $199 setup fee which I think is a lot. Do you know if they can discount it. When I asked they said if you get 4-5 house then they can reduce it is $100

Goosehead has Franchises (Owned by someone who owns their book) and a corporate side. The corporate side takes $199 per Home/Landlord account fee and $79 for Auto. There are other brokers outside of Goosehead that do not take fees.... Ahem... Definitely no shortage of us around! We have access to the exact same carriers as GH as well.