All Forum Posts by: Cory Mosby

Thanks Splitrock. I will go that direction. 

Hi everyone, I’m underwriting a park in Boise, Idaho, and I’m looking for some help determining what insurance will be. The park has 100 lots, 40ish of which have park owned homes on them. The park owned homes are single wides and range from 1970’s to 1990’s manufacture.  The only common space is a small playground, there’s no pool or clubhouse on the property. Currently there’s management onsite but that could change in the event of the park changing hands  

What’s the best way to go about determining what the ballpark insurance costs will be? What are you all paying for comparable situations?  TIA. 

Thanks for the info everyone

@Jon Underwood Fair point, I just saw this as a cautious way to test the waters.  

Thanks Dawn. The shopping around is long over due. 

Hello, I moved to Boise, ID 7 months ago and am interested in the local short term rental marked. After listening to podcast 229 about short-term rental properties, I'd like to hear from anyone who has rented a place, then sublet it out through a short term/vacation rental situation. I understand that for this to have the opportunity to be successful, I would need to make sure this didn't break any lease agreement, but aside from that I'm interested in the details. How did it go? What were the hang ups? Any suggestions for someone trying to do this?  

Thanks!

Hello Team BP!

I'm looking for insurance guidance. I recently moved from a duplex where I was house hacking in Maine to Idaho. I kept the duplex and it is currently being managed by a PM. When I had the insurance policy updated to reflect the change from owner occupied to tenant occupied, the annual premium went up by 65%!  As someone new to real estate, I don't know if I'm getting hosed or not.  After the amendment, the insurance company added the following premiums:

Optional Deductible

Landlord's Premises Liab.

Other Structures Coverage

Ordinance or Law Coverage

Dwelling Additional Coverage

Protective Device Credit

From your experience, are these additional premiums needed?

If they are needed, does a 65% increase sound reasonable?

Either way, do you all have any suggestions for places I might find a more affordable provider?

Thanks!