All Forum Posts by: Derek Lacy

Rental condos are really tough to insure correctly. That may actually be competitive. Once you have a larger schedule (think 10 or more units) it will drop significantly, because underwriting will give considerations. Mr Botts may have a market, but with all of the discounts given Travelers may not be so bad.

Obviously speak to your attorney and only them. That is a privileged conversation.

She attorneyed up. Cancel your meeting with her, turn in the insurance claim, don’t talk to anyone anymore about the circumstances. You did a lot to mitigate. You could not control the bomb cyclone, I feel it would be a tiny settlement due to the fact you owe no duty to prevent extreme weather. But quit talking to them now. Every attorney will advise the same.

Not a problem, that’s my job. There are much more worrisome scenarios but I figured keep it simple. But as you are also a Floridian, remember on your flips there is a 10 year statute of repose here. Meaning that beam could drop on that kid for up to 10 years after, and you could still be liable.

Your contractor drops a beam on a kid. You own the property so your on the suit too. If you have an AI from the contractor, you get to be insured under their policy, and not your own.

WL and UL are wonderful for deferred comp plans. Just ask John Harbaugh. http://www.espn.com/college-football/story/_/id/17332547/michigan-wolverines-jim-harbaugh-agree-increased-compensation-form-life-insurance-loan But I would only advise if you were maxing out all other qualified retirement vehicles (sounds like you are). You mention WL. I would normally write such policy as an IUL (indexed universal). Gives you some market upside, no market downside, fast cash flow, usually better loan terms. Regardless, tax deferral is a great idea.

I would need more info what’s going on. Who or what entity owns the spot etc. but if it’s a parking spot that is appurtenant to a structure, the structures liability policy may cover it automatically. The biggest issue is it is Geico, so you are expected to be an insurance expert. Send me which side of town your in and I’ll be able to send a referral for a local independent agent that can properly advise you.

That looks like an appropriate FEMA rate if this is a A- flood zone. Maps were re-evaluated after Sandy so area that you may not know will surprise you. Also private flood has had a shock in pricing after Harvey and capacity was taken by those claims. Best advice is the elevation certs. By the way flood goes by the property not the owner. Meaning if there is and old elevation cert it would be valid (if you want it to be). But of course the flood elevation probably raised since then, but your lowest elevation did not. It’s a good free starting point.

Not all are typical and yes you are reading those correct. You need an independent agent not an 800 number. Personally I take 20-80 hours CE a year to keep up on the changing insurance market and deal with over 400 insurers so I can find the right solution for my clients. My advice, Never trust a 800 number or website with your financial well-being. Sometimes 15 minutes can save 15%. But other times it can cost a lot.

Deanna Boss I’d actually not go with your plan. But as you’ll find your attorney will agree. The trampoline is an attractive nuisance meaning someone is going to pay when anyone gets hurt (even a trespassing child). Then compound how much is a child worth? Obviously priceless. So kid sneaks onto the property when your tenant is out. Breaks neck and has life altering paralysis. The future medical bills are in the millions. How much will your tenants insurance pay? $100,000; $500,000? Did they even keep it in force. Guess how long the judge will allow your hold harmless against the tenant? Until they are out of money, and then he’s allowing then to go after you. That’s how the law works a waiver, hold harmless, indemnity agreement are only as good as the person you have signing them’s ability to pay. Your coverage will have and exclusion. And all of this could have just been avoided by a small dose of risk management (enforcing they remove the trampoline).