All Forum Posts by: Daniel Preston

P/C Insurance agent here...

If you're going to file a claim, you'd do so through your legal council.  They would file a notice of claim against the realtor.  No insurance company is going to answer a phone call or file a claim from anyone besides the named insured, and that's regardless of who the actual carrier is.

Licensed p/c agent.

DON'T DO IT!  Rates for the NFIP are increasing at extreme rates due to the financial crisis of the flood program.  See below.

http://www.eenews.net/stories/1059974778

"So what does the future hold for a program that carries $1.2 trillion in exposure to loss but raises only about $3.5 billion annually from policyholders"

I have flood policies for houses in our area that are $20,000+ a year!  Less than 10 years ago, the same policy was about $800.  Just to give you an idea of how extreme the rates can jump when the program is on the brink of bankruptcy.  And as mentioned above, you're forced to carry the coverage if you finance in a flood zone.

Licensed p/c agent.

As rates vary greatly from area, to construction, to tenants, there are too many factors involved that give you an accurate rule of thumb.

What I've been using is $1,000 for SFR, $1,500 for a 2-4 family rental, and $2,000 for college student rental.

I know that the rates won't be higher than that, so anything I'm off by is just gravy.

Licensed p/c agent.

I wouldn't.  Unless the previous owner requests they be named as Additional Insureds on your policy (which I don't know why they would).

Why would you want to cover their exposure with your money?  They should have their own policy.

The reason you have the underlying lender as an AI is because you TECHNICALLY don't own the property.  The lender does, which is why they want to be listed on your policy.  When a fire burns the damage down, as they have a majority of the insurable interest in the property, they'll be paid first.  The previous owner doesn't have an insurable interest, hence why they shouldn't be listed on your policy.

Hope that helps!

Licensed p/c agent.

As Ryan stated above, it's minuscule.  Typical credit is 2% of the total policy premium.  Some companies offer credit on dwelling fire / rental policies, others don't.  I assume the premium isn't more than $1,000, so no...  I wouldn't suggest jumping insurance companies for the $20, unless of course you're high on the overall premium.

Licensed p/c agent.

Easy enough answer here...  As you already have an umbrella policy, just ask him to send you the policy form / endorsement that states the umbrella company does not need to list each property separate (or that blanket limits apply to non-specified dwellings).  Make sure he sends it to you in an email, and NEVER delete that email!

Now if he's wrong, you have his professional liability policy as backup for when coverage falls through.

He might be right in stating that every company is different, but any umbrella company I've worked with (on ISO forms - industry standard) states that you need to list the property as underlying for coverage to apply.

Licensed p/c agent here.

I recommend you find an agent that can write with https://www.personalumbrella.com/

https://www.personalumbrella.com/ref/underwriters_... (Maryland form)

They have broad form, $10MM limit, and can write in both FL and Maryland.  Most independent agencies in my area have access to them.  If you can't find one, you can always call them direct and see if they can point you to an agency.

And $1,000 premium for only 3 locations?  Do I have that right?!  What limit, because that seems high from my experience.

Let me know if you have any other questions.  I'll be happy to help.

Licensed P/C agent.

Earthquake is a standard exclusion on any standard property insurance policy (personal or commercial).  Same thing goes for Flood.

Now I know certain companies will drastically change their coverage depending on the location in the US (ie. quakes in California, flooding in Louisiana, hurricanes in Florida, etc.), so you might find a standard carrier that includes it, but it's HIGHLY unlikely.  You'll need to buy a separate policy.

Licensed P/C agent.

For your professional work as a lender (note, mortgage, or any other type), you'd want a miscellaneous professional liability policy (aka. Errors & Omissions).  This provides liability coverage in the event that you cause damage (a covered cause of loss) through your professional work.  It would NOT provide coverage though for past due bills from clients, as that'd be covered better under a Credit Insurance policy.

With some more info on your end, I'll be able to go further into it if needed.

Licensed p/c agent. 

A homeowners policy provides coverage when you have an INSURABLE INTEREST in the property. Assuming you didn't leave the property vacant (as defined by your policy) and the policy didn't cancel the day of (highly unlikely unless you requested it), you MIGHT have coverage

Theproblem here...  mysterious disappearance.  Unless you can prove to your company that there was a theft (visible signs of forced entry), you MIGHT not have coverage.

 The reason I can't give you a definitive answer, is because I don't know your policy.  But if I were you, I'd eat the cost.  After your deductible and increase on the policy for 3+ years for filing a claim, I'd just mark it up in the "lessons I learned the hard way" column.  Wouldn't be worth it to me.

But, I don't know you, or your current financial situation, so take what I say with a grain of salt.  However, I'll be happy to review your policy for you if you have it in PDF and let you know my thoughts based on that.