All Forum Posts by: Faisal Zaman

Hi all, I have few town homes as rentals under llc, now I am shopping for insurance. Any good insurance company I should check out who are good with property damage claims (lol, my last one was horrible experience)?

Hi @Melanie P., thanks for sharing the details.. it's truly eye opening on "Essentially you burn a processor and you're done with electronic payments for 5 years. They don't tell you you're going on the list, but an unreimbursed chargeback will absolutely get you there." I will consult with Attorney to see how I can safeguard myself from processor from getting into that list..  

@Chris Seveney, thanks for sharing the 60 Days on ACH rule.. Since the Rent was paid on February 1st and refund requested was on April 8th, that's already over 60 days window on original transaction date.. 

Thanks @Melanie P. for the heads up.. As a precaution we have blocked all withdrawal transaction for the payment processor. Now, I am looking for a legal help to open a case on this b/c the platform did not do the due diligence of challenging the refund or letting me know before they refunded the paid rent.. 

Thanks @Chris Seveney for the info. How to stop that from happening, I guess my Bank ask for my approval first?

Thanks @Theresa Harris for sharing your thought on this, appreciate it. After this one, we will bump up our landlord coverage in the policies :) 

Thanks team for getting back to me on this.. We have consulted with the HOA manager for insurance coverage and reviewing the policy. Their deductible $100K, it's ridiculous amount for a townhome.. Anyway, working with our insurance now to see what we can do..

Recently one of my property got fire. It's a townhome under HOA. After talking to my insurance adjustor, he advised to get details on HOA coverage b/c to remediate damage we need to go all the way to studs. I know based on the Illinois Condo Act, HOA should cover the wall, insulation and electrical.

I am trying to find someone who I can consult about the HOA coverage for Townhome fire damage.. Any help would be appreciated..

Hi Melaine, that was very helpful. Unless the processor share the copy of the tenant's fraud affidavit, we will a report against the processor. 

Thanks for your suggestion @Drew Sygit.. Only way is to be proactive :)