All Forum Posts by: Rod Hanks

Unfortunately rates fluctuate from time to time with all insurance companies. That’s why it’s imperative you have a good independent insurance agent on your team that can shop the rates for you every couple years. Let me know if I can help.

I recommend a special form replacement cost policy with at least 1 million in liability coverage. I would also suggest a loss of rents endorsement to cover rents during a period of a covered claim while the unit is undergoing repairs.

@David C.

1 million is more than adequate for most landlords. Especially if you do 1 million on each house and have a 1 million umbrella for the business. 10-20 million is excessive and will most likely will get rejected by underwriting unless your rental income is in the millions or you can justify such an amount.

@John S.

The max loans are for conventional conforming loans. There are plenty of lenders that are non confirming, portfolio or commercial that don’t have any limits on number of mortgages.

@Mitch Moctezuma

Each situation is different so consult with your CPA who would be able to give you the best advice. Everyone will give you conflicting answers on this forum based on their situation.

@Matt Ruttenberg

Hard Money Lenders love those deals

@Kevin Oberlin

Exactly what it cost to fix.

@Cody 

If you have a signed contract and the ability to close you can a memorandum of contract to cloud the title and sue for performance. It depends on how bad you want the property though:

@Jessica Jordan

It’s pretty standard language in the builder contract about cost increases. It’s terrible but it’s been quite common lately.

@Joshua Tan

We have access to a Landlord insurance program that includes 2500 deductible, 1 million liability, replacement cost, loss of rents, and water back up that is very competitive in price. Reach out to me if you would like a quote.