All Forum Posts by: Ian Shinnick

@Roy H. (take this with a grain of salt since I have been in the STR game for a whopping two months and only have one place) I fall in the middle between the great and powerful @Luke Carl and @Michael Baum. I have all of my preliminary and welcome messages automated but I also chat with each guest directly. We have had a few hiccups (propane ran out, broken TV, Etc) and I think the direct chat helped us save at least one 5 star review. 

Interactions vary by guest but I would say I chat at least 2x with each guest but I had one honeymoon couple that I didn't talk to once. Questions we have received are similar. Where can we get firewood, how do I turn on the fireplace, where are the good hiking trails, any suggestions for dinner, can the cabin sleep 12, you say no dogs but I can bring my dog, etc. etc. etc. 

There are several programs that specialize in providing coverage for the cannabis industry.  I worked with a group last year and we were able to place their coverage with a competitive program. This group has nursery and dispensary operations. The carriers will need a lot of information to quote. I would recommend touching base with an independent agent and they can provide options from multiple programs. 

If you are renting to the dispensary then you will want to explore a lessor's risk policy. That will cover you for your liability exposure as the landlord. 

@Shannon Curtis I have a few markets that can insure a property West Palm Beach. Market is a little tight in that area. Will be helpful to know proximity to coast, value, year built, updates, etc. Also helpful if there is a four point inspection available. Happy to help or provide additional info if needed. 

As an agent I see that language fairly regularly. I do not believe it is required by law but simply a contractual agreement between the two parties. This language benefits the property manager. In simple terms, Additional Insured extends your coverage to the property management company for any losses related to that specific property. Most insurance carriers will have no problem adding the PM as an Additional Insured to the policy. 

@Teddy Johnson I am an agent so you may not want talk to me either! For the parent company I would recommend a Professional (E&O)/Director's & Officer's policy. It could be underwritten to cover the parent company for the management operations. Those policies are written to cover financial loss vs personal injury/property damage that you mentioned.

@John Chapman I am not aware of any consultants but that is what you are paying an agent to provide. They should be providing options from several carriers so that you can review and compare coverage, premiums, terms and conditions. This will ultimately provide a comfort level on the pricing and overall program. 

Full disclosure, I am an agent myself. I have worked with some great 3rd party consultants over the years but I think a trusted agent can provide all of the services that a consultant can provide. Just make sure it is an independent agent that has access to a number of carriers vs. a direct writer that only represents a single carrier. 

Not exactly what you are looking for, I know, but I hope it helps!

Like @John Mocker mentioned, there are a number of private market carriers that can offer flood insurance that can be competitive with the NFIP. Other item to consider are: 

1) The properties location relatively the flood plane. A location outside of the flood plane (X zone) will typically be much less expensive than a location in a high hazard flood zone. 

2) Has an elevation certificate been completed. An elevation certificate will provide details on the finished floor elevation relative to the flood elevation. If the finished floor elevation is above the flood elevation then you can see reduced premiums as well. 

The more information available the better opportunity for a competitive rate. 

@Luke Carl I am agent myself and, based on the number of properties you own, I am assuming this a fairly profitable account for your agent. My opinion would be to find someone else who is going to be proactive and take care of you and your policies. Fortunately the lenders didn't force place coverage or you would have been paying 3X the normal premium. 

You, as the policyholder, can choose any agent you want to work with. You would just have to sign what is called an agent of record letter. That will essentially fire your current agent and move the policies to the new agent of your choosing. 

You're agent is getting paid to monitor your insurance coverage. If they aren't doing their job then I'd say find someone who is going to look out for you and your portfolio. 

Hope that helps. 

@Account Closed I am a commercial insurance agent and am partial to the replacement cost policy simply because I work with clients on their claims every day. When the carrier adjusts a claim they typically depreciate the roof, windows and doors more so than other items. If those items have had been updated recently then you may be more comfortable with the Actual Cash Value policy for now and can look at a replacement cost policy down the road. 

I am assuming that all the other terms and conditions are the same on both quotes but I would confirm that the deductibles, Coinsurance/Agreed Value clause, protective safeguard language, etc. are all the same. Those items can tweak premiums as well. 

Hope that helps. 

@Henri Traugott I recently worked with a group that has 1,500 units in Austin and Houston. We were able to quote liability rates were in the $20 per door range for a $1M/$2M policy. We had a few different carriers quote in the range.

The property premium will depend on a number of other variables such as number of stories, total square footage, construction type, etc. If you don't make claims then I would recommend requesting higher deductibles. That will help reduce the overall premium as well.