All Forum Posts by: Jack Smith

As deals are falling through, loans are freezing, and skepticism is increasing, you likely have time to analyze your own budgetary numbers. 

What budget items are you analyzing?

If you have to cut something from the budget, what will be the first to be cut?

What is one item you cannot live without, and will therefore always spend money to keep?

Thanks, @Joshua Watts. We would love to work with you, @Lisa K.. The southeast is certainly our sweet-spot. We write a lot of investment properties in TN, GA, and AL. We also have recently written policies in OH and KY. 

Good afternoon BP folks,

I am hoping to generate some discussion around property insurance. What are the top things you look for when it comes to your insurance (ie: price alone, high liability limits, trust with agent, etc)? What keeps you with your current insurance provider? Do you have multiple policies or one master policy for multiple locations? Insurance is capitalistic, with many different options, and I feel we can all benefit from different folks in one way or another.

@Derek Kuhr @Chad Lamb I am an agent with The American Insurance Group. We are an independent agency, specializing in investment properties. I'd love to talk further with you all. 

I can speak on the insurance piece. Short-term rentals are insured differently than a long-term rental property. These short-term rentals can be a bit more costly-- because the tenant exposure is so much higher. They are basically viewed as a motel. Without knowing the fire protection class code, location, or anything else, I am going to guess that a good insurance policy will cost roughly $1,300 - $1,800 annually. 

@Troy Thurston First off, Go Dawgs (c/o 2016). Second of all, welcome to Bigger Pockets. Would love to connect!

@Kirsten Milliken I am sending you a PM. Thanks, @Alex Smith!

From an insurance perspective, short-term rentals and long-term rentals can be treated differently. Some insurance carriers will actually consider short-term rentals as "motels", and require you to carry a commercial policy. Obviously, this can increase the cost of insurance. Some carriers are beginning to offer more affordable options in this space, but it is still something to watch.

@Hunter Morgan around what city are you talking about here?

@Alex Smith Are you able to help here?