All Forum Posts by: Jason Bott

yes, I will send over.

 Dan, If there is a death due to fire, they may sue for $1M.  Typically the suit amount is based on damages to the plaintiff, not the assets of the defendant.

You can also note, typically no lawyer wants to wait for an LLC to liquidate to get paid. They want a quick payout from the insurance policy.

We recommend investors carry a minimum of $1M. On a SFR, it is $10-$20 more per year.

An agent would need to review your policy, but in general,

Tenants belongings and vehicle would need to be covered with Renters Insurance and Auto insurance.  The policy for the duplex most likely does not provide any coverage to the tenants belongings or vehicle.

@Ana Vhan there are many commercial options where you can add multiple locations/multiple states onto a single policy.  

In the 2024 insurance market, CA is hard to place, so even though you could force them onto a single policy, it may be more economical to keep them separate.

I'll send you a note with the carriers who can do this for you.

@Andrew Gavre there will continue to be upward pricing pressure for insurance in coastal areas for the next 2 years, just not to the 20%-30% rate increase we have been seeing.  If rates keep going up, and we then have 2-3 years of no hurricanes, the insurance carriers will be very profitable, and will start to chase business, lowering premiums.  If we continue to have storms with billion $ payouts, pricing will continue to climb.

Coastal insurance has always had a high price and it will always be volatile.  

@Verna Littleton @Wendy Thurst we rep for NREIG and can share that they will not be able to insure the building if it is owner occupied.

If you are living in the property as your primary home, you would get a standard Homeowners policy.  Give the construction details to your agent and they can advise if the amount of work falls under the standard policy or if they will need to endorse additional coverage onto it.

@Laura Williams there are different underwriting guidelines for apartments versus a HOA, but both spaces have very few option for buildings built prior to 1980. If it is prior to 1960, you are most likely stuck with the nonstandard companies.

Connect with @John Mocker  He is in your area and can help.

 Dave, the basis of the insurance premium formula is sq/ft.  Given units could be 500-2,000 sq/ft, there is no good way to estimate the cost per unit.  Any formula you find will give you bad #'s.

Rajib, I understand you incurred financial losses here, but these items are typically considered "Wear and Tear".  There are always exceptions, but I would say you would be lucky if any of these items would be covered under Vandalism and not Wear and Tear.  

In regards to your last post, can you get a police report showing the activity?  Then you could make the case that there were non-renters damaging the building and it could qualify as Vandalism.