All Forum Posts by: Jason Bott

@Greg Bahler welcome.  A lot of  active WI people on the site.  You definitely have a back ground that will be to your benefit.  Good Luck!

Do you work for a carrier or private adjusting firm?

@Rene Pennington The Auto policy has a "Property Damage" limit in the Liability section.  This claim would be paid by the vehicles policy.  The Property owners policy would be secondary.

@Minh Lai I want to second @Steve Vaughan comments. 

To clarify, if you are stating 

"Normal insurance" is a Home owners policy, which is set up to insure someone's primary residence. 

"Landlord" policy is for rental of a property as a business venture which you do not reside in.

If this is the case, and they are renting it out, then the homeowners policy can deny claims.  So, they have expensive insurance as it will not cover claims.

Update the current agent as to the status of the building and they should guide you in the right direction.

@Xavier Buesing  Welcome.  If you are truly just starting, don't spend the $2k now, but read all you can here on BP.  That should give you a feel for the general direction you should start pursuing.

@Stephen Bell comparing insurance premiums has as much relevance as comparing mortgage payments.  Way too many variables in play.

@Anthony Lee Welcome to BP.  Wealth of info for the newbie investor.  Are you just starting the agency from scratch now?  Those NJ auto premiums are crazy:)

@Eric Zunkley I am working on a quote for a NY investor on a SFR in OH and will PM you the premium for reference.

@Michael Smithundefined

Chances are to get your best pricing at this point in time, you will want to pair the 3 rentals with your personal policies.  But, this will be a short lived plan if you are growing fast, a most personal lines companies cut you off once you get to 5 or 6. 

10 is the magic # with some insurance programs, but there are still plenty of options out there between 5 and 10 rentals.  You just need to make sure you are dealing with the right agents, and it looks like @Douglas Skipworth has done the foot work for you on that one:)

@Cordell M. following up on the posts above, the characteristics of the property will determine which company is a good fit.  I am currently work a few accounts the Erie is on, and they have different pricing tiers depending on,

1)   if the property will be insured connected to your personal home and auto (this will most likely give you the best rate)

2)  Property is not connected to your personal account, but is fairly new, you can add 50% more cost to option 1

3)  Property is not a preferred property in their eyes.  This premium will be double #1

If you fall in option #1, Erie is almost unbeatable.  If you are in option #3, they are expensive.

@Mike Campbell, I see your in Champaign. Is the apartment going to be student rental?  Only reason I ask is that would be considered higher risk by the insurance carriers.