All Forum Posts by: Jason Bott

@John Fong my team would be happy to help.  I'll send you a DM.

Jeff, I don't have any industry experience, but can give you consumer feedback.

I live in SE WI and many national carwash companies have come into the market and built some very high end facilities.  My family has moved away from the older facilities to the newer facilities as the product is so much better for comparable prices.

 Hey Noe, the companies willing to insure mixed use buildings has changed drastically in the last 12 months, and will change again in another 6-12 months.  Best bet is to connect with an Independent broker and talk to a few other owners of comparable properties.

@Tina Paduck there are only 2-3 options out there.  Many of them will be $400-$500 per $1M.  $1,800 is on the high end, but IL and MA have higher liability rates compared to other states.

I'll DM you the other possible options.

James, depends on the type of property you have. SFR, STR, Strip mall, Commercial/industrial or 24 unit complex?

 Amir, I can send you the companies we use for our investors clients.  

Most agents do no want to just write the Umbrella if they do not handle the other policies.  Reason being it is too easy for clients to forget to notify the Umbrella company when they have changes to their Home, Auto or rentals.  Then there is a claim, it is not listed on the Umbrella and there are big issues.  The best option is to have everything with one agent if possible.

 Rob, everything your agent is saying is correct, it just comes down to what you want covered.  Don't feel guilty because you don't want to buy the extra coverage for $7,200 if you are comfortable coving those claims out of pocket.

How many claims have you filed in the last 5 years that would fall under the DP?  

Also, keep in mind, in this insurance market, if you file 1-2 claims, they will cancel you and you will need to go to market with losses on your record.  The alternative options will be higher than what you are currently paying.  

TIP - Raising your deductible to $5k will usually eliminate the need for the Water Sewer Back Up and Business Personal Property as those claims are usually around those amounts.

Replacement of Sewer Line in not available on commercial policies.  I have seen these cost $12k-$20k.

Water Damage is the big one and can cause $100k in damages to a SFR if the building is left vacant and the heat is off during a cold spell. Pipes burst in the walls and flooring can be ruined.

 David, a policy needs to be triggered by a covered loss, for a Renters Policy it is typically the city announcing the unit is not habitable.  Without this "trigger" chances are there would be no coverage.

@Duane A. Snow with 6 years experience, there are several insurance carriers who will offer coverage for your new PM business.  We have many DM clients and I'll will send you approximate cost and the insurance carriers.

@Henry Lazerow it all depends on where the rental is located and if you have 1 or 100.  

Many companies have exited the SFR space in the 2nd half of 2023, with the half that stayed in raising their new business rates.