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All Forum Posts by: Jason Bott

Jason Bott has started 7 posts and replied 2459 times.

Post: Best insurance companies for single family rentals?

Jason Bott
#2 Insurance Contributor
Posted
  • Insurance Agent
  • Nationwide
  • Posts 2,498
  • Votes 1,436

@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.

Post: business owner insurance policy for unique apartment complex

Jason Bott
#2 Insurance Contributor
Posted
  • Insurance Agent
  • Nationwide
  • Posts 2,498
  • Votes 1,436

@Alex P. This is becoming more and more of an issue.  The fact of the matter is the insurance requirements are going to need to start to bend a little as the insurance market doesn't have the capacity to meet these requirements with an affordable premium.  We have gone ahead an issued renewals without all of the requirements and told the lender we just can not find the appropriate coverage.

Trust me, your not the only investor the bank has who is having these issues.

Post: Life Insurance Needs

Jason Bott
#2 Insurance Contributor
Posted
  • Insurance Agent
  • Nationwide
  • Posts 2,498
  • Votes 1,436

@Matt Moylan runs a life brokerage and should be able to come up with some options for you.

Post: Landlord Insurance for Rental Properties

Jason Bott
#2 Insurance Contributor
Posted
  • Insurance Agent
  • Nationwide
  • Posts 2,498
  • Votes 1,436

@Tommy Bronken it's not a legal requirement, but if a claim is submitted against the owner who is not listed on the policy, it is possible the insurance carrier will not respond to the claim.  

It's best practice to have the Named Insureds on the policy to be listed exactly how the property owners are listed on the deed.

Post: Insurance Broker for Older Retail Center

Jason Bott
#2 Insurance Contributor
Posted
  • Insurance Agent
  • Nationwide
  • Posts 2,498
  • Votes 1,436

@Kim Hopkins I would be happy to review and see if there are any solutions we have that the other 2 don't have access too.  I'll send you a DM.

Post: Insurance Broker for Older Retail Center

Jason Bott
#2 Insurance Contributor
Posted
  • Insurance Agent
  • Nationwide
  • Posts 2,498
  • Votes 1,436

@Kim Hopkins the standard market (Travelers, Nationwide, State Farm, etc.) may not want it, but the nonstandard market (Lloyds of London) would have options.  

I don't know the details of the property, but if there are some risks that are just a "No Go", such as frying food without proper exhaust and fire suppression systems, that could make it uninsurable in this market.  We can get past the age issues.

Post: Insurance Broker for Older Retail Center

Jason Bott
#2 Insurance Contributor
Posted
  • Insurance Agent
  • Nationwide
  • Posts 2,498
  • Votes 1,436

@Kim Hopkins Unfortunately that is the state of the market, but there are still options out there.

To efficiently find alternative quotes, have your broker give you a complete list of carriers they approached.  You can give that list to other agents and ask if they have any insurance carrier not on that list who they can try.

As an example, we have 15 or so carriers interested in these buildings, but your broker probably only approached 5-10 of them.

The last thing you want to do is have 5 agents submitting your business to the same underwriters.  Agents and underwriters get frustrated and give up on the account.

Post: Tenant asking landlord for home insurance copy?

Jason Bott
#2 Insurance Contributor
Posted
  • Insurance Agent
  • Nationwide
  • Posts 2,498
  • Votes 1,436
Quote from @Yuzi Stha:

Hi,

I have tenant asking for a copy of home insurance. Tenant is saying their car insurance company requires them to have proof of home insurance for the home they live in so they can renew their car insurance. They park car on the street as their is no onsite parking. I have landlord insurance policy which does not cover any tenants belongings. I do not intend to cover any of their belongings. I find that the request by tenant is weird, not sure if I should give them the copy of my insurance. Any suggestion on if landlord should give tenants copy of home insurance?

Thanks,

Yuzi


 Yuzi, your tenant is confused.  The insurance carrier is asking for the Tenant's Homeowners policy (if they are home owners) or Renters insurance if they are renters.  Your Landlord policy will not give them what they need.

Post: Insurance doubling from 2022?

Jason Bott
#2 Insurance Contributor
Posted
  • Insurance Agent
  • Nationwide
  • Posts 2,498
  • Votes 1,436

@Matt Eklund Increased cost of construction could be viewed as the main cause for all of the rate increases.  Example - A kitchen fire in 2020 may have cost $50k, while that same fire in 2023 costs $100k-$150k.  I have heard this from several of the insurance carrier executives.

This increased cost forces the carriers to take large increase or exit the market.  Problem is, when you have more insurance carriers exiting the market, that creates less capacity, hence another force pushing premiums up.

Industry reports are showing 2024 Property premiums to continue to rise, but at a lesser % rate than 2023.

Post: Insurance for if I forget to insure a property

Jason Bott
#2 Insurance Contributor
Posted
  • Insurance Agent
  • Nationwide
  • Posts 2,498
  • Votes 1,436

@John C. as @John Mocker states there are commercial programs that can allow you to report activity for the month.  These are a much more efficient way to manage your insurance program.  

In today's market, the pricing is probably slightly higher than your incumbent carriers, but the time savings can be worth the extra cost.  2 years ago these programs would be less expensive than stand alone policies 90% of the time.  It will probably be another year or so until that is the case.

As for E&O on yourself, sorry, there is not a stand alone product that would cover you for not putting a carrier on notice.