All Forum Posts by: John Schaeffer

This is 100% an urban legend!

 It's crazy everywhere! I have a couple contacts that do insurance in Colorado and they're ready to pull their hair out.

 Got it. Travelers has restricted their roof age to 15 years which is INSANE considering you can get 25-30 years out of a roof.

I've been placing a lot of homes with Selective Insurance, Safeco Insurance, and Franklin Mutual as they seem to be extremely competitive if it's the right client they're looking for.

You'll want to look anywhere that has a good rail system to Secaucus/NYC as most people are leaving NYC and commuting from the suburbs of Jersey. I recommend looking across the Raritan Valley Line or looking into Warren/Sussex counties as it's a lower cost of living but still within a reasonable driving distance into Manhattan.

Good luck!

 Agreed, if you're handy and can fix most things yourself OR have a good relationship with a General Contractor that's going to work with you on repairing the property. Raising the deductible is as safe an option as you can go instead of decreasing your coverage.

Congrats on buying your first home!

I second building a solid team especially as you expand your portfolio. You're going to need a good contractor/handyman, CPA to help manage your income's properly, a good real estate attorney, solid title company, and of course a good insurance broker to make sure it's properly covered.

I'd love to connect and assist anyway I can!

 What was the reason they were cancelling you?

I'm not in Texas but insurance costs are rising everywhere. From what I hear the Texas insurance market is insanely difficult right now.

I'd call a couple brokers and let them shop the coverage for you but that might be the best you can do.

 AU Gold is a surplus lines carrier meaning they take a lot of insurance risks that standard carriers (think state farm, allstate, progressive etc) won't take.

It might honestly be your best shot and getting some kind of coverage placed.

Hey everyone! 

I'm new to the BP group and so lucky to have been introduced to it by a friend. I'm an insurance broker in NJ and I'd like to offer my services to real estate investors and lenders who may not have that seat filled in their team, are unhappy with their current broker, or didn't even know where to look for someone who can handle all these risks.

Having an insurance agent that is able to protect your investment properly is huge as they are a revenue stream for you and if your coverage is lacking or if it's insured improperly it's going to end up costing you time and money.

The agency I'm with is located in NJ and we are competitive in the tri-state area but we are also able to write policies for all states except for Florida and California right now as those insurance markets are insane.

We can do the 4 major lines of insurance (personal, commercial, life, and health). Looking forward to assisting you if given the opportunity!