All Forum Posts by: Kevin Koone

This happens a lot in areas where real estate prices are low but the cost to rebuild the home b/c of square footage, # of bathrooms, etc would cost a lot more to rebuild than you could buy the same house down the street.  There are ACV(Actual Cash Value) policies out there but keep in mind the only way you're going to get paid on them is basically if it was a total loss.  I also find that these policies generally cost about the same as a Replacement Cost policy does when it comes down to it!

Good luck!

Ali, Texas seems top be hard right now in general but I would look at an independent agency and ask for a quote with Nationwide, Safeco(may not be writing where you are) and Travelers.  I'm sure there are others, but you'll have options.

Rahul,

You may have it covered by now I do most of my "flip" policies with Foremost.  That way you get your building/reno coverage and also liability on one policy.  Plus they'll month to month with you.  If it's just cosmetic it's a good fit.  If it's more serious, adding sqft, another story a more traditional BR policy would be the way to go!!

Good luck!

Go with Cameron!!! Not all agents can write State Auto in the Houston area.  I'd get quotes from State Auto and Safeco(if they're not shut down there).  Also Foremost would be a good option.

Good luck!

John,

Is your property in Houston?  Every State is different in offerings or at least the amount of different offerings from different companies but for sure you should be able to find something and have options.  Have you talked to an independent agency?

Drew is correct.  If you had an inspector they would be able to tell you things immediately and you could work on a plan from there!

Cassie, I have idea what area you're in but I don't think you'll come close to that $1500 for an 8-Plex ever.  Especially with the age of the building, updates or not.   

Find an independent agent there and him run it through all his brokers.  I would assume that's the route you'll have to go!  Good Luck!!!!

1. Probably, but who knows how much?  What's your deductible? $12,000 is a lot of money so I would say maybe it's worth it.

2. No, there's a difference b/t your primary home(s) and investment property and the claims don't overlap.

Bonnie, start with who holds your personal policies and see why they have to offer. Are the rentals all under your name or LLC's etc.

Claudia, They've recently become more competitive and I do recommend them.  BUT are there any problems with your 4 plex?  Outdated, old roof, etc?  You should have  a lot of options if it's a building that's been updated etc.

Farmers itself does some weird things with their deductibles and they're very specific what they want right now.

Let me know if I can help.