All Forum Posts by: Kevin Koone

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  Outdated, old roof, etc?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.

Marion,  there are carriers that will do an umbrella policy across state lines just on the rentals. Talk to an independent agent and they can help you!  Net worth is a great place to start but the coverage is so inexpensive I recommend getting as much as they’ll give you without to much fuss. Hope that helps. 

Man I'm sure it exists somewhere.  I just don't deal with it around here.

I feel like I'm selling something here but I would just reiterate if you can find a good agent, that has multiple companies, they can fill both roles for you.

Here's how I work when I talk to an insured.  I have a checklist of everything I need to get in order to quote whatever type of business they're looking for.  Then we dive in deeper to see if there's any issues out of the norm that we need to address or find a solution for.  I gets quotes from every company that might be interested.  We talk about the quotes the differences in coverage, in cost etc.  We look ahead and make sure it's going to be a fit for the foreseeable future and then we move forward.  I'm not worried about different commission structures or anything like that on my end.  I'm wanting the customer to be taken care of and ultimately keep them here and happy for as long as possible. This process make take a few hours or a few weeks.

That's oversimplified but you get the idea.  I'd like to think you could find someone local to you that could do the same thing.

OH!  I get it now.  That's not really something that happens here.  I can tell you I spend just as much time recommending options to clients that I don't end up writing business for than I do writing business for clients because I just want to do right by everyone I can and believe they'll come back to me someday even if now's not the time.

I guess I would call what you're looking for a "consultant" and if you can find a good agent they'll do both jobs for you without you paying for someone else.

Scott, that's an independent agent. They have multiple companies, not tied to any, and can provide you the best options for whatever your changing needs might be. Do a search for that in your area and see what comes up. Or even better if you're involved with any groups or investors see who they recommend. Do you have a local REIA group? Might be a good place to start. Or check and see if there's activity in the Michigan forum here on BP.

Scott,

Agent and Broker are used differently depending on where you are in the country :).  Here brokers are not who the end user(you) would deal with.  You need an agent.  I highly recommend and independent agent especially when you're looking at investment property.  Where are you?

Samir,

There are several options for you right now with "home-sharing" if your living there and renting out other rooms.  Travelers is the one we use around here the most.  That endorsement doesn't ad much to the home policy at all.  I'd really recommend you also look at an umbrella policy for extra protection.

Let me know of I can help.

Good luck Jason.  Like I said claims are always a hassle and take time but you should be good to go.  I'd love to hear an update when you get further.

I had one a while back on a Tri-Plex where a disgruntled boyfriend decided he would get back at his girlfriend by setting the building on fire!!!!!  Good times!