All Forum Posts by: Kevin Koone

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!

Jason,

They'll do an estimate of the repairs and you can start with that, BUT I would urge you to get a contractor you trust involved and then they can discuss items back and forth.  As far as the other units most policies have "building and ordinance" clauses which proved some coverage if you have to update to "Code" but if the other units aren't damaged and are still up to code I wouldn't think there would be an extra coverage provided.

I urge you to go into the process treating the insurance company as a partner not as their going to screw you no matter what :).  If you wrote your coverage with a preferred carrier and didn't go bare bones they should take care of you.

That being said no matter what claims are always a hassle and good luck!!!!

Good deal!!!  Forgot to mention them.

Jared,

In my experience your broker is right.  I've had homeowners, investors etc all ask about this over the years and everytime I get them the quotes it's really no help.  Not to sound redundant but have you just looked at raising your deductibles some?  If you're only worried about BIG claims this may be a way to say that extra you're looking for.

Ale,

Have you checked with a broker that carry's Foremost or Safeco Insurance?  I know both have "HOMESHARING" options that will cover you for AirBNB.

Condo coverage is so cheap overall I would push it up a bit if I were you. Are you coastal?  I would get quotes from SAFECO, Travelers and Auto-Owners(if they write in that area). There condo rates are great and the coverage is great. But this all depends on whether you’re renting the condo now or if it’s going to just be yours. Not all will do any short term rental coverage. 

Let me know if you need more help and good luck!!!

Ben, Check with your local independent agent.  I write most of my landlord clients with Auto-Owners, Safeco and Travelers here.  I know all of those are strong in OHIO as well as State Auto and some others.

If you need help let me know.