All Forum Posts by: Kevin Koone

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.

I think it would take a lot for them to drop you.  Good luck!!!

Christie,

BR policies are like that especially if it's a big project.  They don't want to insure something where work isn't being done. I've never seen someone actually get dropped though.  If you think the project has stalled for a while you may look into a "vacant" policy depending on what's there now.

There are several carriers that will write it as a single family home with a "home-sharing" endorsement.  I know Travelers and Foremost will for sure and most carriers have it in the pipeline for the near future.  Do you have a local argent you trust?

Geoffrey, Ask your friends, co-workers, fellow investors.  Those are the best referrals I get.  Find someone you like and can talk to and that understands what you're trying to do.  If I can help you let me know!