All Forum Posts by: Lindsey Leavitt

Thanks again for all the responses! I'm reading them all and considering each one, even if I don't respond directly. @Scott Hohensee, thank you for your input as well! This is what I was looking for. To see if anyone has dealt with this situation directly. Sorry for the damage to your property, and for the headache the company gave you trying to get what you assumed was due to you, no questions about it. Helps to hear every side of the argument. Appreciate you taking the time! 

@ Billy Smith. When these policies are written up (at least around my parts), agents seem put this in automatically for rental houses. I don't think anyone is doing anything malicious, but, I'm siding with you, I don't think that it is always necessary either. 

Thank you J Beard, Jacob Sampson, Eric Harris and Tim Shin for your input! This is exactly what I needed. Wanted to hear both sides of the option, good and bad. Thank you for taking the time. I have some decisions to make now! 

Thank you for your response, Fred. You said pretty much exactly my thoughts on this matter. But it's always nice to hear it come out of someone else say the same thing as well. Appreciate you taking the time! 

Hi there, 

I am switching over my 4 rental properties to a new insurance and nitpicking my way through the coverage. Some things will go, others will be added. My question is about the option of the Fair Rental Value Coverage. This coverage will give me up to 12 months of fair market rent value, should my houses be uninhabitable for some covered reason. Because I have paid cash for these properties, I have no mortgage to cover. I also have other channels of cash flow than the rentals, and they are not my main source of income. I'm also thinking that if I need a full 12 months of rental coverage because of something happening to one of my houses, I have bigger fish to fry than that, ha. So, I am considering dropping this option from my policies and wondering if any one else out there has been in this situation and considered the same thing. (I had this with my other policy, but am considering dropping now.) It costs me between $150-200/house, so up to $800 a year total. Would anyone consider this worth it? Does anyone have experience with this type of situation? 

(Background, if needed. 4 Houses valued between $100k and $150k. Rental income averages $1350/house. Located in suburbs of Houston, TX). 

Thank you to anyone who takes the time to chime in!! I'm new here, still getting my self acquainted with the site and appreciate the help!