All Forum Posts by: Maceo D.

Welcome to BP. I do not have much dealings with wholesailing but I would say that $750 is outrageous unless you consider him showing you the contract and walking you through every word valuable to you. Personally I would not pay that amount as there are plenty of contracts you can find for free on the internet and massage them to fit your needs. IMHO.

@Rocky V. - Market Value is about $110-115K. Thanks

@Rocky V. - Just the top part not including the add-on coverages with a 2% deductible my price is $1,200 roughly. The property was built in 2000. This quote includes $1M in personal liability as part of the Rental Property Insurance, should I still add more Umbrella Insurance? Any recommendations on that having/knowing right contractor? ;)

Hello, I am trying to get quotes for insurance on my first rental property and want to get opinions on what I should get. This information comes from USAA if that matters. I am doing mid-range deductibles (I see a lot of folks here opting for high deductibles but with me just starting out I chose to go in the middle).

My property is in Arlington, Texas.

I already chose:

• Dwelling (A dwelling is the main residential home on the premises. The limit of coverage reflects the estimated cost to rebuild your home if it is destroyed by a covered event.)
• Home Protector (This endorsement will provide additional coverage if the amount of a covered loss exceeds your Dwelling coverage limit because of increased building costs, building code changes, inflationary effects from material shortages or additional debris removal expenses.)
• Personal Belongings
• Other Structures
• Loss of Rental Income
• Personal Liability
• Medical Payments to Others

Should I add-on these coverages:

• Water Backup or Sump Pump Overflow (This provides coverage for non-flood-related water back-ups through sewer lines and drains, and overflow from sump pumps (machines used to remove water from the foundation or basement of a home).)
• Slab or Foundation (This provides up to $15,000 for damage to the slab or foundation of your home if the damage is caused by accidental discharge or leakage of water or steam (including constant or repeated seepage) from within a plumbing system or household appliance.
  This does not provide coverage for the plumbing system or household appliance itself. There is also no coverage for settling, cracking, shrinking, bulging or expansion of pavements, patios, walls, floors, roofs or ceilings.)
• Water Damage (This provides coverage for damage caused by the constant or repeated leakage of water from a household appliance or heating, air conditioning or plumbing system. It covers the cost of tearing into and replacing any part of your home necessary to provide access to repair the appliance or system but does not cover the actual appliance or system. Sudden and accidental water damage, other than flood, is covered under your basic policy.)
• Mold (This provides coverage to test for, treat and remove mold from your dwelling. The mold must be the direct result of a covered loss under your policy.)

Thanks in advance.

wow wes that insurance seems high on your own house. I too use USAA and have a 3300 sq ft house but pay about $1200 / yr. You must have a lot of addons to your policy. For the rental you can expect less since the policy addons should be less.

Welcome to BP @Dana Chun

Congrats @Joe Butcher !

Your lease should say that you are able to enter the home at any reasonable time for maintenance and in this case I am assuming you will only need to have the sprinkler guy in the garage to test the system.

You should make arrangements with the sprinkler guy yourself and notify the tenant of the time they are coming. If they refuse to let them in the garage they would be in breach of the lease. I'm fairly new so I could be off base but that is how I see it at least from my view in Texas.

Welcome to BP!

I am fairly new myself. I have one deal happening in Arlington but after that I will probably be focusing more around here. As Jaren mentioned, those links are a good starting point. From there, just try and read as much as you can, talk with as many people as you can, join a local REI group, and then execute.

Feel free to reach out to me anytime and I can try and assist however I can or help you find a place to get the information.