All Forum Posts by: Michael Ryan

Hey Michael,

I'm an insurance broker in Totowa.

ALL insurance premiums are rising everywhere and there's nothing ANYONE can do to stop it. The only thing you can do is shop around for a better rate and hope you can get one from another carrier.

Generally all carriers are now requesting the building to be insured to the full replacement cost which is determined by the carrier. Market cost vs replacement cost are two completely different things and it can sometimes be confusing.

Generally you want to stick with what you're good at which is investing and your full time job and find a broker who is good at insurance and understands the investment side of real estate as well.

Expanding on my comment further condo insurance is different than a single or multi family home as you are typically insuring the "walls in" of the condo as the association is responsible for the exterior of the building. I generally do $125 per sq ft on a condo for dwelling coverage if it helps at all.

Good morning, I do know they all have a master policy from the association so I'm sure it'll be walls in. Thanks for the advice

0 Votes

Newark, New Jersey

Quote from @Owen Rosen:

Quote from @Michael Ryan:

Good Morning Everyone, Sorry if posted in the wrong place I couldn't find insurance forums.

I have a few rentals and my insurance is all coming due soon and everything went up without a claim ever on anything.

I was wondering if there is an easy way to figure how much insurance and which insurance I need ?

Say my rental condo is worth 200k would 100k insurance be enough or would I need more? I put the address info into clovered and it's coming up about 100k more than the value so was just wondering what all you pros do with insurance.

Thanks

The property is a condo? Is there a master policy with the association that covers the structure? Meaning you would be responsible for the studs in only or is the property insured like a typical single family home?

The market value of a property usually doesn't dictate the insurance amount unless you've chosen to insure the property for what is known as actual cash value. Most insurance is based on replacement cost which is the estimated cost to rebuild the property in the event of a claim.

The easiest way to get your questions answered is to talk to a knowledgeable agent!

Hi Thanks for the reply. Yes 2 are condos and one 3 story townhouse

0 Votes

Newark, New Jersey

Quote from @Michael Ryan:

Good Morning Everyone, Sorry if posted in the wrong place I couldn't find insurance forums.

I have a few rentals and my insurance is all coming due soon and everything went up without a claim ever on anything.

I was wondering if there is an easy way to figure how much insurance and which insurance I need ?

Thanks

Sorry Couldn't seem to edit. 200k property with 200k in insurance not 100k my fat fingers messed up :) The quote is a little above 300k

0 Votes

Newark, New Jersey

Good Morning Everyone, Sorry if posted in the wrong place I couldn't find insurance forums.

I have a few rentals and my insurance is all coming due soon and everything went up without a claim ever on anything.

I was wondering if there is an easy way to figure how much insurance and which insurance I need ?

Thanks

1 Vote

Newark, New Jersey

Quote from @Richard F.:

Aloha,

Potentially MORE important, is that your HO6 covers the gaps left by the HOA Master Policy. Specifically, what are the HOA deductibles? Many that used to be $5 - $10K, are now $25 - $50K. Unless it is a fairly new HOA, you should also be sure to have "ordnance of law" coverage, which pays for upgrades to any reconstruction required by newer building codes.

Thanks guys for the response I appreciate it.

I'll ask about that . How about price to insure to ? Zillows price ? Assessed value? Or per square foot ?

0 Votes

Hello everyone

I've been visiting my insurance policies and was wonder if anyone has a system for walls in insurance? Is it based on square foot to rebuild and I should insure them based on zillow value. Both condos are covered through the master policies from hoa for fires. I was thinking a safe number is $150 per square foot to rebuild inside ?

0 Votes

Thanks for the responses !

I had planned on paying the cards off before we did anything. My credit should be awesome but just too much credit being used. Never a late payment .

Was wondering mostly about the newly paid off home with equity burning a hole in my pocket already :)

Better to refi for as much as I can and use the whole thing to buy and rehab a property

Put as little as I can down and use OPM and keep the refi cash in the bank to maybe get another property.

Trying to do this the smartest way :)

0 Votes

Philadelphia, Pennsylvania

Hey Guys

Need some opinions :)

Just paid off primary home worth about 200k

A rental we have we owe 9k value 100K. This one we make $300 a month right now until it's paid off. After it's paid profit will be $580 a month

Another rental we owe 60k and worth 130k. This one we are even monthly.

Credit score about 630

10k credit cards ( I'm paying them off )

Income on paper is bad

If I can do I do a heloc to buy another unit or refinance what I just paid off and have cash to buy ?

We want to get more units

Thanks

1 Vote

Philadelphia, Pennsylvania

All Forum Posts by: Michael Ryan

Michael Ryan has started 3 posts and replied 8 times.

Post: Landlord Insurance info

Post: Landlord Insurance info

Post: Landlord Insurance info

Post: Landlord Insurance info

Post: Landlord insurance help

Post: Landlord insurance help

Post: Financing decision Heloc

Post: Financing decision Heloc