All Forum Posts by: Mike H.

Yes they have it. I self manage 3 properties. It's not really an issue. 

Hi @tim Burke 

I was about to post a question in the forum on this question of llc vs umbrella policy. 

I have 3 rental properties in my and wife's name. We have assets to protect. We have a 1m umbrella policy for a great price. 

My question is I don't think there is a benefit to putting our properties in an llc to protect our assets if we have an umbrella policy. Am I correct? To me the downside of the llc is simply money and paperwork. Two put our two properties in FL in an llc costs 150 per year and paperwork every year. 

Good luck everyone!

Uber or pizza delivery or become a jw 

To me it depends a little on how much the payment is. 400 over 2000? Or losing 400 over 4000? Also, obv you don't have to say, but what is your financial situation? If you're high in cash reserve I like the gamble. Or would you be paying the 400 out of your w2? 

Good luck 

@victor n. Yes I agree. That was my question to the tenant. Why was the computer the only appliance affected. And how do I know if the surge even happened. I've been reading a bit and from what I've read computer getting fried in a surge is a pretty unlikely event. 

True thanks for the advice guys 

Thanks for your post Bryan. But the reason I asked at all was because of three prong outlet issue. I think it's against the nec code to have ungrounded 3 prong outlets and I'm wondering if that applies. But I pretty much agree with you 

Hello BP community, 

Need some advice. 

Facts : outlets in house are mostly ungrounded two prong. One outlet has three prongs but also ungrounded. Location Florida. Tenants have renters insurance. 

Tenant says he plugged surge protector in the 3 prong outlet thinking it was grounded. Says there was a power surge that fried his computer and wants me to give him full replacement cost. It's a significant amount. In my 15 years of managing these couple rental properties I own I've never run into this situation. 

I tend to think that I'm not responsible. I think renters insurance should cover. But also wondering about the 3 prong outlet that's not grounded. I also want to do the right thing. 

Thanks! 

Another reason to deny them the claim is any mold or other issues the water caused. They might hold you to that too. I'd simply reply that the duct work isn't covered because you didn't touch it. Let them threaten legal action. 

Do you own your own home or condo? If you don't, I always recommend that is a good first step. Plenty of people do that as a first step and they don't know much of anything about rei. Good luck