All Forum Posts by: Mak K.

So in my case, the property is under LLC, Lease under LLC. Insurance is under my name with joint interest of LLC.

The insurance agent told me to buy it under my name and put joint interest as LLC. Now Travelers is denying rental loss as per them, I am not under any loss its the LLC under the loss.?

So I have Travelers insurance and my rental loss was denied as insurance was under my name while the lease was under LLC. Well my insurance does mention additional interest as LLC. Travelers is just denying claims right and left. Does the insurance needs to be under LLC name as primary to qualify for rental loss?

For vinyl is clickable or glue option preferred? I had a property where we had sewage backup and carpet had to be removed.

the property is a high risk for another sewage backup. What would be good option if another sewage event occurs? Clickable vinyl or glue?

Do not renew the lease. Make the lease expire on for example jan 15,2020 and sign a new lease starting Jan 17,2020. Technically now this is a new lease and not a renewal. You are out of the BS contract. You can say the tenant decided to leave but came back a day later 

*above is a thought so verify if that is doable.

Warranties are bad deal. Besides the service fee the annual fees needs to be considered in the math. So each call after considering annual fees is around $150 easy which is same as any other tech would charge if you call for a visit. The only benefit I saw with HW is that once I make a call, I do not have to worry about scheduling or calling multiple tech or negotiating price

Recent example, for a drain cleaning, HW charges $70/call. Try calling a plumber and they will show up and give you BS with $250 to $350. If you say no, now you have to call another plumber who shows up 2 days later and you have no clue what he is going to charge. If you have HW, you pay $70 and be done for almost all minor issues.

So I had a talk with the agent and here are the details. Total loss is $15k. After deductible I have total ACV of $8k out of which they paid $5k and $3K is recoverable depreciation when work is done.

1> If I do the work, Insurance said they will reduce the amount to a great extend as I do not have overhead and profit. Hence those money will not be paid to me.

2> If I sell the house, I will not be able to claim the $3k since work was not done. I cannot transfer this to new buyer.

3> Insurance will not pay me full amount until the work is done.

Now my concern is, I am getting paid 8k (after deductible) while total expense is 15k. Hence I have to pay $7k out of my pocket to recover full amount. This puts me in more debt. The way I have been told is if I pay less to a contractor, the insurance pays me less. So there is no room for me to work hard to save any money?

Am I understanding this right or is insurance doing BS.

So, I have a insurance claim for which insurance made a partial claim but the remainder I have been told will be after all repairs made. Due to Freeze, all contractors are backlog. I have two options:

1> Do the repair myself and pay friends for helping hand as needed. I guess its called sweat equity

2>  Sell house As Is

In both scenarios, how do I go about asking for the full payment?  I called the broker and they are saying if repairs are not made, I cannot cash out the claim as its insurance fraud. It is not making sense to me.

Basically my goal is to cash out the money and then either fix it myself or sell the house out.

For one of the property, sewer backup occurred. Insurance did the plumbing test and outcome was sewer line is belly which needs to be fixed. I have a sewer water backup coverage. But insurance is willing to pay for the damage (sheet rock, carpet etc) but not for fixing the sewer line belly. They are stating the pipe is not broken or leaking hence not covered."Coverage would not extend to taking preventative measures to alleviate the circumstances that caused the problem."

To fix the issue, contractor would have to tunnel 11' feet and reroute the pipe to outside and divert the sewer line. From my understanding, egress labor is covered. (Excavation labor). I have travellers insurance. How do I go about it?

Also the price to fix the sewer line is from $6k to 14k to 25k. Any idea what would a 11' tunnel cost?

I have a water damage claim on a property and insurance decided to shell out $5k (Upfront) initially and $3k (recoverable depreciation) once work is done and invoice is submitted.

If I plan to do the work myself, how does it work? I do not have any invoices to submit to claim the $3k. Do I generate invoice for myself and submit it?

So what was the end of the story? I am facing a water damage and your experience/lesson learn would be helpful if you can please share the insights