All Forum Posts by: Marina Loos

Renters insurance is very affordable considering the amount of money it could save them. My tenants paid $125 for a $300k liability policy and it saved their asses when they caused a fire that burned down my house and I initiated litigation against them which really means it goes after the renters insurance. Renters policy is a benefit to the landlord as well as the tenant. If they don't want to shell out $100 a year to protect themselves then good luck getting any money out of them if something were to happen to your property. 

Personally, I'd rather have dogs than young kids. I'm a big believer in renting to animals, not just for the added rent but also because moving is one of the reasons why so many animals are discarded or put in the pound (my time working in rescue had really effected how I view many things). All my tenants have renters insurance and everything regarding animals is laid out in the lease as well. Most of my properties are are very nice, in nice areas so generally the tenants are stable and honestly I only had issues with one of my younger tenant's pets causing damage (chewing on the trim, etc) but I actually blame the tenants for being lax and irresponsible. All the damage the pets done wound up being moot anyway because the tenant themselves wound up burning the house down.... so I would say in my experience, the pets overall gave me the least amount of headaches.

Thank you. I will call them tomorrow, Monday. I appreciate your advice. I will look over my paperwork tonight.

Last year I took out a loan from a bank using one of my properties that had no mortgage on it. It's a fixed loan with fixed payments. It was to pay emergency bills. I only have a few years to pay it off as everything is going smoothly right now.

I just received a letter from the bank stating they are updated their files and are requesting from me, an updated completed tax return and / or income statement.

I do have several more years on the loan but  plan on paying it off as early as I can.

I've taken out loans in the past and have never had to update tax returns to any of them so I'm curious as to why they would need it unless they plan on lowering my interest rate. I have had no missed payments, no late payments, and always pay more than the minimum. I am actually up on my payments.

Of course I will call them and ask this coming work week but I would like a more "authentic" outside view point from anyone who's experienced this and why. 

Thanks. I'd appreciate any opinions, advise. 

UPDATE:

Hi everyone. Thank you for your opinions, advice, and insight. @Greg Scott & @Bill B. I learned about Public Adjusters a little late in the game. Before I got fully paid out I called 2 of them and neither of them returned my calls. 

While I was making attempts to have my insurance reinstated, I was also trying to figure out which new insurance company route to take. I found a good deal with Foremost and honestly it seemed a tad bit better. I provided them with all the proper information they needed and the underwriters gave me 48 hours to get back with me. In the meantime, my current insurance had already received the information they requested from me (fire report, photos of the house in it's current state, and verification that I will not re-rent to the same tenants) and they literally just called me now and said that my insurance was being reinstated and sent me a verification email. 

I know that going through this is a pretty crappy experience for anyone but I tried to keep a positive attitude. I initially had a horrible adjuster but once I got a new one everything seemed to move very quickly. Again, at that time I wish I got on here sooner and found out about Public Adjusters. I've been learning up about them lately. 

Thank you everyone.

Before I go running to my attorney and shelling out more money, I'd like to see if I can get any good feedback or experiences from you guys.

Earlier in the year my tenants burned down my rental property. It was a complete loss and due to their negligence (confirmed by the fire report). Long story short, my insurance company paid out the full claim and are currently in subrogation with the tenants insurance companies. I do have an attorney working with me because the damage exceeded the amount I received from the insurance.

Several months later (about 4 months ago) I renewed my home owners insurance from the same company. While the start was slow, the house is coming along and is expected to be completed in late December (finally)! 

About a month ago I get a notice from my insurance company that they are cancelling the policy due to "substantial change in the exposure of the insured risk: Total fire loss." 

I am so confused about this because (1) They were well aware of the fire several months BEFORE they sent me a renewal, (2) They had already paid me out and (3) They are cancelling a policy through no fault of my own AFTER they requested and accepted my money. I am nearing 5 months into a 1 year policy and it seems backwards to insure me when I had an inhabitable house vs a house that is now almost completed.

Right now I'm running around trying to figure out if I should get the insurance company to come back out to look at the property and extend my policy or get a new policy all together.

Any advice is greatly appreciated especially anyone in the insurance field that can help me better understand this.

Thanks

File charges! 

A good property management company is worth it's weight in gold. When I first started, I had no doubt knew that I would be one of those people who could be overly sympathetic at times even though I have successfully struggled through hard times in the past (so if I can do it you can too). If people had kids, medical bills, etc. I knew they would be able to pull at my heartstrings and many times I don't have a good poker face. At the same time, their bad life decisions shouldn't direct my business or life at all. If I can't control anyone's lifestyle then their negative decisions are their consequences. 

My property manager does an excellent job and allows me to separate myself from any personal relationships with a tenant which is something I personally think is mandatory for all landlords.

Don't beat yourself up for having a good heart and since you know this about yourself, put things in place to manage your business affairs. Hire a good PM and that will not only handle this issue but will free up so much of your time to concentrate on furthering your business. Good luck to you.

@John Mocker - Thank you for the information John. I received a full payout from my insurer pretty quickly after I got a new adjuster. Once they paid me out (including the remaining rental payments) they closed the claim and sent it to subrogation. I have discussed with both my insurer as well as the tenants insurer that I am seeking the additional $20k and a claim has been open for that. I don't know how long the process takes but it's been almost a week since my initial claim was closed and the info went to the other insurance company. From what I read, it can take up to a month. 

@Joe Splitrock - Agreed. I already spoke with an attorney a few months ago before things started to progress but I may have to give him another call in regards to the tenants insurance. I have contacted a public adjuster to get a consultation and am still waiting to hear from them. I am trying to figure out which is the best move for me.