All Forum Posts by: Owen Rosen

Hello All,

This is probably a long shot, but it's worth an ask. The craziness of keeping up with multiple personal and business insurance policies is beginning to wear on me and I was wondering if anyone knew of an agent/company that would offer some sort of "umbrella" policy that would cover a group of assets in both TX & OK similar to these; Primary (valued at over 2M) and secondary home (valued at around $500K), personal higher end cars over $100K/exotic & classic, boats, 2 LTR homes all in Texas and 2 LTR homes in Oklahoma?

Any advice helps!

Thank you!,

Bethany H

Hi Kevin,

Thanks for responding. 

We are not with an independent agent. We have been working with the same agent at a larger regional insurance company firm for 15+ years and we have a good relationship. Our concern is that we are limited to their company policies and do not get the benefit of seeing what else is out there.

We have had a recent meeting with them to review all of the policies and coverages and feel good about coverage, etc.

I know we may not find significant costs savings out there with current conditions but would like that validation of that if true. We have been loyal clients with no claims yet still have noticeable cost creep unfortunately.
 

Insurance with normal providers (State Farm, Farmers, Travelers) goes up 30% for third year in a row. Anyone have a good, more affordable option? I'm looking into Steadily after seeing their add on a Bigger Pockets newsletter. Thanks!

I'm in search of insurance brokers that can help me get some quotes for refi requirement from a lender asking for a DP3 policy for a duplex in Cleveland.  Please PM if you know some good brokers.  Thanks!

Wow! That's not a situation I have ever experienced. By chance, do you have any ties to the military and can get USAA? That's who I use. Otherwise, you could try the other big ones: Progressive, All State, Farm Bureau, etc.

Hi all,

New landlord here (<1 year) on a small apartment unit in a 32-unit complex. I own a unit on the second floor.

5 days ago, my tenant apparently left the kitchen sink on and caused flooding. Unfortunately, this led to a fairly substantial amount of water leaking to the unit below and causing at least some visible wall/ceiling damage.

My tenant caused the flooding (he has admitted in writing that this was the case). Per his lease (and common sense), he should cover the cost of repairs to my unit and the unit below, but I have a lot of questions that hopefully the veterans here could help with...

1) Does my homeowners insurance need to be involved at all? I am not sure yet how much the repairs will be (a plumber is coming by later today and the restoration team will likely come tonight or tomorrow), but this could be fairly extensive. With my tenant being responsible for the damages, is there any reason to involve my insurance? It will likely just raise my premium no? Or is this something that should be dealt with by my tenant's renter's insurance?

2) Without insurance coverage, this will likely be a couple thousand dollars. What is the best way to proceed with getting that payment from the tenant? If I make the initial payments, he will have to reimburse me, but if he can't do a lump sum payment, how to best go about that?

3) In the event that my home insurance should be used, it doesn't strictly mention adjacent unit damage. If the repairs are such that it takes a few days or even longer, the tenant for the unit below will likely need to be accomodated for. My insurance covers for loss of rents for my unit, but obviously wouldn't cover the unit below. If the tenant for the unit below needs to be rehoused for a short period of time, what would be the best course of action for this?

As I write this, I am realizing this is more complicated than I initially thought...but these are some of my most critical questions. I would really appreciate insight!!

Thank you.

@Owen Rosen @Wesley W. You are right. So to clarify- American Modern -Dwelling with liability (1M)- 1,975.00.   vs.  The Robert Family Insurance Agency Inc -California Fair plan (262) +  Aegis policy (733) + Umbrella 322 for 1M. total of 1317.

I'm buying my first duplex as rental property.  Can someone recommend insurance companies for rental properties?