All Forum Posts by: Owen Rosen

Quote from @Joe Auletta:

Looking to get my first duplex in Cleveland and was looking for recommendation's for insurance companies and policies. Thanks!

 sent a DM if you have questions

This is not rated correctly. Condo would be the selection for an owner of one unit of a condo.

Sorry to hear it.  

Flood insurance is only required (by lenders) in a flood zone but you can typically purchase very affordable flood insurance when you're not in a flood zone.  We're recommending it more and more to our clients but only a fraction decide to purchase.

Quote from @Edward Segaar:

Is it a requirement to have animal liability coverage if allowing dogs and cats in the rental or is that already covered in the home insurance policy?  Is it breed specific?  If their renters insurance covers their pets does the landlord need to have it added as well? Only 1 insurance company I’ve contacted has mentioned this coverage and I am not familiar with it.

1. Likely covered on your dwelling insurance policy but can't be certain without seeing the policy
2. There are likely restrictions based on breed
3. You absolutely cannot rely on the tenants renters insurance.  You can't rely on their renters insurance to cover anything considering it's not your insurance and not in your control
4. Have you asked your agent about any of this?

Quote from @Veronica Joyner:

Hi BP Investors,

Because of the floods, tornados, droughts, and wild fires, is anyone else having trouble obtaining a decent policy for there multi units?

It's a tough market but we're having plenty of success in Chicago

Quote from @Jamie Hailey:

Hi all, I currently own a single family home that is currently vacant and is in the renovation process. Who have y'all had success in insuring your vacant properties. I've already been denied by my insurance company due to the age of the roof. Is there a company you have used that you have liked their prices and customer service?? Any suggestions would be greatly appreciated. Thank you. 

 A good independent agent/broker should have multiple options to insure a vacant dwelling.  Can't speak to the roof issue without knowing more.

Just make sure to be up front about the scope of the renovation because that will dictate the type of policy needed and what companies will accept the risk.  This is not something you can/should be trying to figure out on your own.

Quote from @Greg M.:

Quote from @Owen Rosen:

Quote from @Greg M.:

Kind of. Just go online to the major carrier sites and quote a LANDLORD policy. Choose the coverages that are important to you and your risk level.

Obviously the dwelling gets covered, but do you want ordnance/law coverage (brings things like electrical systems up to date if need be replaced due to claim), loss of use (covers your lost rent after a claim), replacement cost vs actual cash value, workers comp, and personal liability. And of course the deductible you're willing to have.

 I strongly disagree with this strategy.  It's not really even a strategy since most companies that offer direct online sales don't really offer landlord policies as I pointed out.  Also, you listed workers comp in the list of coverages?  Huh?

I don't know what percentage of companies offer it online, but I had no issue with getting quotes online.

As for W/C coverage, yes, it is offered as part of HO3 & HO6 policies. It covers hired labor like a housekeeper or gardener who may not have coverage. 

 HO-3 is a type of homeowners policy - owner occupied.

Some property policies might offer LIMITED coverage for domestic workers but that is in no way workers compensation.

What large insurance companies are currently offering landlord insurance quotes fully online?

Quote from @Greg M.:

Kind of. Just go online to the major carrier sites and quote a LANDLORD policy. Choose the coverages that are important to you and your risk level.

Obviously the dwelling gets covered, but do you want ordnance/law coverage (brings things like electrical systems up to date if need be replaced due to claim), loss of use (covers your lost rent after a claim), replacement cost vs actual cash value, workers comp, and personal liability. And of course the deductible you're willing to have.

 I strongly disagree with this strategy.  It's not really even a strategy since most companies that offer direct online sales don't really offer landlord policies as I pointed out.  Also, you listed workers comp in the list of coverages?  Huh?

If you try to DIY you're likely to be upset if you ever need the insurance.  Same with working with a call center with poorly trained, underpaid, overworked, agents.

Quote from @Sean Petrash:

This is my first property with tenants. It's a duplex in a Class C-D neighborhood. Property value $150k give or take. Gotta start somewhere! Each side should rent for $1k/mo. 
Do I just get a general liability/homeowners insurance policy from one of the big companies like geico or progressive? 

Thanks!

 GEICO does not have their own landlord insurance product. Progressive recently stopped offering landlord policies through ASI which was the property insurance company they purchased and offer products through.  They do have a small business product that can work for 1-4 unit dwellings in some states.

Overall, the strategy of going to one of the "big companies" and working with a call center is not one I'd recommend.  Do you really want to deal with an 800-number call center to insure a valuable asset?  Frankly, do you want to work with a call center for anything?  They're miserable.

Sent a DM

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