All Forum Posts by: Owen Rosen
Owen Rosen has started 0 posts and replied 551 times.
Post: Home insurance for a 14-unit multi-family?
- Professional
- Clinton Township, MI
- Posts 564
- Votes 224
@Jared Townsend is on the money with these possibilities and questions. This is a very common issue.
One other thing I'd add is purchases made with a lender involved may require coverages that the prior policy did not contemplate which can drive the cost up significantly.
Post: I’m losing my mind
- Professional
- Clinton Township, MI
- Posts 564
- Votes 224
Quote from @Kim Durst:
I can’t get insurance for the life of me! What’s happening?!
We own 7 properties. Just onboarded a house that’s a flip. Roof was in shambles, we had it replaced. Paid cash for the house.
We have been in underwriting with State Farm, who we have all of our other properties through for 10 days with no answer answers
Insurance companies are either quoting or outrageous amount of money or say they won’t take it on
Can anybody give us some direction? I hate to go in and put all the money on to flip the house and then have it catch on fire or something crazy with no coverage
Where are your properties located?
I'd recommend using a broker/independent agent rather than a captive agency like State Farm.
Post: Gov't Shutdown...Flood Insurance?
- Professional
- Clinton Township, MI
- Posts 564
- Votes 224
There are tons of private flood insurance companies. A good insurance broker will be able to help. Depending on the flood zone (if it's in one) the cost could be higher or lower.
Post: Rental Property/Landlord Insurance
- Professional
- Clinton Township, MI
- Posts 564
- Votes 224
Quote from @Steve Wilson:
New to BP, anticipate buying my first rental property in teh next 3-4 months and hoping to solicit recommendations for home insurance in the Detroit/SE Michigan area. Have heard that some of the "big name" insurance companies (i.e. Farmers, State Farm, etc.) increase their rates quite a bit annually and wanted to hear what others' experiences have been. Thanks!
Detroit is very tricky for property insurance. Many carriers/programs choose not to offer coverage or do so at elevated pricing.
That said, we have quite a few great programs for Detroit properties.
As always, I suggest working with a broker that has multiple options rather that searching out one particular company.
Post: Proper Insurance leaving the Smokies
- Professional
- Clinton Township, MI
- Posts 564
- Votes 224
All the more reason to work with a broker. Make a relationship with an agent/agency rather than a carrier or call center where this can happen with no recourse.
Post: appartment building insurance
- Professional
- Clinton Township, MI
- Posts 564
- Votes 224
Quote from @Paul Underwood:
I am a new investor here in Virginia. We have created a new LLC to invest in multiple family homes for growth and income in Virginia and surrounding areas. I am in negotiations to purchase a 8 unit apartment building and I am having a hard time finding affordable insurance to make this deal profitable. CAN ANYONE POINT ME IN THE RIGHT DIRECTION PLEASE? The building was built in 1949 solid brick apartment, just needs TLC due to deferred maintenance. Does anyone know a good insurance agent that can help? Thanks Paul Underwood
What would you consider affordable?
What kind of deferred maintenance?
Post: Insurance for Short Term Rental that allows aluminum wiring w/ replacement cost value
- Professional
- Clinton Township, MI
- Posts 564
- Votes 224
When was the electrical updated? Is it on circuit breakers or fuses? How many amps?
Post: Looking for Home insurance quotes advice
- Professional
- Clinton Township, MI
- Posts 564
- Votes 224
Quote from @Sela Kwizera:
Hello, it's my first time buying a property and I'm stuck on how much coverage I need for insurance. I'm in the middle of purchasing a 225k property. it's a 2 unit property. I have two different quotes. I'm not sure what to go with.
which one seems like a reasonable insurance quote?
Quite 1 progressive insurance
Premium 3200
Section I - Property
Coverage A - Dwelling 495,000
Coverage B - Other Structures 49,500
Coverage C - Personal Property 247,500
Coverage D - Loss Of Use 148,500
Quote 2: Farmer's Insurance
Premium 1,652
Section I - Property
Coverage A - Dwelling 359,000
Coverage B - Other Structures 17,950
Coverage C - Personal Property 197,450
Coverage D - Loss Of Use 71,000
Can't answer this question with the information provided. Would have to know the exact property to give an educated response along with the details of the offers.
Would also need more detail on the offered terms.
Post: Landlord Insurance for multi familu
- Professional
- Clinton Township, MI
- Posts 564
- Votes 224
Quote from @David R DeLalio:
We have a 3 unit single family in the Washington DC area. State Farm. For the basics of apartment insurance and umbrella total is about 5200, despite a high deductible. There may be some minor items we can extract out of it. Seems high (like 2 months of rent). Moreover it is an increase of 9% from last year (ugh) Any experiences or suggestions for other carriers to contact?
Post: What type of insurance do I need for mid-term rentals
- Professional
- Clinton Township, MI
- Posts 564
- Votes 224
Quote from @Vivian Yip:
Where I am in Texas, my broker advised me that as long as the lease is a 30 day minimum, it is considered long term tenant insurance. I think in California, it's a STR insurance program, so it's a bit of a state specific question!
You really can't go state by state on something like this. Insurance programs can have different rules company to company.