All Forum Posts by: Owen Rosen

personal auto insurance business use classification

@brie 

@Brie Schmidt

I am also looking for an insurance company for a 3 flat in the SW side are you able to DM me any recommendations, please.

How can this be legal? Has anyone else encountered a similar situation? What happened to property insurance in California?

I bought a new landlord insurance policy, and the insurance company asked me to sign a disclosure statement saying they can collect my premiums, file for bankruptcy, and then be exempt from providing insurance coverage. This kind of thing only happens in America where lobbyists control Congress.

I've been a property owner for about 13 years now. I just bought a new cargo van and I previously had a pickup truck I replaced. My pickup was under my insurance for personal use but when I added the cargo van, I put it down for business use. After talking this over with some insurance brokers, I'm not sure it needs to be classified as business use. To clarify, my properties are not currently in LLCs or any other structures, just solely in my name. I do not have a business license and my rental income is considered passive. Since I own these properties (and the home I live in), I was explained by the broker that when I visit my properties, even to do repairs or haul appliances, I'm essentially just transporting tools/appliances from one of my properties to another one of my properties (not a business). It's like I'm working on my own personal house, or hauling appliances from home depot to my house and neither of those examples would be business use. Essentially, because my van is not registered to business license or LLC, and the income is not active business income, then the vehicle could be classified as personal use. The logic makes sense to me but what does everybody think of this and what do you have your insurance use as? Additionally, I have a car that I sometime use to show the properties & sign the leases. I don't really consider this business use either but should I?

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Thank you @Jason Bott:

I don't think @Tony Wilcox: has a CLUE about that, but that is what my agent was referencing. Since it was a presentation to a couple of hundred investors, I wouldn't be able to say which kind of insurance each investor has, I just know when I talked to him afterwards, he confirmed what I heard him say.

But, it puzzles me why an insurance agent wouldn't want to watch a short clip and learn from other agents. Maybe some agents are just on BP to try to pick up some business, not to grow and become a better agent? Some client is going to lose a lot of money because some agents just don't know and aren't interested in finding out. That's not the kind of agent I can refer people to.

(THIS IS A RHETORICAL QUESTION/COMMENT! :-)

Hey Mike,

Not gonna lie—I saw your question and didn’t have an answer off the top of my head. Just for fun, I threw it into ChatGPT, and it actually pulled up several companies you might want to check out.

Mid-term rental insurance (sometimes called landlord insurance or short-term rental insurance) is designed for investors renting out properties for a month to a year. It helps cover things like property damage, liability, and loss of rental income.

Here are a few insurance providers in Omaha that might be able to help:

🔹 Ally Insurance Brokers of Omaha – ALLY-INSURANCE.NET

🔹 Jaffery Insurance & Financial Services – JAFFERYINSURANCE.COM

🔹 Linda Miller - State Farm Agent – LINDAMILLER.BIZ

🔹 Insurance Solutions of Omaha – INSURANCESOLUTIONSOMAHA.COM

🔹 Ed Thompson Insurance Agency – EDTHOMPSONINSURANCE.COM

🔹 Tanya Patzner - State Farm Agent – INSUREWITHTANYA.COM

🔹 Montclair Insurance Group – MONTCLAIRINSURANCEGROUP.COM

🔹 AA Brokers Insurance Agency Inc – [No website listed, but worth a Google search]

Let me know if you end up connecting with any of them or find another solid option! Always good to have resources for this kind of stuff... Stay in touch..

I am seeking to insure a property that I rent to mid term tenants, and I have, on occasion filled it with short term guests. I reached out to a local insurance broker, who came back with a quote that seemed very high to me ($3,800 yr), from a company called Foremost. He claimed that the reason it was so high is because the insurance industry doesn't have "mid-term" insurance, so they use short term insurance policies. Has anyone else found this to be true? Also, I have not been able to find a single good review for Foremost Insurance Group. Does anyone out there have any experience with them?