All Forum Posts by: Owen Rosen

Quote from @Owen Rosen:

Quote from @Ken M.:

Quote from @Chris Wagner:

Thanks Ryan that’s pretty much what I think. I just wanted to get confirmation from the pros. I appreciate it.

Once you even talk to your insurance agent about filing a claim, it gets entered into their claim adjustor's database for the whole insurance world to see, even if you decide not to file the claim. You rates go up even if you don't make the claim. I would not discuss a claim unless you intend on filing it. 

 This isn't necessarily the case

You can have that discussion with my agent. ;-)

Quote from @Chris Wagner:

Thanks Ryan that’s pretty much what I think. I just wanted to get confirmation from the pros. I appreciate it.

Once you even talk to your insurance agent about filing a claim, it gets entered into their claim adjustor's database for the whole insurance world to see, even if you decide not to file the claim. You rates go up even if you don't make the claim. I would not discuss a claim unless you intend on filing it. 

I know for a fact that a good number of my tenants have been faking/cancelling renter's insurance soon after getting approved for the lease. What are some ways I can verify that tenants are protected throughout the entire lease?

Quote from @Owen Rosen:

Quote from @Mary Jay:

Hi guys,

1) So I have an insurance broker and it seems like the properties I have with him keeps getting inspected by the insurance companies.

Our house that we live in is with a different insurance broker, 10 min away from the other ones, and our house NEVER gets inspected by the insurances.

Roofs are the same age. Buildings are the same age.

Is it possible that the insurance brokers advises the insurance companies to do those inspections?

2) Also, any time there is some change he wants pictures of the roof and the building to be sent to him before he changes anything. For example, before he switches a policy from short term rental to long term rental he wants pictures.

Is it normal?

State Florida

3) Also, his policies keeps changing insurance companies probably once a year.

First it was with Citizens insuarnec, now with Menatee insurance, before Citizens it was SLide insurance...

He said Citizens changed my policy to Menatee.

How come Citizens does not change policy on the house we live in? We have had Citizens for the last few years...

Something is fishy... 

 1. Very likely no (how do you think this would benefit him?)

2. The insurance companies might require this.  Is it a problem?

3. Did Citizens send a letter to this effect?  I'm not an expert on Florida insurance but I know Citizens which is state-backed and grew too large is depopulating policies.  They wouldn't just "change" policies without written notification.

You mention a key point at the end.  You can't compare owner occupied to tenant occupied.  Totally different policies and procedures.

Sounds like you don't trust your agent though.  Why do you use him if that's the case?  Have you asked him these questions?  Have you asked your other agent?

As an aside, insurance companies are inspecting most properties one way or another in the current market.  They may have even inspected your primary home without you knowing.

1) I have no idea. All I know is he keeps asking for pictures on the rental, while another insurance agent is not asking any pictures on other rentals that are near.

2) Why do the same insurance companies do not require for other rentals that are in the same shape/age that are with other insurance brokers?

3) I only live in one house, the other ones are rentals. So I am comparing rentals to rentals

Quote from @Owen Rosen:

Quote from @Andrew Steffens:

I have umbrella through Coterie that was previously Hiscox.

STR insurance primarily through Steadily

 What kind of umbrella do you have with Coterie?  They are an insurtech for small business insurance.

 You are correct they handle by PM company liability I have prudential personal liability.

Hi guys,

1) So I have an insurance broker and it seems like the properties I have with him keeps getting inspected by the insurance companies.

Our house that we live in is with a different insurance broker, 10 min away from the other ones, and our house NEVER gets inspected by the insurances.

Roofs are the same age. Buildings are the same age.

Is it possible that the insurance brokers advises the insurance companies to do those inspections?

2) Also, any time there is some change he wants pictures of the roof and the building to be sent to him before he changes anything. For example, before he switches a policy from short term rental to long term rental he wants pictures.

Is it normal?

State Florida

3) Also, his policies keeps changing insurance companies probably once a year.

First it was with Citizens insuarnec, now with Menatee insurance, before Citizens it was SLide insurance...

He said Citizens changed my policy to Menatee.

How come Citizens does not change policy on the house we live in? We have had Citizens for the last few years...

Something is fishy... 

I have umbrella through Coterie that was previously Hiscox.

STR insurance primarily through Steadily

@Owen Rosen 

I'm in WA as is STR

Getting quotes for the house I'm closing on in April and wondering what to how with for coverage limit and umbrella. It will be an STR with no personal use

Background: high income W2 job, no primary home (ADU on family's land property, happy twith this) so can't get umbrella policy with most insurers as they want auto and homeowners for primary home before offering umbrella

Quotes from foremost and proper. Both 1M limit with foremost being more attractive currently. Wondering if how most insurers their STRs? 1M seems low and I'd like umbrella, but appears I'm unable to get it as far as I'm aware. Would love to learn though! 

I know this is a personal liability/risk question, but I'd like to focus more on usual policies and prior cases if this would be sufficient to most? Although I have a high income my assets are not immense and the insurance is protection against future earnings/STR

I will probably buy a primary home in next 5 years but happy for now where I am. 

The agent I spoke with has about 30 years of insurance experience, so I’d hope she knows what she’s talking about and what she’s offering.

I have another policy with Allstate for my 6-unit property, which they were able to insure for approximately $890K because the replacement cost came in under $1M. I agree that 1-4 unit properties are a different ballgame, but within my portfolio, I have a 4-unit property insured for $715K—the same amount as one of my single-family rentals. Interestingly, the premium for the single-family rental is about half that of the 4-unit property.

I’ve owned rental properties for over 34 years, so I have a solid understanding of how premiums and coverages typically align with property values. Additionally, in the past six months, I’ve reviewed about 45 multifamily properties (ranging from 10 to 80 units) for my real estate private equity firm. Based on this experience, I feel I have a fair sense of what pricing should look like.

Do you have any supplemental carriers you’d recommend?