All Forum Posts by: Owen Rosen

I have not seen nor heard of an insurance company paying 100% to make an insured whole. 
I'd love to hear the story and circumstances if someone has one.
As stated, the amount paid is determined by the adjustor. He works for the insurance company.  His job is to make the insurance company profitable, not to make you whole. 

Hello everyone! I am back for some more valuable insight. I'm currently under contract on two properties, one in Michigan and one in Missouri. I am looking for a company that offers reasonable quotes for insurance. I just received a quote for the Michigan property that was 12k a year. Is that normal? I'd love to see what companies you recommend. 

Thank you! 

What kind of insurance does everyone carry on their rentals?  We have a handful of rentals in our portfolio and I'm analyzing the coverage we already have.  We carry replacement cost on property and replacement cost on roof. Personal property coverage, liability...what else does everyone add to their policies?

I am looking for any leads with Insurance companies that offer insurance on a 5+ multi-family dwelling in Houston TX. The building was originally built in 1950. We have replaced the roof in January of this year. We purchased this property in Dec 2024 and has a rent roll of $4700 / month. 

Here is the problem in a nutshell. Once upon a time you paid insurance for outstanding liability like what you owed on your mortgage. So lets say insurance coverage of $300k because thats what your mortgage was on a multi family. Then, insurance companies got smart and started charging for replacement cost and eventually that became the norm. So nowadays replacement costs increase every year and after covid it basically went nuts because of materials and labor. An example: I own a 3 family with a mortgage of $260k, Value $500k, Replacement cost according to insurance company is 1 million. So I now pay insurance on a 1 million dollar multi family. It is absolutely ridiculous and a giant scam. It does not matter who you go to, all the insurance companies are doing it. There is no way my multi family would cost 1 million to build out, land doesn't burn and I'm a GC.

Hi all, 

Just entered a contract for my first rental unit. A SFH priced at 252K, 4 beds, 2 bathrooms and 1 garage. About 1500 sqf and it's a new build. How much insurance should I buy for this? Any general parameters? Thanks!