All Forum Posts by: Owen Rosen
Owen Rosen has started 0 posts and replied 538 times.
Post: Umbrella Insurance Inquiry
- Professional
- Clinton Township, MI
- Posts 551
- Votes 217
Quote from @John Cezar Dimaano:
@Owen Rosen @Wesley W. You are right. So to clarify- American Modern -Dwelling with liability (1M)- 1,975.00. vs. The Robert Family Insurance Agency Inc -California Fair plan (262) + Aegis policy (733) + Umbrella 322 for 1M. total of 1317.
You really need to talk to a licensed agent. Ideally the ones that are actually writing these policies for you. Ask them questions. Ask them to compare and contrast the options.
1. You need to find out if the American Modern policy and Aegis policy are covering the same perils. My guess is one might be special form and the other basic. Are they both full replacement cost?
2. $1 million of premises liability on the dwelling policy is not the same thing as an umbrella.
3. I suspect you know you're comparing things that are not necessarily comparable otherwise you'd probably be rushing to take the less expensive option.
Post: Umbrella Insurance Inquiry
- Professional
- Clinton Township, MI
- Posts 551
- Votes 217
Are you sure this is for umbrella insurance or dwelling insurance with liability coverage for the property?
Post: Insurance for a duplex
- Professional
- Clinton Township, MI
- Posts 551
- Votes 217
Quote from @Terence Purnell:
I'm buying my first duplex as rental property. Can someone recommend insurance companies for rental properties?
Sent a DM
Post: Trying to do the right thing regarding an insurance claim
- Professional
- Clinton Township, MI
- Posts 551
- Votes 217
Ken, are you familiar with the Dunning-Kruger effect? Read up on it. How about the fallacy of anecdotal evidence? Check that out too.
Your verbatim comment:
"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."
So, yeah, my question about the $7,000 or $12,000 and paying for the repairs holds.
Since you're likely to reply with more incoherent nonsense, I won't be replying any more unless anyone has honest questions like the original poster and many of the other great people on this forum. I apologize for wasting everyone's time engaging.
Also, @Ken M. I hope you have good insurance because I don't appreciate being called dishonest WHEN YOU DON'T KNOW WHO I AM OR HAVE ANY BUSINESS WITH ME because you're going to get your self sued.
Post: Trying to do the right thing regarding an insurance claim
- Professional
- Clinton Township, MI
- Posts 551
- Votes 217
Quote from @Ken M.:
Quote from @Owen Rosen:
Quote from @Ken M.:
Quote from @Clayton Silva:
Quote from @Mark Towey:
Hey, thanks for sharing this — I’m still pretty new to how insurance claims work, so I had a quick question:
If the insurance company approves the $12K estimate, do they just cut you a check for that amount no matter what, or do they usually wait to see receipts or proof of work before paying it all out?
I’ve never had to file a claim like this, so I’m trying to wrap my head around what’s normal or allowed. Appreciate any insight — this was helpful to read through!
They send an adjuster who will confirm/deny the cost. They cut you a check for the amount that the adjuster confirms (best case adjuster says 12k is reasonable) then they will cut the check for 12k - deductible (say he is carrying a $2500 deductible he would get a check from insurance for 9500).
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.
Huh? This is ludicrous.
It's a fact.
Who determines the amount of loss??????
Let's take deductibles out of the equation. Using the example from this threat, you're saying the insurance company will NEVER give the insured $7,000 or $12,000 and he'll have to pay for the repair out of pocket or the property won't be repaired? No.
All that being said, @Marc Shin do you know how much (if any) service line coverage you have? This coverage is typically optional and usually capped at $10,000 or $15,000 so you should double check that if you haven't already.
Post: Trying to do the right thing regarding an insurance claim
- Professional
- Clinton Township, MI
- Posts 551
- Votes 217
Quote from @Ken M.:
Quote from @Clayton Silva:
Quote from @Mark Towey:
Hey, thanks for sharing this — I’m still pretty new to how insurance claims work, so I had a quick question:
If the insurance company approves the $12K estimate, do they just cut you a check for that amount no matter what, or do they usually wait to see receipts or proof of work before paying it all out?
I’ve never had to file a claim like this, so I’m trying to wrap my head around what’s normal or allowed. Appreciate any insight — this was helpful to read through!
They send an adjuster who will confirm/deny the cost. They cut you a check for the amount that the adjuster confirms (best case adjuster says 12k is reasonable) then they will cut the check for 12k - deductible (say he is carrying a $2500 deductible he would get a check from insurance for 9500).
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.
Huh? This is ludicrous.
Post: Insurance Companies for small investors
- Professional
- Clinton Township, MI
- Posts 551
- Votes 217
Quote from @Cecilia Fields:
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!
Sent a DM
Post: Rental Property Insurance Question
- Professional
- Clinton Township, MI
- Posts 551
- Votes 217
Quote from @Catie Fihn:
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?
Totally depends on the property and some things vary by state as well.
In addition to some of the things @Mackaylee Beach mentioned some policies add coverage for service lines, backup of sewer/drains, or separate policies for flooding. There are also a lot of potential variable such as limitations for water damage.
Post: Flood Insurance Company Options
- Professional
- Clinton Township, MI
- Posts 551
- Votes 217
sent a DM
Post: Insurance companies for 5+ multifamily dwelling in Houston TX
- Professional
- Clinton Township, MI
- Posts 551
- Votes 217
Quote from @Chaitanya Kasturi:
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.
Sent a DM