All Forum Posts by: Owen Rosen
Owen Rosen has started 0 posts and replied 553 times.
Post: My insurance cost went up 20% need a good insurance agent at a reasonable price
- Professional
- Clinton Township, MI
- Posts 566
- Votes 224
I'd recommend an Independent Agency. An agency that works with other investors might have access to Obie, Steadily, and the IA version of NREIG plus other options. We do.
All policies are not the same and most have many options that can drastically change coverage. It's best to have a professional that can explain things to you rather than a call center.
Post: In search of Recommendations for Landlord insurance
- Professional
- Clinton Township, MI
- Posts 566
- Votes 224
Quote from @Rob Carey:
Insurance with normal providers (State Farm, Farmers, Travelers) goes up 30% for third year in a row. Anyone have a good, more affordable option? I'm looking into Steadily after seeing their add on a Bigger Pockets newsletter. Thanks!
Work with an Independent Agency rather than a captive like State Farm. For instance, we represent some of the markets investors approach directly such as Steadily/Obie but we also have access to carriers that only write through Independent Agencies.
Post: Home Insurance brokers needed
- Professional
- Clinton Township, MI
- Posts 566
- Votes 224
Quote from @Abiy Tedla:
I'm in search of insurance brokers that can help me get some quotes for refi requirement from a lender asking for a DP3 policy for a duplex in Cleveland. Please PM if you know some good brokers. Thanks!
Sent a DM.
Post: Rental Insurance Referrals
- Professional
- Clinton Township, MI
- Posts 566
- Votes 224
Quote from @Jordan Ray:
Quote from @Ali MirRasekhian:
Hello,
I just went under contract on a duplex in Memphis and had reached out to my agent with State Farm (who already insures my other rental, our primary residence and auto) who sent me a quote then called me an hour later to say that they are unable to insure this property due to a no-pay claim on our primary residence back in August of 2022.
Needless to say I was pretty upset with my agents incompetence at sending me a quote before doing his due diligence and now need to find another company/broker to work with and potentially move everything from State Farm.
Does anyone have any good insurance broker recommendations they can send over?
Thanks!
Wow! That's not a situation I have ever experienced. By chance, do you have any ties to the military and can get USAA? That's who I use. Otherwise, you could try the other big ones: Progressive, All State, Farm Bureau, etc.
I would recommend the opposite. Use an independent agent that represents multiple companies and can work on your behalf.
Post: Tenant caused water damage to unit AND neighboring unit
- Professional
- Clinton Township, MI
- Posts 566
- Votes 224
Quote from @Steve Cho:
Hi all,
New landlord here (<1 year) on a small apartment unit in a 32-unit complex. I own a unit on the second floor.
5 days ago, my tenant apparently left the kitchen sink on and caused flooding. Unfortunately, this led to a fairly substantial amount of water leaking to the unit below and causing at least some visible wall/ceiling damage.
My tenant caused the flooding (he has admitted in writing that this was the case). Per his lease (and common sense), he should cover the cost of repairs to my unit and the unit below, but I have a lot of questions that hopefully the veterans here could help with...
1) Does my homeowners insurance need to be involved at all? I am not sure yet how much the repairs will be (a plumber is coming by later today and the restoration team will likely come tonight or tomorrow), but this could be fairly extensive. With my tenant being responsible for the damages, is there any reason to involve my insurance? It will likely just raise my premium no? Or is this something that should be dealt with by my tenant's renter's insurance?
2) Without insurance coverage, this will likely be a couple thousand dollars. What is the best way to proceed with getting that payment from the tenant? If I make the initial payments, he will have to reimburse me, but if he can't do a lump sum payment, how to best go about that?
3) In the event that my home insurance should be used, it doesn't strictly mention adjacent unit damage. If the repairs are such that it takes a few days or even longer, the tenant for the unit below will likely need to be accomodated for. My insurance covers for loss of rents for my unit, but obviously wouldn't cover the unit below. If the tenant for the unit below needs to be rehoused for a short period of time, what would be the best course of action for this?
As I write this, I am realizing this is more complicated than I initially thought...but these are some of my most critical questions. I would really appreciate insight!!
Thank you.
1. The short answer is no. You don't have to involve insurance if you arrange for repairs on your own.
2. This is not my area of expertise but I'm sure some of the other investors here will have suggestions
3. Your insurance will likely not directly pay loss of use for adjacent units. The other resident could file a claim and their insurance could subrogate against your insurance though.
Post: Umbrella Insurance Inquiry
- Professional
- Clinton Township, MI
- Posts 566
- Votes 224
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 566
- Votes 224
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 566
- Votes 224
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 566
- Votes 224
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 566
- Votes 224
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.