All Forum Posts by: Ryan Letzeiser

If you need help with lease/maintenance administration for a small portfolio look at Avail or Nestegg.  Both have great features for you to better manage your assets.  I am currently an avail user but nestegg has some great things on the horizon especially for maintenance and finding/paying vendors.  This will help you to control your tenants expectations and help you triage issues with an audit trail.

Kaybreh-

There are several things you can do to lower premium however you should look at what the lender is requiring in terms of coverages.  This will usually set the bar for minimums in premium and how you can schedule the assets as well as sharing coverage across many of the assets.

As far as the health code violation and loss of rent, with this coming up in the inspection ahead of time you are probably going to have a tough time finding a way to get rental loss.  This will require a bit of a deep dive into the carrier and coverage.  

Ryan

Thanks Jason

We have been working diligently over the last 6 months to get a reinsurance carrier to back us in an instant product for landlords (Questionnaire to sign/bind/pay in 5 min or less) and I wanted to gauge everyones interest on this for all the end users of insruance (landlords, lenders, property management, and insurance brokers/agents) that would like a potential appointment.  

So much of the consumer market is heading in this direction and we want to know several things.

1. Does speed matter more than price?  Is it a combination of both?

2. In what situation will one trump the other?

3. Does transparency and ability to control pricing matter BYOP (what we are calling Build Your Own Policy)?

4. Would you provide extra information if you know that it could drive down your rate?

5. If you were doing capital improvements on an asset and we were able to provide price adjustments mid term for example improving or updating a roof would you be more likely to buy through us or make one improvement over another that could lead to greater savings?

6. Would you be willing to provide a current rent roll, maintenance records, or loan lender information if it could drive down your premium?

7. Would integrating the lender or property manager into the insurance selection process make your life/lenders life easier? (Lender to pull live COI or request mid term adjustments whenever they want?)

What other improvements could we make to the process to make everyones lives easier (Landlords, Property Management, Lenders, Insurance Brokers)?

Would love to hear everyones thoughts on what makes obtaining insurance crappy for the end user.

The uptick in hurricanes in the last 4 years in NC/SC has made flood insurance way more expensive than it was in previous years. We have several flood carriers we work with that you might want to check out.  AonEdge, Assurant, Crestway, Flood Guru, and Neptune.  Neptune can give you an instant quote online if you want to do some quick pricing, although they are not super affordable in some areas.

@Justin Park -

You should be asking your agent for a landlord BOP or DP3.  

Travelers has one but its generally rigid and overpriced as they will try to put you in a box you may not fit in.  I would ask if he/she has any appointments with GNY or BH Guard. We have gotten good pricing in PA for those types of coverages.

Ryan

Insurance looks light. CapEx and Repairs look light. Add in some fees for management and some unknowns/reserves. This property is worth 285 at the very most stabilized W/O vacancy. Risk/Reward is tough at this price.

Hi Sohil- Personally i like State Auto for SFR's, i would need to know more about the building though, occupancy, sqft, location...

Landlord policies are important to have as they protect the building owner from liability claims and rental loss for the building. 

Ryan