All Forum Posts by: Ryan Leavitt

@John Ma Distinguished Programs offers an extremely competitive re-modelers risk insurance solution available through appointed independent agents.

@Jeremy D. Liberty Mutual personal lines and Amica are both what the insurance industry calls direct writers of insurance.  Those agents only represent their own companies.  If engage an independent national broker like myself who represents several different companies in all 50 State we can search for the most cost effective solution on your behalf.  

@Kaleb Musie, I do believe this is fine. What I think you are trying to understand is the difference between a named insured and a first named insured.  

Named insureds are those listed by name on the policy’s declaration page. Although the named insured is commonly one person, partnership, corporation or other entity with insurable interests, multiple names insured may be included.  You are the party with an insurable interest.  

First Named Insured is the first name listed on the policy declarations. This insured acts as the legal agent for all named insureds in initiating cancellation, requesting policy changes or accepting any return premiums. The first named insured may also be responsible for payment of the premiums.  In your arrangement, this is your property management company.  

Is this insurance program a master policy from the real estate management company?

@Robert Lee do you have equipment breakdown insurance?  PM me to discuss.  

@Brian Stratton I agree with @Account Closed. My agency has had tremendous success placing business with REI Guard and our clients love how easy it is to work with them.

Huiping Sheng from an insurance standpoint, I don't think you'll have much to worry about. Copper wiring is preferred, but many companies I represent will still offer coverage at a good price. PM me if you are interested in learning more about the insurance companies I represent in Florida. Ryan

@Erich Martinez If possible, I’d avoid ACV. It’s a headache at the time of claim and the insured (you) is typically not happy with the result. There are several major national players that any experienced agent in the US can quote you with.

Elements outside of the limit that are impacting the pricing are:

Type of construction – Less wood the better

When the last update to the wiring was – Circuit breakers are better than fuse boxes

Age of HVAC unit - Newer the better

Year building was built - Newer the better

Age of roof - Newer the better

PM me if you want more information.

Ryan

@Abhijit Joshi I agree with Michael Norris.  Obtaining the correct limit of insurance so that the policy responds the way you want it to at the time of loss big or small (full, partial, or no coverage at all).  In addition, I would check to see what coverage form the insurance companies are offering.  From bare bones to the best: basic, broad, and special coverage form options.  Being in IL as you are, I often hear about frozen pipes causing water damage (special coverage form) and if you are on a bottom floor, sewer backup is a key coverage (available as a sublimit).  My hope is that your relationship with your agent is that of a business partner you can trust.  As you grow and succeed, so will he.  They should be more than willing to educate you how to buy the best coverage for you.  If you want me to review your two options or have any other questions, PM me?

@Saran Mandhadapu I agree 100% with what @Jason Bott said above. A few additional things to think about are:

1. If you are purchasing with cash, no insurance is needed at closing. If you are getting financing, you bank may very well have a range of values they want the property insured for.

2. If I had to guess, this agent offered you a basic coverage form which is the most strippeddown coverage you can buy and subsequently the cheapest coverage. If so, your property coverage is limited to these causes of loss:

Fire

Lightning

Windstorm or Hail (USLI often limits this coverage to a submitted amount on the policy, not policy limit)

Explosion

Smoke

Vandalism

Aircraft or Vehicle Collision

Riot or Civil Commotion

Sinkhole Collapse

Volcanic Activity

If nothing else, be aware of the following, but I would recommend getting a more broad coverage from a competing insurance company for no additional charge that would include policy limits for the above windstorm or hail, and the following causes of loss:

Burglary/Break-in damage

Falling Objects (like tree limbs)

Weight of Ice and Snow

Freezing of Plumbing

*Accidental Water Damage (think of a leaky roof that is causing water damage into your property leading rotting wood and or mold)

Artificially Generated Electricity

My Best,

Ryan Leavitt

You will not need insurance to close because you have no lender requiring you to protect the asset. If I were you, I'd want to have insurance to protect my investment.  I have a local client here in Chicago who buys really rough houses that are rehabbed and then rented and held.  In some cases the buildings are condemned.  I have been able to find him solutions in the past, but have never seen a captive insurance company like Farmers, State Farm, Allstate, or Country Financial insure these types of properties.  You would want to reach out to an independent agent who able to help you because they have access several insurance companies that have a different appetites that will fit your property.  There is also an issue because the building will be vacant until it is rehabbed.  There are Vacant/Builders Risk/Dwelling combo policies available that I believe are the most comprehensive and cost effective solutions.

Best of Luck!

Ryan Leavitt