All Forum Posts by: Ryan Thomas

@Marcus Skaggs

Hey Marcus,

Without full knowledge of the risk/coverages, I think what you are paying is accurate.

@Kaustubh Johri

Hey Kaustubh,

I am a commercial insurance broker. Most rental dwellings in Atlanta run for around $1000 on a commercial form. I haven’t had issues placing older run down rental dwellings as that seems to be the majority of the properties out there. We would add every future purchase to the existing policy. Let me know if you have any questions!

@Manoj N.

Hey Manoj,

I’m a commercial insurance broker. I’d recommend using an independent insurance brokerage. Especially on commercial policies and especially in Colorado. You have huge wind/hail exposures so the front range (Denver, Colorado Springs...) is more pricey than the west side. Get familiar with wind/hail percent deductibles as those have huge effects on the premium without you knowing. Let me know if you have any questions!

@Kirsten Milliken

Hey Kirsten, I’m a commercial insurance broker. if it is one unit, you could go to various carriers that can quote a rental dwelling. I always suggest an independent insurance broker as it’s better to deal with an agent who has allegiance to the client and not the carrier. Let me know if you have any questions!

@Michael Ablan

Hey Michael,

I’m a commercial insurance broker who specializes in multifamily. Upstate New York will generally qualify with standard markets such as Travelers, Nationwide etc... there are a few other property programs that do very well depending on the size. I suggest using an independent insurance brokerage who can access many different carriers. Please let me know if you have any questions!

@Vanessa Bautista

Millionaire real estate agent

@Sarah Msuya

Hey Sarah,

I’m a commercial insurance agent with experience selling both. Functional replacement cost is better and will cover the amount to rebuild the structure. ACV will not. The reason it is functional is because the building requiring it are over 100 years old and we can’t indemnify antique wood frame. So we do our best to make it functional*. Sometimes if you provide proof of renovation we can bump it to full replacement cost. Ironically i’m writing this as I’m inputting older rental dwellings in an insurance rater haha

@Isaiah Pearson

Hey Isaiah, I’m a commercial insurance agent here in Scottsdale. It depends on a lot of factors. A good agent will give you accurate estimates once you provide the address and then firm up numbers. Use an independent insurance brokerage as they are able to handle more investment portfolios. Let me know if you have any questions and I’ll be happy to help!

@Mike Gasper

If the cost of the flip is less than 10% of the purchase price you can do a vacant property policy. If it’s more just have them write a builders risk and OCP (liability). Or you can do a vacant gl policy only for like $500.

@Bryan Mitchell

Hey Bryan,

We used to be a farmers brokerage but gave up our book to open an independent insurance brokerage as farmers was not willing to write the risks we were receiving. Captive agencies like farmers, State Farm or USAA usually just focus on home, auto and small businesses. Because they are so limited in what they can write, you will likely not find an agent with much experience working with investors. You should work with an experienced commercial agent from an independent insurance brokerage. They will have the knowledge, resources and markets that can handle your growth as an investor. Let me know if I can help with anything!