All Forum Posts by: Ryan Thomas

@Petur Karlsson

Hey Petur,

I’m a commercial insurance agent and can help with 4+ unit properties. Please use an independent insurance brokerage who have access to multiple different carriers. Do not go the captive route (all state, State Farm, farmers). You will be very limited in the types of risks they can write as they don’t have access to other carriers and are limited in their territory. I just spoke to a client who owns 5000 units and they had to use 9 different State Farm agents to quote a 100M umbrella. Insane. Your go to guy will be a broker hands down. Let me know if I can help with anything.

Regards,

@Carlos Garcia

Hey Carlos,

I’m a commercial insurance agent. The location of the brokerage does not really matter unless your a captive agent (state farm, all state, farmers). Just use an independent insurance brokerage with access to many carriers. Florida has huge wind/hail exposure which makes it a cat state and we generally have to find excess and surplus lines carriers to insure the larger multifamily properties. Because renewals in Florida increased 15-25% this year, I have no idea how captive carriers would keep the cost down with all the hurricanes and claims. We invest in a lot of carrier market research to find the most competitive carriers each year as the rates change. I’d probably build a master policy for your rental dwellings and schedule new properties on it as you purchase them. Let me know if you have any questions!

Regards,

@Randall Re II

Hey Randall,

I’m a commercial insurance agent. It depends if it’s single family or multi family. Florida insurance is high due to the hurricane exposure. I suggest using an independent insurance brokerage with access to a variety of different carriers. If you have insurance questions about properties 4+ units, I can 100% help out.

@Kaustubh Johri

I’m a commercial insurance agent that works for an independent insurance brokerage. I can only answer questions regarding insurance on this forum, but I am happy to help with anything you may need.

@Deanthony Quarles

Hey Deanthony,

I’m a commercial insurance agent. I suggest using and independent insurance brokerage that can access many different carriers. Duplexes can be written on a commercial or personal lines policy. Let me know if you have any questions!

@Pride Davis

I may know someone. What kind of property?

@David Kramer

Hey David, I’m a commercial insurance broker. I suggest using an independent insurance brokerage. Buildings over 100 years old are usually written on Functional* replacement cost because it’s hard to perfectly indemnify 100 year old antique masonry. Have your broker send you a building valuation summary also called a replacement cost estimate. It’s dumb that lenders require we cover the loan amount, loan amount and purchase price have absolutely nothing to do with replacement cost. Let me know if you have any questions!

@Jacob Trimble

What is the scope of the renovation? Closing and repair cost seems low to add that much ARV, but I have seen it doable.

@Matthew Jones

Hey Matt, I’m a commercial insurance agent. Builders risks are relatively simple for single family dwellings. You will need the contractors entity name and license number, description of the scope of the renovations, current home value and construction costs, security measures and length of construction (builders risk can be 3, 6 and 12 month long policies). Most packages include the standard $1M/$2M GL limits. Let me know if you have any questions and I will be happy to assist!

@Roberto Borja

Yes. I’m a commercial insurance agent. Use an independent insurance brokerage that can access excess and surplus lines carriers as their are builders risk programs available for occupied rehabs. I’m happy to answer any questions you have!