All Forum Posts by: Steven Mallow

See you there Kelsey.  Thanks again for getting it started up.

@Travis Rasmussen

I can help you with insurance in MO when it comes to that.  I live in Jefferson City, right in the middle of the state. I've also lived in the southern part of the state.

One of the cool things about MO is that you can live in farmland that is crops in the north and northwest parts, you have two major cities you could be a part of, in the middle there is Lake of the Ozarks.  If you decide South or Southwest you are in the Ozark Mtns. (they aren't really mountains but big hills, very pretty) or live in the Mississippi delta in the southeast. Lots of options you just have to choose what you think fits you best.

It's probably ok either way.  When I write policies for people, I want the person or entity that owns the property or the business to be the named insured.  Then we can add any additional insureds at that point as it's needed.  

I agree with @John Mocker.  Only thing I would add is look into the self- insured retention as that can change depending on what carrier you get to write the umbrella.

@Jennifer D.  I'm not a Georgia Agent but am in Missouri.  In general an independent agent would be able to find you coverage through a few different carriers for the liability risk that you would have.  If you felt the need you could put an umbrella/excess liability policy over top as well.  That would be based on the amount of coverage that you feel is sufficient.  

Assuming you are going to eventually build on this lot, you would then need a builder's risk policy once you hit that phase.

@Pedro Bartolomei  I hate to give you a wishy washy answer but that all comes down to the value of the personal assets that you are wanting to protect and the amount of risk that you are willing to take.  I'm an insurance agent in MO and just go case by case on that with the clients I work with.  One thing that could be beneficial to your situation would be an umbrella policy over the top of your underlying liability limits and you may be able to find a company that is willing to use the umbrella to cover all of your personal policies on the different houses that you have in your name.  That should be a less expensive way to give you some peace of mind.  That's where I would start probably.  Hope that helps.

You're welcome.  I'm not seeing that as one of the chambers that is listed but they haven't updated it in a while.  I'm sure there is one close to you that you could join and make it work.  Let me know if you have any questions!

I'm not positive in Texas how the health insurance marketplace works.  I can tell you that in Missouri, we have the marketplace through healthcare.gov. (I'm sure it's in TX too)  You would then be able to browse through a ton of different plans with different deductibles and benefit structures.  There are plans that are HSA eligible as well as plans that are more traditional that offer copays up front.  You could then choose what suits you best.  Normally you can only enroll during open enrollment (Nov-Jan) but your change in employment would trigger a special enrollment period that would allow you to enroll immediately.

Another option in MO would be short term medical plans.  I'm assuming there are options like this in TX as well.  The downfall of the short term medical plan is you have to renew it every 6 or 12 months proving insurability and you would really want to read the fine print for things that aren't covered.  For example, if pre-existing conditions are not covered and your wife is pregnant as the policy renews, they may treat the pregnancy as a pre-existing condition and leave you with the bill.  You would have to check with that specific carrier.  This is the much less expensive option but the plan benefits are less as well in my opinion.

@Melinda Miller In MO there is a Missouri Chamber of commerce benefit plan that you and your husband could join as "group health plan" as long as you can show that you are both actively working in the investing business and that you are a member of one of the Missouri Chamber Federation chamber of commerce groups.  I work with this plan and could help you out with that if you were to need it.  If not, the next best option is going to be through healthcare.gov and again as you were to change employment that would give you a special enrollment period.

Hope this helps.

@Sandy Uhlmann Are you still having the REIA meetings in JC? I'd be interested in attending.

Wayne is right, the "closing" came when you paid for the house at the auction.  You will get the trustee's deed sent to you within a few days or maybe a little over a week.

One of my first steps is always to change the locks, just in case  the previous owners try to return and want to mess the place up worse than it probably already is.

As for insurance, just make sure that your carrier and agent know that it is vacant because if they find out later that it is, they can cancel your policy.