All Forum Posts by: Kevin Hoag

@Steven Werner What insurance carriers have you tried to work with thus far? Commercial apartments have become increasingly harder to insure with many carrier freezing that product line and or taking huge rate increases for habitational products. Have you looked into Utica, Ithica, Honeycomb, SES insurance Solutions? They are all great options for Apartment insurance. 

@Kendal Greene Thank you for reaching out. I sent you a PM with my recommendations on who my clients have had the best and worst experiences with. I always tell my client to read the entire property management contract and make sure you are comfortable with them before signing up. Let me know if you need any other help.

I would speak to your local insurance agent and see what they recommend. They can call the carrier and speak to the underwriters to find out what endorsements might be available. Your umbrella policy is extra liability on top of the liability that your home insurance offers. Before you start offering Airbnb it is important to confirm that you have the proper coverage in place. The last thing you want is for something to happen and your claim to be declined since the insurance was not set up correctly. Waivo Insurance and proper insurance are both great option to look into.

@Thomas O'Donnell You do not need to inform your insurance agent about the new roof however some carriers do offer a new roof discount so I would simply send them an email notifying them and if you can get an extra discount that's great. When you purchased the house you most likely purchased a homeowners policy since you were planning to live in it. Now that you have moved out of the property yes you will want to notify your insurance agent. You will need to make sure that you have a proper landlord policy set up. 

@Terris Elliott there are many carriers that offer insurance for fix and flip projects. The policy that you will want to purchase is going to be a builders risk policy. You will want to reach out to a local insurance broker who can shop your policy to multiple carriers and find you the best rate for your project. A vacant policies can also work depending on the scope of work to be done on the property. 

@Chris Charlton I always recommend going with an RCV policy. An ACV policy almost never makes sense to purchase. Yes RCV might cost you more money but it is the best way to properly protect your assets. If you have not already done so I would increase all of your deductibles to at least 5k that will save you a significant amount of money. If you are tired of managing 26 individual insurance policies I would look into a master portfolio policy and put all 26 properties onto 1 easy to manage policy. Master policies allow a lot of flexibility and creativity to fine tune your insurance to exactly what you want.  A portfolio policy also offers agreed replacement cost instead of using a replacement cost calculator to come up with that figure. If you have any questions just let me know and I am happy to point you in the right direction.

@Jeff Penovich Yes, insurance rates are going up across the entire country. The majority of carriers have taken double digit rate increases. Much of this is due to a surge in claims filed and the increased cost of those claims do to the price of materials and labor also going up. Your best option is to take some time and shop around. Find an insurance agent that can quote your properties through multiple carriers. If you own more than 5 properties there are insurance companies that offer portfolio policies which can save you money and make it easier. Instead of having individual policies to keep track of you only have to worry about 1 policy.

@Gary L DeSoto Can you provide us with more information about the property you are looking to insure? How many units, residential tenants or commercial tenants, occupany rate? The more we know the better we can point you in the right direction.

This post was from 7 years ago. I am no longer affiliated with the company. If you need some property management referrals send me a PM and I will be happy to assist you.

@Brian Rosenfelt Foremost can offer you a vacant policy if it is a single family home. US Assure and AU Gold can offer you a vacant/builders risks policy for multifamily and commercial properties.