All Forum Posts by: Kevin Hoag

@Tyler Smith if you are looking to quote out your business there are many carriers that can offer you an insurance quote for all of your properties on 1 policy. In Cleveland there are a lot of carrier options. The trick is to find a carrier that does not have any age of home restrictions. Often times a carrier will not offer full replacement cost for a home that is older than 80 or 100 years. To save yourself time and energy I suggest working with a local agent who can quote your business with multiple carriers to put you in the best insurance position. 

@Kosh Vokter Just about every took a rate increase this year with their home insurance policies. With the large increase in building materials and labor cost carriers are having to increase rates many times by double digit percentages. This is the only way they are able to stay profitable and in business. Luckily, their are quite a few options for insurance carriers in Alabama. Your best option is to work with an insurance agent that can quote your property with multiple carriers. This will save you time, energy and most importantly money!

@Betzabeth Romero If you need an investor friendly lender that can do both residential and commercial loans let me know and I can help you out. 

@Jemma Jacques I work with many of the local Cleveland Property Management companies. If you would like to hear the good the bad and the ugly just send me a PM and I can fill you in on what my insurance clients are saying about their PM companies.

Yes, There are several carriers that offer great portfolio master policies. With a commercial policy you can have all of your properties on one policy and one bill. The right commercial portfolio policy is like bundling all of your residential policies into one flexible policy that can be customized per each property. One great advantage is the pricing is not calculated the same way as residential policies. Portfolio policies allow all of the following to be done,

Agreed Replacement Cost(you decide on dwelling coverage amount not a calculator) Multiple People, LLC's, Trusts, IRA's all on one policy, Add Properties in Multiple States, Allows Multiple Lenders, different Loss Settlement Types ie Replacement cost or Actual Cash Value, different coverage type per property ie Vacant Policy or Occupied Policy. Many of the carriers I work with offer a fix deductible that is typically $5,000.

Reach out for more information and hopefully some other agents will jump in with their opinions

Send me a PM and I have an independent agent that I can refer you over to who is licensed out in Illinois. 

I would reach out to Keith Wagner with Farmers Insurance. He owns a large agency in the Woodland Hills area and I am sure that he will be able to help you out. 

I agree with @Jason Bott, a public adjuster is the better route to take. Most public adjusters will not charge you an hourly rate and typically charge a percentage fee based off the claim amount. An attorney could cost you thousands and result in the claim still being declined. Public adjusters are experts in home insurance policies and understanding the claims language to give you the best option to get your loss approved.

That is actually a great question. The most obvious is that with residential you will have an individual policy and bill for each property. A residential policy is also overall pretty basic. You typically have the following coverage items and maybe a few added endorsement items.

Dwelling coverage, Replacement cost (determined by a replacement cost calculator), Small amount of personal property coverage, Loss of Rents, Premises Liability (max 1 million), Med Pay, Landlord Personal Injury Liability. Possibly sewer and drain endorsement, service line interruption endorsement ect.

With a commercial policy you can have all of your properties on one policy and one bill. If you are purchasing a BOP you will have far more built in coverages. A BOP is a business owners policy and therefore adds many additional business types of coverage. 

You can also look into a commercial portfolio policy, which is like bundling all of your residential policies into one flexible policy that can be customized per each property. One great advantage is the pricing is not calculated the same way as residential policies. A Portfolio policies allow all of the following to be done,

Agreed Replacement Cost(you decide on dwelling coverage amount not a calculator) Multiple People, LLC's, Trusts, IRA's all on one policy, Add Properties in Multiple States, Allows Multiple Lenders, different Loss Settlement Types ie Replacement cost or Actual Cash Value, different coverage type per property ie Vacant Policy or Occupied Policy

Reach out for more information and hopefully some other agents will jump in with their opinions

Louisiana is a difficult state to get good insurance rates. I know Tower Hill has competitive rates but often times will not include wind/hail coverage. Foremost also offers a good landlord policy but will only insure single family homes.