All Forum Posts by: Kevin Hoag

@Brian Phor Typically the insurance company that writes your auto insurance policy is going to be the company that writes your umbrella policy. Many companies have a limit on how many rental properties they will cover on the umbrella policy. With 2 properties you should not have to worry about this. If your auto insurance carrier will not provide you with an umbrella you can look into RLI or personalumbrella.com 

@Dario Furman Detroit can be a difficult place to sometime find good insurance rates. There are many great areas but also many "war zone" areas. This can make insurance rates feel like they are all over the place with pricing. The reason the rates fluctuate so much is because each zip code will have their own rating factors and some zip codes may be completed declined by certain carriers. For SFH Foremost offers a great product that you can use for both the rehab phase and then convert the policy into a landlord policy. For multi-family homes can also look into Tower Hill, American Modern, Travelers and Safeco.

Was the quote your received from NREIG for a vacant rehab quote or a rental landlord quote? Vacant quotes are always going to be more expensive and I always recommend getting a quote for both so you have an idea of the what pricing will be once you rent it out. Hopefully the rehab is quick so you will only be paying for the ore expensive quote for a few months. 

In Cleveland we have a very well built County Auditor site that can provide a lot of data about a property and the taxes. I would start with the local county auditor site and go to the property search area. I have used county auditor sites for areas all over the country and some our amazing and others provide very little information. You can find homestead exemptions, tax assessments, back taxes owed and much more.

As far as insurance goes you will want to either speak to the seller to see if any claims have been made in the last 5 years on the property and or speak to an insurance agent and get a hard quote.

@Senthilraja R. Since your home is newly constructed it should be much easier to find insurance. With coastal areas the carrier may want to do a 4 point inspection before binding the policy. I would take a look at Travelers, Liberty Mutual, Safeco and Berkshire Hathaway they all will offer you a quote. If you work with an independent agent they can most likely get a quote through all of them for you and many other carriers to quickly see who will be your best option.

I would recommend going with a landlord policy and then you and your tenant both purchase renters insurance for personal possessions. There are insurance companies out there that will offer a personal policy that will allow you to also rent out a separate unit but since it is not technically a duplex it would probably have to go through an underwriter for approval. Find yourself a good agent who is willing to check with their underwriting team to make sure they are properly insuring your property. I also think it would be wise to turn that door into a wall and make it a true duplex.

@Joel Oh I do not have any experience with Proper Insurance but I have worked with many other insurance carriers. What I can say is that when shopping insurance and pricing out your policy consider purchasing a higher deductible. Use a 1k deductible as your baseline for quote and then look at a 5k deductible. The discount for the higher deductible is typically 20-25%. I always tell people with 1-5 homes to start with a lower deductible once you build up the portfolio is becomes much more worth having a higher deductible and creating large insurance saving. The money you save across multiple properties having a higher deductible will cover the cost of filing any insurance claim or give you the ability to basically "self-insure" smaller claims and only have to file a claim for larger losses.

@Senthilraja R. Baton Rouge can be a difficult area to find insurance. I know of several carriers that work in that area but also have certain zip code or area restrictions. Who is your current carrier and can you tell us more about the property? While I am not from the area I have insured and quoted many property in that area. If you have any questions or would like any assistance send me a PM.

Yes, A public insurance adjuster can help you fight the insurance company for your home claim. They typically work off a percentage basis which can be as high as 35% of your claim. I know there is a large company called Metro Public Adjustments. You can probably go onto their website and contact them and they will put you in contact with a local adjuster who can provide you with a free consultation. 

@Nate Cade Insurance rates are increasing across the country. Many carriers are seeing double digit rate spikes. There are many factors that play into this however your best option keep your rates down is to simply shop your business and look for a new insurance provider. It might just be a matter of your current provider is no longer targeting this type of business. I would look to work with an independent insurance agent that can quote your property with multiple insurance carriers and find you the best rate available. Some great insurance companies to consider are American Modern, TowerHill, Aegis, Safeco, Travelers. 

@Michael Fand your should have no problem finding many carriers that are willing to write that business. What city and state are you located in? If you are looking for a local agent I am sure you will find one here on BP. The great thing about insurance however is that your agent does not need to be local to be able to help you out. Many of us agents are licensed in multiple states and write business all over the country. An independent agent will definitely be your best option and will save you time, energy and most importantly money. Some additional great carriers to consider are American Modern, Tower Hill and Aegis.