All Forum Posts by: Timothy W.

Not necessarily.  If the loss occurs before the 60 day period then it was not vacant for over 60 days before the loss occurred, even if the date of discovery is after 60 days.  Date of discovery is not the de facto date of loss.

Awesome. Got tired of land lording and code enforcement so I sold everything Indiana and moved to Florida. Found law schools were dealing with a historic low enrollment so I got a JD at 60% FMV. Doing consulting work now and pretty much landed the lifestyle I was looking for in RE. Working 1-2 days a week (if that). Lots of sun. Relaxing. Moving very slow in RE. The trick to Florida is to buy in an area right after it gets hit by a hurricane and people get big insurance checks then make emotional decisions not to return and decide to cash out. Panhandle might still be that way right now.

Tim

Andy!  How are you man.  Haven't talked to you in like what 5 years?  Glad to see you're back in the game.

I'm doing nothing but paying off my Hillsborough county property and will be purchasing a very few number of things very strategically.  I don't buy at the top of the market and we're there right now.  What's pushing this further is pandemic shutdowns in other states, Florida's open for business philosophy, and the new capacity for remote work.  I just don't know that everyone who thinks they want to live in Florida REALLY wants to live in Florida.  When the dust settles I suspect North Carolina is going to do very well from those who've decided the heat, bugs and gators are a bit much.

"The reason the adjuster cited the denial was because the property had been vacant 60 days and he couldn't pin point if the loss took place before or after the 60 mark."

Ask your attorney to "ask" the carrier if the duty is on the adjuster to conclusively determine the loss took over 60 days ago and if the adjuster admitted he could not fulfill that duty, how was it not a basis to extend coverage rather than a denial.

This is easy now.  Look for who's allowing businesses to operate.

If you have a good collection system in place it makes sense.  Find a local collections company that will work with you.  Get a reputation for sending people to collections.

You could always go to the excess/surplus market.  I think Markel handles that in Florida.

Possibly.  More importantly you have a duty to report the change in risk to the insurance carrier.

I have.  I don't recommend it unless you're doing it intentionally with plenty of cash on hand.  I did it because I didn't have cash and real estate makes it very clear very fast that you need cash.