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All Forum Posts by: Tom Gersic

Tom Gersic has started 2 posts and replied 5 times.

Post: Needing a lease for landlord insurance

Tom GersicPosted
  • Posts 5
  • Votes 1
Thank you all for the advice. I knew it sounded fishy.

Post: Needing a lease for landlord insurance

Tom GersicPosted
  • Posts 5
  • Votes 1
I recently purchased a property and purchased landlord insurance. The property needs some repairs before I can rent it, and I’m in the process of having those repairs done. The insurance company is saying they need proof of a lease in the next 30 days or they will terminate the coverage. The agent told me to “just make one up... find a form on the internet and fill it in”. This sounds like a terrible idea to lie on an insurance form. The agent says not to use homeowner’s insurance, though, because I’m not actually living at this property. Any advice? I’m not sure what the best course of action is. It might be rented in 30 days, but I can’t be sure of that. I’m in Illinois if that has any relevance.

Thanks @Andrew Harrell --- very helpful!

Thank you for the advice! Yes, this is a home built in the 1950s in the Chicago area

I've made an offer on a property that I intend to rent out, and have had an inspector do a thorough inspection. One of the red flags that came out of that inspection was a note that we should have the brickwork inspected by a mason for tuck pointing. I've never had brickwork done before, and I'm not able to find a contractor that can come out to do an estimate soon, so I have to decide whether to ask for an extension on the offer or not. 

I'd like to see if anyone has any thoughts on how bad this brick looks, and what it might cost to repair. The inspector won't hazard a guess on the cost, and I don't know if I'm looking at $500 or $5,000 in repairs. It's a small single-story house approximately 1200 square feet. There is brick on approximately 3/4 of the exterior of the house.

Thanks!

Tom