All Forum Posts by: Tony Wilcox

They won't ask, but if there is a fire or other claim due to it they will deny it. 

Mind me asking which carrier insured it for that. I am always looking to add companies to our portfolio and if they did that I need access to them!

Correct, you will want something that will cover the home while vacant. 3 months is just outside the time frame most carriers would be ok to go with a landlord policy for light rehab.

If they truly are insuring the home with knob and tube, and for only $1,500 you got a steal. But it makes me nervous as almost nobody will do it.

I would definitely talk to an independent agent. They will have options now, and if something happens in the future. Direct carriers won't be able to offer that.

Is it a landlord policy, or renters insurance. Just want to clarify from your title. 

Their are plenty of companies out there that can do this. Is your agent independent? 

I use docusign for many insurance documents. Helps keep track of dates and times as well. My favorite part is you can set a reminder on it to have the other person sign every day if they haven't signed it yet.

It is mainly based off price per square foot and quality/materials. 

I wanted to post today about something many people don't know about when it comes to insurance. One of the biggest factors on insurance premiums is something called an insurance score. Think of this as a credit score. There are many factors that enter into the equation, and some don't always make sense.

The first and biggest part of the score is credit, of course. Better the credit, the more it helps your score. The next item is lapses in insurance that is owned. If you own the property and don't insure it, or let it lapse, it will decrease your score. The next aspect is claims. The more claims you file the more it impacts your score. Lastly, they factor in how often you SWITCH carriers. I have always hated this one as it dings you for changing companies. Companies don't really have any loyalty to any insured, so why do insureds have to have loyalty to the carrier? However; this is an aspect and something to think about when switching if the price change is minimal. Would love to answer any follow up questions to this! Have a great weekend everyone.

Every carrier has a mortgage/escrow paid in full amount, which is different than the actual paid in full amount. Also BoA only could have force placed insurance on the property if you did not have adequate coverage, or they didn't see proof. They can't force insurance on a home if it is already fully insured. So either they didn't get the right paperwork, under-insured, or they totally messed up. 

Insurance score has many variables with credit being one of them. I am actually writing a post about it on the insurance tab of this forum today if you want to take a look