All Forum Posts by: Naga A.

All, thank you for your suggestions. I will try to contact them all and see what they have to say. Thanks again for your help!

I have had landlord insurance for 5 properties with National Real Estate Insurance Group. This year, one of my properties caught fire so I filed a claim with them and received the payment.

However, they told me that they cannot insure that property because of my claim filing history and the area of the property (that property is not in the best area of Atlanta though it is not a war zone.).

So, I contacted American Modern but they told me they had to refuse to insure me because per their policy, they cannot insure for someone who filed a claim in last three years.

What should I do with this property? Is there any insurance company who can

insure my property?

@Phillip Dwyer Thanks a lot.

@Bill Bockwoldt

Thank you for the detailed info. I will contact them immediately and see whether I can work with them.

@Jean Bolger

Thanks for the info! I just signed up and asked for a quote from them. Looks like I do not need to go through a local broker.

I have several properties, all SFRs in various cities, 4 in Atlanta, 1 in Vegas and 1 in Tampa that need landlord insurance and umbrella liability coverage.

I used Affinity Group for 5 of them, but they told me they can no longer insure one of my properties and can insure other 4 but at actual cash only, after one of my properties caught fire while rehabbed (the one they refuse to insure any longer): It took a while and we go back and forth quite a bit, but the Affinity Group finally made the insurance payment.).

So, I need to switch my insurance company. Please let me know if you can recommend any insurance company for me and person I can contact. Your help is greatly appreciated! Thanks

@Stephen Masek undefined

If you do not mind, can you refer your property manager to me. You can send me

a personal message to my inbox. I am reasonably satisfied with my current PM but you never have too many property managers as a back up just in case.

Aaron Yates and John Knappmann

Thanks for your insights. Among my fellow Japanese, investing in SFR in Detroit is fairly popular probably due to a low price entry point and "potentially" high NOI. However, I have not met too many people who are successful doing this. Personally, I would not buy a property without seeing it first in a place like Detroit, but it is just me. Anyway, I will pass along the information to my friends.

I do not have any statics to back up my assumptions, but I assume that tenants for SFRs are usually families with kids and thus tend to be more stable and long-term tenants compared to Multis.

Also, some people say SFR tenants take care of the properties better because they feel they are their houses.

I have 6 SFRs, and the above statements are true to some tenants and not true to the others (some tenant trashes a house when they move out.).

I posted this thread and pictures about the fire on one of my houses.

Well, that was February, and fast forward now, after countless email exchanges, my insurance company agreed to pay me the "cost for lost investment capital" and to reimburse for "debris removal" on a "cost incurred basis" with proper documentation. I purchased this house cheap at 18K and put 15K before the fire occurred. They deducted 5K deductible and 6K for the cost of land and also budgeted 10K for the cost of debris removal. So, in total, they agree to pay me about 32K plus or minus depending on the cost of debris removal, which is about what I spent for investment of this house so far.

My question is whether this practice limiting the insurance company payment to "lost investment capital" is normal.

My house is covered by a replacement cost, but there is a special clause in the policy that says if damages to the property occur during rehab, the insurance payment is limited to lost investment capital (plus cost for debris removal).

They say this language is to prevent house builders from profiting from fire, which makes some sense to me.

but I wonder if this is a common insurance practice. If anybody has any expertise or experience, please let me know.