Hi, I'm out of Dallas, tx.

I would like to some things about insurance from you guys /gals.

1 Name of your insurance company

2 What deductible, do you carry on rentals.

3 Do you carry flood insurance? ?

4 Do you carry empty unit, that if the unit is empty, the insurance pays the rent???

5 Do you upgrade your insurance? ? ie if the property you bought was 100000$, now it is 350000$, do you upgrade the amount to be covered? ?

Don't forget liability coverage on top of all that to protect yourself from lawsuits.

Low deductible is probably best. Pay special attention to the roof policy regarding hail and replacement. That's probably the portion of the policy you'll use if any. See how much of roof replacement they cover.

I'm with Germania, which is popular in North Texas. Their insurance is actually through Lloyds.

My insurance is pretty much disaster coverage, though.

As far as I'm aware, flood insurance is only through the federal government.

I don't have my insurance covering lost rent. If I lose $x in lost rent, I have no doubt I'd pay way more than that in insuring against it.

I thought about upgrading my insurance as the biz becomes more economically self-sustainable, but I realized it didn't scale well. In other words, if I have $x coverage, it costs me $y. Having $2x coverage costs me $2y. I'd rather have the bare-bones coverage, and if disaster hits, I'll probably come out ahead even without the extra insurance.

I still remember my statistics class from undergrad. Statistics were developed for two industries: casinos and the insurance companies. :) And in both cases, the house always wins... :)

1. Axis

2. no thank you

3 no

4. no

I need enough insurance to cover what I owe to the bank in the event of a loss, and liability coverage. IT is a matter of your risk tolerance.

Hi Neal!

1 Name of your insurance company - mostly State Farm but I'm in Indiana

2 What deductible, do you carry on rentals. - $1000.

3 Do you carry flood insurance? ? - only where required by the mortgage. I've been thru a major flood and altho it seems overwhelming, it's basically new flooring and drywall half way up. With enough cash flow we take that risk ourselves.

4 Do you carry empty unit, that if the unit is empty, the insurance pays the rent??? - my structure ins covers lost rent in case of fire or extreme damage, for a short repair period.

5 Do you upgrade your insurance? ? ie if the property you bought was 100000$, now it is 350000$, do you upgrade the amount to be covered? ? Yes. Check your policies. They might have raised it automatically.

BRAD

1-Shelter

2-$1000 deductible on SFH, $2500 on a 4-plex; for some reason the cost savings for the higher deductible on the 4-plex pays itself back in less than 5 years. Doesn't work that way on a house...payback there is about 12-15 years

3-No flood insurance

4-Rent loss coverage only when structure is damaged/destroyed and cannot be rented.

5-Coverage amounts are updated annually; usually about 3% increase. I put a lid on them when they get 20% over FMV.

We live in a disaster-prone area. So that drives our insurance choices.

1 Farm Bureau

2 Used to carry $2500 but if hit by a named storm, deductible doubles. Lost 9 roofs last year during Matthew, we have lowered our deductibles as a result.

3 We do not carry flood insurance. The price is so prohibitive we can't afford it. Most of our properties are either not in a flood zone or are elevated.

4 We do carry loss of use/loss of rents insurance. This is not to replace lost rent for a random empty month, this is to cover you in case of disaster - where multiple units might stay empty for a long time. And it is very inexpensive when you consider the alternative.

1.State Farm

2.$1,000

3.Flood - N/A

4.Do you mean lost rent if property is uninhabitable -

yes. Vacant - no

5.State Farm does it based on the cost to rebuild...fairly

standard with property insurance

6.Liability $2 million (limit $1m/occurrence)

Lost rent: costs about the same as a cup of coffee at starbucks.