Neal (by Neal [TX]) Oct 11, 2017 2:52 PM|
Neal (by Homer [TX]) Oct 11, 2017 3:06 PM
Neal (by Pmh [TX]) Oct 11, 2017 3:14 PM
Neal (by Landlord ofthe Flies [TX]) Oct 11, 2017 4:04 PM
Neal (by cjo'h [CT]) Oct 11, 2017 5:41 PM
Neal (by Deanna [TX]) Oct 11, 2017 5:55 PM
Neal (by AllyM [NJ]) Oct 11, 2017 6:06 PM
Neal (by Barb [MO]) Oct 11, 2017 6:29 PM
Neal (by BRAD 20,000 [IN]) Oct 11, 2017 11:12 PM
Neal (by S i d [MO]) Oct 12, 2017 5:09 AM
Neal (by WMH [NC]) Oct 12, 2017 5:23 AM
Neal (by NC INVESTOR [NC]) Oct 12, 2017 2:45 PM
Neal (by Neal [TX]) Posted on: Oct 11, 2017 2:52 PM
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? ?
Thanks, any and all responses appreciated. --172.58.xxx.xxx
Neal (by Homer [TX]) Posted on: Oct 11, 2017 3:06 PM
I have a great independent agent Strack ins , ask for Steve, out of Arlington. Bought a lot of stuff at or around 65-70 k, everything is valued at around 150 k, I am still covered at what I initially started with at or around 65-70k, I like the low 1 percent deductibles. No flood insurance and --76.17.xx.xxx
Neal (by Pmh [TX]) Posted on: Oct 11, 2017 3:14 PM
depends what you want and can cover yourself. I go with replacement regardless of what I bought for. by empty unit I suppose on new buy ? most will be Foremost/Lloyds. then when available for rent & rented policies with Farmers. I shop every year. #3 nonsensical. if not in flood zone you don't need flood ins. You new to the business? Too many houses to remember deductibles. All at max allowed by policy. Where are you ? --104.218.xxx.xx
Neal (by Landlord ofthe Flies [TX]) Posted on: Oct 11, 2017 4:04 PM
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.
That's important here in DFW. --108.69.xxx.xxx
Neal (by cjo'h [CT]) Posted on: Oct 11, 2017 5:41 PM
Here in Connecticut,you'ld never have a problem with hail doing any harm to your roof,especially at this time of year.............. Charlie................................................ --174.199.xx.xxx
Neal (by Deanna [TX]) Posted on: Oct 11, 2017 5:55 PM
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... :)
Neal (by AllyM [NJ]) Posted on: Oct 11, 2017 6:06 PM
2. no thank you
5. no --73.33.xxx.xxx
Neal (by Barb [MO]) Posted on: Oct 11, 2017 6:29 PM
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.
Can you put a new roof on all your places in the event of a hail storm or wind storm? --64.251.xxx.xxx
Neal (by BRAD 20,000 [IN]) Posted on: Oct 11, 2017 11:12 PM
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.
Neal (by S i d [MO]) Posted on: Oct 12, 2017 5:09 AM
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.
Ditto the advice to have a beefy liability policy. --173.19.xx.xxx
Neal (by WMH [NC]) Posted on: Oct 12, 2017 5:23 AM
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.
5 We go over all of our policies every year with a sit-down with our agent. We carry replacement policies because cash value for our old small places would be a pittance compared to the cost to replace them! We do not shop around, there are only a few companies that insure here and one of them is owned by a tenant, don't want him to know all! --173.22.xx.xx
Neal (by NC INVESTOR [NC]) Posted on: Oct 12, 2017 2:45 PM
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.
I won't report a claim under $10,000 --75.181.xxx.xx