 Liability Insurance (by James [GA]) Aug 9, 2018 11:30 PM
 Liability Insurance (by Jen Z. [CT]) Aug 9, 2018 11:44 PM
Liability Insurance (by Oregon Woodsmoke [ID]) Aug 10, 2018 5:53 AM
Liability Insurance (by Oregon Woodsmoke [ID]) Aug 10, 2018 5:57 AM
Liability Insurance (by Robert J [CA]) Aug 10, 2018 7:58 AM
Liability Insurance (by James [GA]) Aug 10, 2018 11:50 AM
Liability Insurance (by Jeff from FRG [IL]) Aug 11, 2018 6:21 PM
Liability Insurance (by Nicole [PA]) Aug 12, 2018 9:10 AM
Liability Insurance (by James [GA]) Posted on: Aug 9, 2018 11:30 PM
Message:
When evaluating if you have a high enough limit for liability insurance, how do you calculate the number?
Do you depend on an umbrella policy as well? --75.174.xxx.xxx |
Liability Insurance (by Jen Z. [CT]) Posted on: Aug 9, 2018 11:44 PM
Message:
I have an umbrella of $1M. The insurance company will let you know if you need to change any limits - at least mine did. --32.211.xxx.xxx |
Liability Insurance (by Oregon Woodsmoke [ID]) Posted on: Aug 10, 2018 5:53 AM
Message:
I don't remember exactly what my agent said, but I believe the figure was 3 times your worth.
I agree with the suggest to discuss it with your agent, although my life experience is that most agents are incompetant, so take their suggestion as a suggestion and not a rule. --174.216.xx.xx |
Liability Insurance (by Oregon Woodsmoke [ID]) Posted on: Aug 10, 2018 5:57 AM
Message:
In addition to plenty of liability insurance, I believe it is best to play down your wealth. The type of person who sues is looking for a wealthy target.
Also, it's very important to keep the units in good repair so there are no trip hazards or loose railings that could cause an accident. It's hard to defend if an injury accident was caused by neglect about needed repairs. --174.216.xx.xx |
Liability Insurance (by Robert J [CA]) Posted on: Aug 10, 2018 7:58 AM
Message:
I've had situations where a tenant lied and said their car got stolen from an apartment parking lot and it was my fault. The persons who stole the car also crashed it and damaged others property. No on wants to take personal responsibility.
With over half a dozen insurance policy's covering my liability, my carrier wanted to just payout to limit their legal costs. I had to threaten to sue my insurance company to keep them in line, or my policy would have been cancelled or my premium would have doubled.
As it turns out the minor child got keys to his mom's car and took it for a joy ride. Shown by my hidden video surveillance system. The car wasn't stolen by borrowed by a 14 year old child.
I had my attorney send letters to my insurance company's, owner of the vehicle (my tenant), the Department of Motor Vehicles, the Police and my tenants insurance company.
I got vindicated. The fault was with the parent who left her keys out so anyone could have taken her car without permission.
I made my insurance carrier write an addendum to my coverage that they wouldn't settle when I could prove no fault or innocence as in this case. --47.156.xx.xx |
Liability Insurance (by James [GA]) Posted on: Aug 10, 2018 11:50 AM
Message:
Oregon -
Advice taken - but where and why is the rule 3 times worth? I'm asking the questions, because im questioning the agents.. --75.174.xxx.xxx |
Liability Insurance (by Jeff from FRG [IL]) Posted on: Aug 11, 2018 6:21 PM
Message:
#1 The amount of insurance you buy will be determined by you. A good agent will get you quotes for a higher limit every time you buy a higher limit. Why, because when you have a claim that exceeds the limits you purchased the agent will be brought into an Errors and Omission suit because you could have purchased higher limits for a low limit compared to a suit that could cost millions... Its always easy to look back.
#2 There is no rule to live by. You need to look at what the suits are being settled for in your area for the types of exposures you face.
#3 If you have an incompetent agent, you are deficient in your shopping methods.
Buy what you can afford without going broke on insurance. The most cost affordable way to buy higher liability limits is through an Umbrella policy.
I am a Real Estate Investor with 326 units and I have been an Insurance Agent first licensed since 1990.
We have a $5,000,000 Umbrella over $1,000,000 in Primary liability. --24.14.xxx.xxx |
Liability Insurance (by Nicole [PA]) Posted on: Aug 12, 2018 9:10 AM
Message:
Umbrellas are "tricky". I've got $2,000,000 million umbrella along with my homeowners policy but it doesn't cover my rental units because those are insured under a commercial policy. --72.70.xxx.x |
Reply:
|
|