BiggerPockets

Hello BP friends, I wanted to get some opinions on the coverage I think is the best for me, but is the most expensive..

This quote for $1377 annually covers the following

Building/Earthquake - $130,000
Personal Property - $6,000
Personal and advertising injury - $1,000,000
General aggregate liablity - $2,000,000
medical- $5,000

The positive about this is that it's a commercial policy and not a personal line of coverage. This means we (me and my partners) don't have to give our SS# and personal info to the insurance company (Want to use the LLC to protect as much as we can).

When this policy goes into effect, we will only have 1 SFH that we will rent. What do you guys think? I think its kind of expensive, but its the best policy I have found...

Any addtional properties we aquire will be covered by this policy, we would just need to obtain insurance for the dewelling, so our average cost of coverage per house will eventually go down.

I have a town home rental in the northwest suburbs of Chicago. Last night there was a violent storm and my basement window caved in, and violent rain crashed the windows and did considerable damage to the basement.

question #1: what is my tenant's insurance responsibilities for this property?

question #2: what is my home owners responsibility. I just relocated to another state so I have a homeowner's insurance, not a propety management insurance with a high deductibile at $5000. The damages are probably going to run in $10k - $15k.

I am first time land lord.. and looking for any advice I can get. In order to not lose my tenants I signed with a contractor for $3200 to DEMO the basement to make my property back to liveable condition ASAP.

For those independant contractors out there. Can you please tell me if $3200 is a reasonable price for the DEMO work. The contractor knows that I am in a desperate situation and want to make sure that I am taken advantage of.

GENERAL DESCRIPTION: BASEMENT DEMO WORK FROM STORM DAMAGE
AS PER WRITE-UP BELOW.

DETAILED DESCRIPTION:

1. PREPARATION OF JOBSITE FOR WORK
- SET UP DUST BARRIERS, TARPS AND MUD MATS AS NEEDED.
- COVER HVAC VENTS AS MUCH AS POSSIBLE TO MINIMIZE DUST SPREAD.
- VERIFY THAT THERE ARE NO GAS LEAKS CAUSED BY THE BASEMENT FLOOD.
- VERIFY THAT THERE ARE NO ELECTRICAL SAFETY ISSUES.
2. DEMO
- DUMPSTER TO BE PROVIDED OFF SITE FOR DEBRIS REMOVED FROM JOB.
- REMOVE LOOSE DEBRIS IN BASEMENT AREA.
- IT IS RECOMMENDED TO REMOVE/DISPOSE OF THE WASHER AND DRYER.
APPROVAL IS NEEDED _________________ .
- REMOVE CARPET MATERIAL ON BASEMENT FLOOR AND UP STAIRS
- REMOVE BASEBOARD; DOOR CASINGS AND INTERIOR DOORS
- REMOVE SHEETROCK UP TO 84" HEIGHT OFF OF FLOOR
- REMOVE WALL TILE AND SHEETROCK SUBSTRATE IN
BATHROOM - SAVE TUB/SHOWER FAUCET & TRIMS
- REMOVE BATHROOM VANITY - SAVE FAUCET
- SAVE TOILET, TUB AND TUB GLASS DOOR
- LEAVE HVAC AND HOT WATER HEATER IN PLACE FOR INSPECTION
- LEAVE ALL ELECTRIC IN PLACE FOR INSPECTION
- LEAVE FRAMING IN PLACE FOR INSPECTION
- REMOVE INSULATION ON OUTSIDE WALLS
- NO CEILING WORK
- REMOVE STAIR TRIM THAT WAS UNDER WATER - LEAVE TREADS AND
RISERS IN PLACE.

3. DEHUMIDIFYING AND DRYING AFTER WATER DAMAGE REMOVALS ABOVE:
- PLACE POWERFUL DEHUMIDIFIER TO REMOVE THE ADDED MOISTURE THAT
REMAINS IN THE BASEMENT AIR.
- PLACE INDUSTRIAL AIR MOVERS THAT MOVE A TREMENDOUS AMOUNT OF AIR
TO SPEED THE DRYING PROCESS.

4. SANITIZING AND ODOR REMOVAL (IF ANY) ARE NOT INCLUDED HERE AND WILL
BE PART OF THE RESTORATION PROCESS.

5. JOBSITE AREA WILL BE COMPLETELY CLEANED UP AND ALL DEBRIS REMOVED
OFF SITE.

6. EMERGENCY BOARD UP SERVICE ON 7/23/11 TO PROTECT PROPERTY.

7. SEND DIGITAL IMAGES OF COMPLETED WORK.

CONTRACT PRICE BELOW REPRESENTS $3000.00 FOR THE DEMO WORK AND $200.00 FOR THE EMERGENCY BOARD UP.

CONTRACT PRICE: $3,200.00

PAYABLE AS FOLLOWS:

$ 3,200.00 - UPON SUBSTANTIAL COMPLETION; TO BE WIRED ON 7/25/11

It may or may not be expensive, but you really won't know until you get competing quotes. I work with an insurance agent who specializes in insurance for investors. His name is Tim Norris, and you can get a quote here: http://www.nreinsurance.com/wp/request-a-proposal/
(Note to Jon, this is not an affiliate link)

You should also get a third quote, probably from a local independent, since rates vary considerably by location.

James, I'm not sure, but I think you should create a new post for your question so as to not hijack this post. I'm not the rules police, I make mistakes regularly, but I think it's forum etiquette.