So, I have laid the foundation to build a strong niche in providing commercial insurance for Real Estate Investors.
But, as someone who is looking to further themselves as an investor, and who has seen first hand how different (and complicated) even small investors portfolios and risks can be, I want to open a discussion where everyone can ask any insurance question that is either pertinent to their current situation or just something they have come across before and wondered about.
My goal here is to work as a resource for any members who would like to use me and hopefully (self-serving here) get a better understanding of what really puzzles, annoys, excites, or confuses REIs when it comes to insurance for both their companies and their properties, so I can better understand my consumers.
Note, I am a licensed agent and my agency operates in the Southwest US but, more than 95% of our business is in California. I am not selling a product or a company, just trying to give back to the BP users who have given a lot to me.
And, please also recognize,(DISCLAIMER) that though I am licensed and experienced in this industry or REI, I am not claiming to provide set in stone, perfect information that you should live and die or even sell and buy by.
So with that being said.
I know someone who is kind of a pessimist when it comes to investing. I told him I was looking at a 27 unit apartment complex. His response was that it was foolish because if there were to be some sort of fire that destroyed the complex, I would lose everything. I said, "that's what insurance is for!" to which he replied that it can take up to 2 yrs to receive an insurance settlement from something like that.
Is this accurate? How does a scenario like that really play out?
Insurance guy - Fire away Ha ha I get it!
@Ned Carey I appreciate your coverage of my post :)...what would insurance be without a few puns here and there
What's the tax treatment of insurance claims payments?
Here is a question for you. I have an umbrella policy covering my wife and I and our 4 rental properties(in MY name). I buy a house in my LLC to flip. Should I add that flip house to my umbrella policy? Do I have to add it to my umbrella policy? Can I even add it? Or should I keep it separate as it is a separate entity.
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