"dear landlord, you seem not to have hazard insurance"

8 Replies

i am sick of getting these letters every week from one of the mortgage companies. and most of the time it's for the same houses. i know @Brandon turner talked about it in a podcast, so i know he gets them.

anyone else? what do you do? is there a way to stop it by fixing the "error" once and for all? arghh!

We receive a letter periodically from the city that says their records indicate that our 8-plex is not hooked up to the city water/sewer system. We have a utility account with the city and faithfully pay our monthly water/sewer bill to them for this property. Obviously one office doesn't communicate well with the other and the office workers never get out to take a real look at the situation. I know the feeling!

Is the insurance bill being paid out of escrow? Do you have a declaration page sent to the lender each renewal of your policy?

OMG this is the most irritating thing in my entire life. I get so many letters about insurance it's ridiculous. We'll sit on the phone for 2 hours, talk to 4 different people, and in the end, they say it's fixed. Then next month we get more letters. We call back - and they have no record of our previous conversations. Over and over and over, with like 4 or 5 of our properties. 

I have no solutions :) Maybe pay all the properties off with Cash. I'm seriously considering this. 

Originally posted by @Brandon Turner :
OMG this is the most irritating thing in my entire life. I get so many letters about insurance it's ridiculous. We'll sit on the phone for 2 hours, talk to 4 different people, and in the end, they say it's fixed. Then next month we get more letters. We call back - and they have no record of our previous conversations. Over and over and over, with like 4 or 5 of our properties.
I have no solutions :) Maybe pay all the properties off with Cash. I'm seriously considering this.

i was trying 4 different times and 2 browsers to tag you because i know how you feel, but it was not working. lol

@Steve Babiak , they are not escrow. i pay them separately and the funny thing is that i am always required to pre-pay for the whole year before purchase. and it still comes up during that first year.

I used to work for an insurance company and we'd have to deal with this constantly. There were certain mortgage/car loan companies that did an awful job at tracking policies etc. I got to where some one would call and say they got the letter and before looking up their policy I'd ask if they were with XXXX. I'd normally be right.

From what I saw, the problem was on the mortgage companies side, not your insurance.

Why are y'all spending time on it? Contact your insurance company and make your agent do all the work. I know we always did the work (when i was an agent).

I was going to say the same thing as Shawn. From your perspective it should be as simple as shooting an e-mail to your agent saying "X bank says I don't have the coverage I'm paying for. Handle it."

You could put a smiley or something at the end of it so your agent doesn't think you're a jerk. :)

two good suggestions. thanks. i did that after reading shawn's reply.

I have no solutions :) Maybe pay all the properties off with Cash. I'm seriously considering this.

Wait until you have a claim and try to get your lender(s) to endorse the checks! You'll really be ready to pay cash.