Youngsville, LA · Member since 2017 · 74 posts · 10 votes
Have you had your Landlord insurance canceled?
I just received a letter with a list of demands that may take some time to remedy. There's requesting roof repairs/replacement for two separate properties.
What did you do? Did you make the repairs in time? If not, did you hold the properties w/o the coverage?
All the homes are paid for w/o mortgages, so there isn't a 3rd party involved with the mortgage. I formed an LLC to hold the properties as well.
Examples of Damage e.g.
Repair a roof that has more than two layers of shingles. - Property 1
Replace the roof on another property. - Property 2
Missing Sidings / Rotting trim under windows (which I'll be abel to fixed)
Real Estate Investor · Williamson County, TX · Member since 2011 · 1k+ posts · 961 votes
7y
@Rema W. No, but I had an insurance company give me more time on a vacant property...finally had to switch to a vacant property policy. Went with Foremost, who will by the way insure you for stated value. By phone. So if you cannot get the roofs done in time and they will not give you more time, or if you think the roof functions fine as is, get a quote from Foremost. Might be more expensive, might not. I have never filed a claim with them so the coverage might be slim. I just wanted my money back in case of fire and I think I would have been made whole or close to (stated value).
Rental Property Investor · The Vampire State · Member since 2013 · 2k+ posts · 2k+ votes
7y
Originally posted by @Account Closed:
I inherited some deferred maint when I closed a few months ago. The policies are new, assured by the agent everything would be fine.
Some insurance companies LOVE to do this "bait and switch" on you. If you read the fine print of the quote, they have 30 days to make any "premium adjustments" based on additional inspections. I'm convinced MetLife uses this as their business model. They waited 29 days before hiking my premium up 40% on a brand new homeowner's policy. I think they blamed something I had disclosed in order to get a quote, like my pool or something - I forget. I raised holy hell, and they said it was their prerogative to do so. So, I went back to my original insurer, whose price creep was still cheaper than the new MetLife "stickup." I'll never use them again.