Hello,  

I have a family member who owns a few rentals properties in Cape Coral.  Currently they are title in the name of that person.  We have talked a few times about changing the ownership to entities.  I have been enjoying listening to the podcasts and reading the forums and would like to be able to help this family member out with some ideas.  I am looking for contact recommendations in the realm of Title , Legal , Insurance so we can look at our options.  Thanks for your time. 

As an active investor and independent insurance agent, I recommend finding an independent agent you can trust that is willing to go as shallow or deep as YOU want to know about your policies. "Independent agent" means they're not tied to just one company and stuck in a box. We can offer the best company for the lowest price that most appropriately suits your individual needs! 

Some specific things I always pay attention to on properties (whether they're owner occupied or investments) are:

 -Max out the liability portion. It's cheap to do and provides double, triple, or 10x the coverage of a base policy.

 -Require renters to obtain Renter's Insurance (with maxed out liability on their policy too) and have the owner listed as "Additional Insured" on their Renters Policy. This protects the renter as well as the landlord. It protects the renter's personal belongings (furniture, electronics, kitchenwares, clothes, etc.) and gives them liability protection. It protects the landlord because if severely damage the property it will hit the renter policy first. It protects the landlord because if their dog or kid or them are liable for an injury on the property it will hit the renter policy before the landlord's policy. It's good and it's cheap.

-Make sure the Landlord policy has "Replacement Cost" on the dwelling. The other option is ACV which basically means it's a depreciated value - that would be a bad surprise.

I appreciate you looking out for and trying to help your family! Great job @Jacob Stoecker ! If you have any other specific questions feel free to DM me :)

@Jacob Stoecker

Hi Jacob,

I have a great title company and attorney referral in Cape Coral for you.  PM me and I'll send them along.

Happy new year!