Manassas, VA · Member since 2017 · 27 posts · 10 votes
My Auto/Homeowners on my PR are through Geico, so, naturally I turned to them. I close on my 1st investment property (hopefully) 1/5/17. My lender asked me to get a quote so she can work on my HUD. I was honest with Geico and told them the roof needed to be resealed. They are saying they can't even give me a quote until I get the roof sealed. Obviously, I cant do that until I close on the property and can't close without insurance. I'm still shopping around, but Liberty mutual is quoting me $2300+ for the year with %1500 deductibles. The purchase price of the property is 41K. To me that seems really high. I pay $525 on my PR PP 260K Manassas Park, VA. Is doing business in the city of Baltimore/Landlord insurance really that much more expensive? Is it because my house is located in the crust of Union Square? Can anyone recommend a local company or someone who specializes in the type of insurance I need? this is my first one and I'm still learning. It's literally taken me this long to figure out how to post in the Baltimore Forum.
Real Estate Agent · Vienna, VA · Member since 2016 · 289 posts · 253 votes
8y
@Edward Howell, V, you can try with Luray Insurance. They sponsor a big local REIA group and work with lots of investors. I've used to purchase a fire dwelling insurance for one of my rental properties in Baltimore City and both service and price were great.
Real Estate Agent · Vienna, VA · Member since 2016 · 289 posts · 253 votes
8y
@Edward Howell, V, you can try with Luray Insurance. They sponsor a big local REIA group and work with lots of investors. I've used to purchase a fire dwelling insurance for one of my rental properties in Baltimore City and both service and price were great.
Thanks for the recommendation. Based upon google I’m showing a nationwide affiliate based out of Pikesville. Am I on the right track, or are you thinking of someone else? I was contacted by a different nationwide “affiliate” “subsidiary.” I don’t know the proper terminology, but I will follow up on your lead when I wake up in the morning. If nothing else it will keep me motivated. Much appreciated! Thanks!
Rental Property Investor · Dayton, OH · Member since 2017 · 246 posts · 225 votes
8y
I’m not licensed in VA, (so I won’t say use me :)) but I wouldn’t use any of the big names companies for REI. If I were you, I would find someone that has access to Auto Owners, American Modern, or Senaca. You can also check out nreig.com, the National Real Estate Insurance Group. They could be helpful.
My Auto/Homeowners on my PR are through Geico, so, naturally I turned to them. I close on my 1st investment property (hopefully) 1/5/17. My lender asked me to get a quote so she can work on my HUD. I was honest with Geico and told them the roof needed to be resealed. They are saying they can't even give me a quote until I get the roof sealed. Obviously, I cant do that until I close on the property and can't close without insurance. I'm still shopping around, but Liberty mutual is quoting me $2300+ for the year with %1500 deductibles. The purchase price of the property is 41K. To me that seems really high. I pay $525 on my PR PP 260K Manassas Park, VA. Is doing business in the city of Baltimore/Landlord insurance really that much more expensive? Is it because my house is located in the crust of Union Square? Can anyone recommend a local company or someone who specializes in the type of insurance I need? this is my first one and I'm still learning. It's literally taken me this long to figure out how to post in the Baltimore Forum.
I can give you the information for my insurance guy if you want to send me a PM. Hes in Montgomery County MD but covers my properties in Baltimore City.
I'm going with Luray & Associates, Inc. recommended by @David Fernandez. I called everybody in order, but made sure to call everyone. I'm going with a 12 month builder's risk and general liability (non-binding because I'm on my like 5th extension (pending) and still don't have an actual close date). They're quoting $1053.50. I can prorate it and switch to a different policy once I have a tenant occupying the property, but I have to use 3 months of the builders risk.
I touched base with @Eric G.'s guy a few times, and gave him all the information he requested Saturday, but I haven't heard back from him yet. He seems like a nice enough guy and I'd request a quote from him again, but for now, I'm going with Luray.
@Ryan Ingram@Nick H. and everyone else mentioned/unmentioned if I missed anyone on this thread. Thank you for your help/input!
Side note: 1204 has been on the market for 5 days. It's a homepath, so, we'll all have to wait another 15 (if you're interested). I passed along the lead to a couple of my friends in hopes that they scoop it up as a 203K PR, but I doubt they will. It's closer to downtown and I want to say on a nicer block, but it's smaller and looks to be in worse shape. Bro Science says 50K repairs and it'll probably appraise for 85K, but it's probably 1% all day. If I don't get it hopefully one of you do, or can advise me why I shouldn't. My numbers are pure Bro Science, but maybe it still counts as science? Thanks in advance.
Honolulu, HI · Member since 2017 · 85 posts · 73 votes
8y
Originally posted by :
I'm going with Luray & Associates, Inc. recommended by @David Fernandez. I called everybody in order, but made sure to call everyone. I'm going with a 12 month builder's risk and general liability (non-binding because I'm on my like 5th extension (pending) and still don't have an actual close date). They're quoting $1053.50. I can prorate it and switch to a different policy once I have a tenant occupying the property, but I have to use 3 months of the builders risk.
I touched base with @Eric G.'s guy a few times, and gave him all the information he requested Saturday, but I haven't heard back from him yet. He seems like a nice enough guy and I'd request a quote from him again, but for now, I'm going with Luray.
@Ryan Ingram@Nick H. and everyone else mentioned/unmentioned if I missed anyone on this thread. Thank you for your help/input!
Side note: 1204 has been on the market for 5 days. It's a homepath, so, we'll all have to wait another 15 (if you're interested). I passed along the lead to a couple of my friends in hopes that they scoop it up as a 203K PR, but I doubt they will. It's closer to downtown and I want to say on a nicer block, but it's smaller and looks to be in worse shape. Bro Science says 50K repairs and it'll probably appraise for 85K, but it's probably 1% all day. If I don't get it hopefully one of you do, or can advise me why I shouldn't. My numbers are pure Bro Science, but maybe it still counts as science? Thanks in advance.
Oh wow, hes usually been very attentive with me. I'm sorry that didn't work out for you.