First time home buyer - insurance (NREIG)
Hi!
We recently purchased our first 2 unit investment property and will be using a property manager for it. We need to start looking into insurance, and I found a resource for the NREIG on bigger pockets. Has anyone used this before? I like that it offers an array of coverage including property and liability coverage (which we need to have for our property manager). I would love any tips as to what type of coverage you think is a must have as they offer quite a lot you can add to your plan.
Separately, I went to request a proposal so I could chat with an agent and they want my company/entity name. I don't have one as my partner and I are purchasing the property under our names - we don't have an LLC (though we're looking into doing that). Any advice on that as well is appreciated.
Thank you for the help!
Katie & Michael
@Stanley J Black can likely help you.
-
CPA
- Nashional Tax Planning
- 844-627-4829
- https://www.nashionaltaxplanning.com/
- [email protected]
Quote from @Michael Meates:
Hi!
We recently purchased our first 2 unit investment property and will be using a property manager for it. We need to start looking into insurance, and I found a resource for the NREIG on bigger pockets. Has anyone used this before? I like that it offers an array of coverage including property and liability coverage (which we need to have for our property manager). I would love any tips as to what type of coverage you think is a must have as they offer quite a lot you can add to your plan.
Separately, I went to request a proposal so I could chat with an agent and they want my company/entity name. I don't have one as my partner and I are purchasing the property under our names - we don't have an LLC (though we're looking into doing that). Any advice on that as well is appreciated.Thank you for the help!
Katie & Michael
Hey Michael, just sent over a private message, I can help you with this.
Hi Michael! You can put "NA" in the field for Company/Entity Name if you don't have an LLC. We have that as required because if investors do have a company we need to know. But, it's not a requirement to be insured by us. Thank you!
@Michael Meates I had NREIG in the past. Don't anymore.... I like having an insurance broker that I can talk with on the phone. Any insurance policy will include both property and liability coverage. I personally believe that you should also have an umbrella policy. They are supper cheap and cover above and beyond what the liability part of your property insurance.
