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Michael Meates
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  • Member since Mar 13, 2023

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Michael Meates's profile image
Michael Meates
Pro Member
  • Member since Mar 13, 2023
Michael Meates
Pro Member
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11
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First time home buyer - insurance (NREIG)

Michael Meates
Pro Member
Posted May 22 2023, 07:47

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

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Jeff Nash
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  • #3 Personal Finance Contributor
  • Accountant
  • from McKinney, TX
  • Member since Jan 12, 2023

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Jeff Nash
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  • #3 Personal Finance Contributor
  • Accountant
  • from McKinney, TX
  • Member since Jan 12, 2023
Jeff Nash
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#3 Personal Finance Contributor
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  • McKinney, TX
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Jeff Nash
Pro Member
#3 Personal Finance Contributor
  • Accountant
  • McKinney, TX
Replied May 22 2023, 08:05

@Stanley J Black can likely help you.  

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  • Insurance Agent
  • from Woodland Hills, CA
  • Member since Apr 3, 2018

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Liron Cohen's profile image
  • Insurance Agent
  • from Woodland Hills, CA
  • Member since Apr 3, 2018
Liron Cohen
  • Insurance Agent
  • Woodland Hills, CA
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29
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Liron Cohen
  • Insurance Agent
  • Woodland Hills, CA
Replied May 22 2023, 09:11
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.

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Courtney Urbanek
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  • from Kansas City, MO
  • Member since Aug 8, 2022

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Courtney Urbanek
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  • from Kansas City, MO
  • Member since Aug 8, 2022
Courtney Urbanek
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Courtney Urbanek
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  • Kansas City, MO
Replied May 22 2023, 09:59

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!

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  • Property Manager
  • from Keller, TX
  • Member since Feb 6, 2011

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Kyle Mccaw's profile image
  • Property Manager
  • from Keller, TX
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Kyle Mccaw
  • Property Manager
  • Keller, TX
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Kyle Mccaw
  • Property Manager
  • Keller, TX
Replied May 23 2023, 09:29

@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.

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