Wholesaler · USA · Member since 2015 · 16 posts · 2 votes
Hi,
I just bought some properties in Cleveland Ohio, could anyone refer some good insurance companies? Should I get "full replacement coverage" or "actual cash value"?
I just bought some properties in Cleveland Ohio, could anyone refer some good insurance companies? Should I get "full replacement coverage" or "actual cash value"?
thanks a lot.
Glenn
Hi Glenn-
Welcome to the CLE - great choice. Love meeting new investors in our marketplace.
How many properties are you seeking coverage on? If more than (2) you may want to get a commercial line policy, this would save you some $$.
Local company I can recommend is Leverity Insurance in Beachwood, Ohio - you can ask for Joe Corradetti.
If I am not mistaken:
Actual Cash Value = coverage less the depreciation
Full Replacement Coverage = no depreciation loss and possibly will accommodate code upgrades (you should check the rider on it, to make sure if you do or do not have code upgrade)
Always consider the worst case scenario, you may have to decide based on value depending on your projected financials .... so ask questions when you make your decision.