Insurance Qs for out-of-state rental

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Insurance Qs for out-of-state rental

Kelly G.
Florissant, CO · Member since 2013 · 184 posts · 69 votes

Greetings;

I am looking around for a new landlord policy for a house I own in WI (I live in CA). Have had a couple agents (in WI) tell me they can't/won't insure my 'investment' property because I live out of state.

I am new to landlording (is that a verb?) and kinda lost. Is not insuring an out-of-state owner typical?

Also, my current policy has a $500k liability - thinking I need to up that to $1M for more protection. What's typical for a SFH? I will have a PM for the property - if that matters. Should I tie the extra coverage to the house - or get a separate personal umbrella policy? (Or should I incorporate?)

I know nothing about insurance! Really appreciate your help!

Kelly

Perhaps I should be asking about any good 'how to be an out-of-state landlord' books!? (tee hee)

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Michael Power
Real Estate Investor · Riverview, FL · Member since 2011 · 100 posts · 33 votes
13y

Kelly / Affinity insures anyone for anything from just about anywhere. Out of state real estate investors are their specialty.

http://www.affinitygm.com/

Mike P.

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  • Michael Power
    Real Estate Investor · Riverview, FL · Member since 2011 · 100 posts · 33 votes
    13y

    Kelly / Affinity insures anyone for anything from just about anywhere. Out of state real estate investors are their specialty.

    http://www.affinitygm.com/

    Mike P.

    1Reply
  • Steve Babiak
    Real Estate Investor · Audubon, PA · Member since 2009 · 13k+ posts · 8k+ votes
    13y

    Affinity even has some BP members, such as Tim Norris - I mentioned him here so you can go to his profile, or maybe he'll even contribute to this thread.

    0Reply
  • Tim Norris
    Investor · Kansas City, MO · Member since 2008 · 153 posts · 81 votes
    13y

    Hey Kelly (and Mike, Steve!),

    Think of the liability insurance as working together with the type of entity you create/use to own investment properties. The choice of entities would incorporate things like tax issues, estate planning, as well. That stated, it isn't much premium difference to go to $1MM. My advice is to segregate your personal assets/insurance from the investment insurance. Don't want to tie those things together. Hope this helps.

    Tim

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  • Kelly G.
    OP
    Florissant, CO · Member since 2013 · 184 posts · 69 votes
    13y

    Mike - Steve - Tim: Wow - thanks for the help!

    I do need to think about the whole "business" side of landlording. I am also a 'sole proprietor' small business person and carry general liability for that. Not sure how that would tie in - or shouldn't tie in.

    I'll give affinity a call for now - unless - Tim - drop me a note and I'll give you a call if you can help me out.

    This site ROCKS!

    Kelly

    1Reply
  • Tim Norris
    Investor · Kansas City, MO · Member since 2008 · 153 posts · 81 votes
    13y

    Happy to help. Get to us via our website or give us a call...been a crazy day or two with about 15 inches of snow in KC!

    0Reply
  • Ramon Jenkins
    Real Estate Agent · Milwaukee County, WI · Member since 2009 · 3k+ posts · 525 votes
    13y

    Welcome, @Kelly G.

    I'm not sure where you our landlording in Milwaukee
    ( north , east, west , south or outside of city of Milwaukee )

    I personally would regardless whatever side of town
    you own properties to have LLC or Trust

    Just like any other community -> people love to sue

    I'm not attorney or tax advisor, but
    sole proprietor leaving you exposed

    Good Luck

    0Reply
  • Kelly G.
    OP
    Florissant, CO · Member since 2013 · 184 posts · 69 votes
    13y

    Hi Jenkins;

    My house is near S 81 x Ohio. Yeah - clearly have to look into a different business structure.

    Thanks for you input.

    good luck as well

    Oh - and thanks Tim - will give em a call

    Kelly

    0Reply
  • Ramon Jenkins
    Real Estate Agent · Milwaukee County, WI · Member since 2009 · 3k+ posts · 525 votes
    13y

    Southside - 81st Ohio -> quiet and respectable area

    Better to be safe than sorry ( sole proprietor )

    0Reply
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