All Forum Posts by: Adam Zdunek

@Jason Bott

John I would also like to echo what Jason has stated. A common misconception for real estate investing insurance (residential to commercial) is the new investor can just “take over the old policy,” but can’t happen because that contract is with the prior owner. We see it all the time where a company grandfathered in a certain type of risk (ie motels or apartment storage units) and no longer have the appetite to underwriter this type of risk anymore usually due to losses incurred from the risk category.

I would check with your current insurance agent to get it insured correctly based on your state.

Final thing they may or may not be able to put all your properties under one General Liability/Property Policy. Some reasons they might not be able to is your current mix of properties you own are apartments and don’t underwrite storage units properties.

It’s always best to check with your agent each time you purchase a new property.

Hope this helps.