All Forum Posts by: Anthony Lee

interested. Please send more info [email protected]

interested. Please send info. 

interested. Please send additional info 

@Laura B.

I would advise that you look for something on the proposal that states special form. 

Generally, a property under renovations is not considered a vacant property but what then happens when the property has no renovations and is actually sitting there vacant and on the market listed for sale? 

Most policies have co-insurance, I would look to have it say on the proposal that there was, in fact, no co-insurance. 

I would be concerned with a few things here. -Is it at basic, broad, or special form. (Forgive me if it’s there... small text) -What is the vacancy provision. E.g. what coverages if any do you loose if the property is vacant more than so many days. -Is there a co-insurance clause? (There likely is) -It looks more like a modified homeowners policy than an actual builders risk... Feel free to reach offline with any situationally specific questions. I’m always happy to help.

Rick C. The questions here are more of why would you insure the property to ACV rather than Replacement cost or Replacement without co-insurance. What causes of loss are covered by the policy, basic, broad, Or special and is there wind coverage? What is the co-insurance requirement as that would have significant affect in a claim situation.

@Mark Spidell There are several carriers looking to write policies of this sort. Often by putting everything together, between the coverage terms and the convenience, it typically works out to be better than several individual policies with separated coverages and terms.

Feel free to reach out offline with any specific questions. I'm always happy to help. 

@Vincent Priore Thanks for the shout out. 

@Emilie Ponsin The houses are definitley not too old to be insured. Some companies just have strict underwriting guidelines with respect to the age of the property, etc. There are many options in this space and several companies willing to take on the risk affordably. 

My contact information is below. Feel free to reach out offline with any questions you may have. 

@Derek Lacy & @Jason Bott are entirely correct. 

@Joel Owens, you make mention here that "Some property management companies, you can put a property in their master insurance policy..." 

While this is truly possible in some circumstances, there are significant concerns the buyer would have to be aware of. 

For instance, in that situation, the property owner would not be the First Named Insured on the policy. While for some, this may not be a concern, whenever one is not the First Named Insured, they are giving up several rights under the policy. 

@Douglas Higa There are several carriers looking to to write risks as you describe. Some companies require that the wiring be updated in last 20 years, others 50 years, and some others don't care. The cost may not be as cheap as it could be if all of the updates were done in the last 20 years, but it is definitley possible to get coverage for it. 

I have several clients in similar positions and i have always been able to place them with competitive coverage. Feel free to reach out offline with any more specific questions you may have. I'm always happy to help.