All Forum Posts by: Anthony Lee

@Nina DelaVega Welcome to the community! Feel free to reach out with any insurance questions you may have! 

More than 90% of the country is in a flood zone. It's just a matter of how high of a risk is that particular zone. 

If the property is in a moderate- to low-risk zone, flood insurance is rather inexpensive and affordable. 

If the property is in a high risk zone, otherwise known as a special flood hazard area, flood insurance is often required and at times expensive. There are private alternatives to the National Flood Insurance program which can be more affordable if the property qualifies. 

In Florida, even if the property is not located in a high risk flood zone, it is usually still a good idea to get flood insurance. #1, if it floods you're covered. #2, if they the zone changes, which zones often do change, and the property is rezoned into a high risk zone, flood insurance will be required and you'll likely qualify for grandfathering. 

I just sent you a PM. 

@Terry France Most people will usually go with a $500,000 Liability Limit, Some will go higher, if it is available. It's always good to have an Umbrella or Excess Liability Policy in place. Just in case. as @Account Closed mentioned, it does help you sleep at night. 

However, not all policies, umbrella or otherwise, are the same. It is important to make sure the coverage you have in place fits your needs, goals, and risk tolerances. 

@Lance Robinson Great Questions!

As you mentioned, there are several carriers which will cap the number of properties, or have similar measures, which often make things difficult for RE Investors and the Like. 

There are several carriers which have designed their products and programs to alleviate this difficulty. There are some, many of which I represent, which have no cap at all and have no restrictions with regard to which type of properties or which states. 

Regarding your primary home, auto, umbrella, etc. There are also many carriers which will do this without such limitations. 

The best way to know you're getting the best deal is to speak with an independent agent who has access to multiple carriers. 

I've sent you a PM. 

@Asem AbuAwadThere are significant differences between ACV and replacement cost. There is also something called co-insurance which is important to consider. I just sent you a PM. Give me a call if you like. I'd be more than happy to go over things with you. My info is below. 

@John Lach I'm a little late with the reply here, i'm glad @Jason Bott was able to elaborate on it for you. 

@John Lach Without knowing the details of the property/your operations, it is impossible to know if the coverages/values are entirely "right" as it is a questions as to whether it fits your risk tolerance or not. However, the coverage amounts seem rather standard, to some degree, from what you have listed.

Regarding the liability, @Jason Bott is entirely correct. However, depending on your operations and assets, you may want a limit higher than $300k. 

@Mark Fitzpatrick Welcome to Bigger Pockets! I'm sure you'll find the community a great resource!

@Tammy Tanksley Welcome to BP! I'm sure you'll find the community a great resource! 

@Account Closed Welcome to BP and to the Communiy! I'm sure you'll find it a great resource!

Congrats on getting licensed! Feel free to reach out with any insurance questions you may run into.