All Forum Posts by: Account Closed

Hi @Marcos Carbi if you plan to rent out the property you do not need a homeowners policy. 

You need a dwelling policy (DP1 or DP3)  or commercial policy that includes a general liability. 

Hey @Michael Fand, I work for a new carrier that is specifically designed for landlords. 

We do mostly LTR but in some cases, we can also cover STR's

 @Kevin Hoag that's a great idea. Based on your experience, would you say lenders will be happy to get access to such platform and run the process themselves? 

 Thanks, @Jeff Costa, that's very interesting. We're currently running this exact same process as you mentioned to provide online quotes. Would a quick estimate that is based on our data be impactful to you?

Hi everyone, I work for a new carrier focused on rental apartments (single and multi-family properties).

We're on a mission to create a better insurance product for landlords/real estate investors. 

What do you think needs to be improved besides the obvious premium price?

Hey Enrique, 

I work for Honeycomb, a new carrier that is designed for landlords. 

We write policies in Texas. I'll be happy to help get you coverage for your property.

Insurance carriers will use  standardized iso forms for coverage. In other words the insurance is the same but there can be difference in coverage based on your needs.

When you compare quotes, pay close attention to the building (sometimes called property) limit. That’s the main factor that drives the cost of your premium.  The building limit is the amount the insurance company will pay to build your property from scratch. You don’t want to compromise on that.

Ohad, 

I work for an insurance carrier that specializes in rental properties. As @Kevin Hoag mentioned in some areas in Detroit, it's very hard to buy insurance. Don't be confused by the market value of your properties and the amount it will cost to replace them (as @John Mocker detailed). In some areas, the market value can be lower than the RC! 

I work for an insurance carrier that specializes in rental properties. When it comes to your property coverage, the most important thing you need to compare is the building limit, sometimes called replacement cost. 

This is the amount the insurance company will pay you if you will need to rebuild your property from the grounds up.

The building limit is the main factor that will determine your premium. When you compare quotes be sure the building limit there is matched (+-10%). 

I've seen many cases where properties were underinsured with a very low building limit just to lower the premium.  

Thanks for the detailed post, Garfield!