All Forum Posts by: Ben Guttman

@Cassidy Burns I think does deals in that area and is an investor himself as well! 

@Ray Dorsey I have a few names you could reach out to - they will let you know about their programs.

@Ken Nyczaj just noticed the discussion with John. If you want to have other insurance options in MD I’d be honored to throw my hat in the ring.

@Ken Nyczaj CONGRATS 🎉

@Anthony Conrad you may be better off getting a Builders Risk policy if you’re going to be doing renovations. They may accept that.

Look up Zack Teichman with Pimlico Capital 

@Rodney Bolton condos are always a little more complicated in the sense that there is often a blurred line between where the Association’s Master Policy ends and yours begins. Usually, it’s a “studs in” policy so you are covering not only the “stuff” (not your tenants property but yours such as appliances etc) but also anything attached to the walls (cabinets, fixtures, etc.)

A major consideration in Condo Policies is Loss Assessments Coverage. It protects against two big risks:

1.If the Association assesses all unit owners for a shared expense (i.e. bad batch of salt now need to replace all sidewalks in the complex)

2.if you are found responsible for damage originating in your unit to other units your responsibility to pay the Master Policy deductible. In MD they just changed the unit owners responsibility from 5K to $10K

Glad to chat!

@Katharine Schmuff depends on where the building is located. I have had a lot of success insuring this type of property with some regional carriers, but can’t make a recommendation without knowing the region. An independent agent/broker familiar with commercial insurance in your area is your best bet.

@Sudrutai Chiruppapa would definitely find an independent agent who know the area. I am not near Chicago. But I know Safeco for example allows more up to 16 under their umbrella I believe. Also, it may be time to switch to a more commercial product as you clearly are growing!

@Richard Xyminies it's a gamble and I guess it depends where - units aren't always cheap lol. They also must not have a loan as banks would require it. There definitely are both property and liability exposures that don't fall under the HOA and tenants policies.