All Forum Posts by: Elaine Lam

@Dennis M. Simple, short and sweet.  Thanks.  The other stuff is more for future prevention for our portfolio.

We recently closed on a rental property with an existing tenant.  The insurance company just sent notice that they will cancel the policy due to a trampoline next to the house unless we sign a trampoline liability exclusion form.  The trampoline is on a vacant lot next to our property (the lot is not ours but is maintained by a neighbor).  I am still confirming details with property management and the insurance agent on what options we have as we do not want to sign away any liability coverage.  Even though it is not on our property the insurance company refuses to reinstate with out the trampoline removed or a liability waiver signed.  The property manager said the tenants stated they "cannot take it down" and asked if they could get coverage through renter's insurance.  I do believe the trampoline is the tenants' (awaiting confirmation).

Overall my goal is to:

1. Add some sort of clause to the lease addressing a) no trampoline or above ground pools allowed or b) if such a thing is present, owners are not liable and any liability is to be covered by the renter's insurance policy with coverage limits of $X.

2. Have the renters get renter's insurance to cover any trampoline related incidences (or any other injuries?)

3. Avoid liability risk.  If we can't be adequately covered by the renter's insurance and the trampoline absolutely needs to go, the tenants can go with it.  I need to review the current lease to see if/how they can be evicted for noncompliance of this safety request.

There was one other helpful thread from 3 years ago but with limited info, so I wanted to reach out to the BP community to see what updated thoughts/experience/advice there may be on this situation.  Thanks!

5 min. walking distance from Mercer can be on the west side of 75 which not a good neighborhood. 

@Jason Ray Richardson

Ok, Good luck!
@Jason Ray Richardson

@Jason Ray Richardson Congrats on your success with the BRRR and on finding your next deal. What are your plans for management for the MHP? Sounds like a lot of potential there...hopefully there areno other issues with any other bills or utilities!

@Jason Bott Yes, they quoted one policy per unit.  Thank you for the clarification, Jason.

@Lucas Carroll Thank you, Lucas!

@Bjorn Ahlblad Thanks, Bjorn!  Good points to consider, and I will check with Farmer's.

@Isaac Dunkelberger

Hi Isaac, I had called my agent at State Farm for quotes today on two duplexes in mid-GA. He recommended quoting policies per unit instead of per duplex. Each unit quotes to $553 annually and the replacement cost is way above market value.  Did your agents only offer to quote on the building or would they offer individual policies per unit?  

I'm looking at two duplexes being sold as a set and was quoted for policies on each individual unit (State Farm).  The replacement values are much higher than the market value.  I'm curious about if there is an option to get one policy per duplex as opposed to per unit, and what the pros and cons are in doing so.  If there are other possible arrangments or things to consider I'm open to recommendations.  Thanks!