All Forum Posts by: Chris Moxley

Our product that covers investors that have over 10 homes on a master policy automatically covers the perils that a DP3 covers but it is not called a DP3 since we insure them on a commercial policy.  After you own 10 homes we consider you a business owner and you are purchasing commercial insurance at that point. 

If you are purchasing a policy for an individual house you will likely have a lot of this coverage thrown in or included.  

• I would purchase the highest liability limit available as it will not add much cost.  It might be $500,000 or $1,000,000.
• Medical Payments will be included.  I would not purchase any higher limits here as it is part of your liability limit, which means any claim paid here reduces your limit in most cases.  Also the injured party does not have to prove it was your fault to get this coverage.  
• If this is not included I would purchase 1 year worth of Rental Income
• On value let them do a cost estimator and tell you the value or use what the average cost for a new home per foot is minus the cost of the land. 
• If you mean someone else's dog doing damage to  your unit, the insurance will not likely cover this.  You can require them to have coverage for their own personal property and liability in the lease.  If you mean their dog hurting someone else, this would come down to your pet policy and the type of pets you allow in your property along with your General Liability policy if you are named in a suit as a result of your pet policy or because you own the property.  
• I would not cover the fence separate.  Your perils for this will likely not cover what is most likely to happen and will not cover replacement cost (in most cases)
• If you are purchasing in your individual name and buying a landlord policy see if they can put your personal umbrella over the landlord policy to give you added protection for your personal assets.  
• You likely do not need personal property coverage unless it is a furnished unit.  The stove and other items should be covered under your building limit 

This could also fall under the General Liability Insurance of the Landlord.  I would at least do a “report only” to cover yourself.  The auto insurance for the boyfriend could handle the claim, then surrogate against the Landlord or they might not do anything at all. 

I would think the exposure would be the building were to partially blow over or the roof blew up and dumped large amounts of water in the building.  The biggest exposure would be tornado's.  Bylaws and/or Covenants determine what your obligations are in regards to the interior of the buildings. 

Since 1977 we have been working with Real Estate investors, Developers, & Managers on Insurance and Risk Management products.  Our Newest product is for Rental Property Owners with over 10 units (single family -6 plex).  We also do Commercial Properties, Multi-Family, Office-Warehouses, and others.

We use a multi property format that is designed for investors with over 10 houses.  Much easier to maintain than individual policies and has a good discount.