All Forum Posts by: Christine Callaghan
Christine Callaghan has started 3 posts and replied 17 times.
Thanks for responding. They're hard to find though. This is such an 'in-between' market (not long term, not short term ) there are just a few who specialize here. I prefer recommendations. I'd love to find someone whose already successful in this area.
Hi There, Could anyone recommend a good management company to manage a furnished 4 bedroom house in East Nashville for 31 days or more.
I feel this is a very ‘in-between market’ and I can’t quite find a company who focuses on this market yet. I’m looking for someone who does more that just list it on Airbnb as a 31 Days plus, VRBO, Zillow, or Furnish Finder etc.
I follow the Mid Term Rental Group on Facebook and listened to many Bigger Pockets podcasts from those who focus on mid term and they are listed on so many places and have built relationships with insurance companies and corporate rentals companies etc… resulting in a healthier looking calendar. This is the kind of management company I'm looking for. Any suggestions?
Quote from @Judith Aguilar:
@Christine Callaghan adding those entities as an additional insured would seem to solve the issue. i would probably go ahead and do that if you are having trouble binding the coverage as they are currently written.
what type of properties are they?
Hi Judith
They’re Single family rentals.. annual and short term
Quote from @Errol Graham:
I recently had the same issue with some properties which I deeded into a single LLC in Florida.
I wanted the insurance in the name of the LLC only and some insurance companies would not do it. What I ended up doing is to get liability insurance in the name of the LLC and separate peril insurance also in the name of the LLC. This strategy also allowed me to get more liability coverage that would be bundled in a landlord policy covering both peril and personal liability. For example Citizens Insurance Company would only provide $100k of personal liability in their typical coverage. It's good if you can find an independent broker who can provide sound advice.
Thanks Errol, this is helpful
Actually Citizens is one of my carriers in Florida. So I understand. Can I ask which company you worked with to get the coverage for the properties deeded in the LLC's ?
Just saw your post Jason. Thank you.
I'm trying to do two things. To limit the lability I want to have my properties hold title in a legal entity rafter than my personal name. Like an LLC or Trust.
And, I also need the typical landlord property insurance coverage for that property titled in the trust or LLC.
That's were the challenge is. My current insurance company wont do it. I may have to get a commercial policy. Just wondering if anyone else has had to go that route?
Well, for the asset protection I'm trying to create, the deed will reflect the name of the LLC or the trust as the owner of the property and the insurance company writes the policy in the name of the legal owner. They won't write policies in an LLc or trust, only add them as an additional insured. So I may have coverage but not the asset protection I want. I currently have the typical landlord policies in my personal name. I guess I need a different insurance company. Any recommendations?
Hi everyone,
I'm working toward setting up my Nashville and Florida properties in either a Trust or LLC's or maybe a blend of both. However, I'm finding it challenging with my current insurance companies to find adequate coverage. They're suggesting re-writing the policies in our personal names and adding the LLC or Trust as an additional insured which seems to miss the point. Any suggestions ?
Very helpful. thanks Zachary
Thank you Bonnie