All Forum Posts by: Casey J Burkhead

Hi Nathan - I agree with what John said.  And I am seeing rate increases on property insurance with every single carrier, unfortunately.  There are several knowledgeable agents from different areas of the country on here - if you give us an idea of where the property is located, we may be able suggest a carrier that would be a good fit.  I am located in PA and I am writing most of my multi-family business with Millers Mutual.  Their prices are very competitive.

- Casey

Hi Cass,

I have found that Berkshire Hathaway Homestate is very competitive on vacant property valued over $100K.  The coverage is flexible depending on the condition of the property and the building age.  Feel free to reach out if you want more information.

- Casey

Hey Chris,

You can find pretty much the same coverage on a package policy as you can on an individual policy so in my opinion, it ultimately comes down to ease of use.  When you start managing 10+ properties, a property package policy makes it a lot easier to maintain billing, proof of insurance, renewals, etc.  Some of my clients find it more difficult for tax purposes but as long as you have an agent that can help you divide up the premium per property, it's not a big deal.

- Casey

Hi @Sandeep Dhall,

I've had luck with Millers Mutual in Ohio.  It's a true BOP policy and you can package an unlimited amount of properties on one policy package.

- Casey Burkhead

@Matt Anderson - Travelers is very open to these situations.  An independent agent with access to Travelers will most likely be able to write you the type of policy you need.

Hi William,

I have access to Guard and the quote should say that the occupancy type is "Held for rent" or "Non-Owner Occupied Bldg."

- Casey

Hi Shin,

If the subrogation is successful, depending on the insurance company, it would most likely not affect current or future rates.  However, if they cannot successfully subrogate, it can definitely have an affect on future rates.

- Casey

Hi Laura,

Depending on the discrepancy between the purchase price and the market value of the home, there may be insurance options.  Feel free to reach out if you'd like to discuss further.

- Casey

Hi Laura,

You would only purchase homeowner's insurance in that case but you would indicate that it was a 2-family dwelling.

Hey Nick,

It's true that it can't be escrowed because there will be no escrow account without a mortgage.  And the billing options are determined by the individual insurance companies.  Most will allow property insurance to be set up on 1-pay, 2-pay, 4-pay or automatic monthly payments.  I'm sure there are some that will only take pay in full though.  It just depends on the company.

- Casey