All Forum Posts by: Casey J Burkhead

Bruce,

Your personal insurance agent is correct, although having a personal umbrella policy is still a good idea. Is your Ohio agent independent with access to multiple carriers? If so, they should be able to find you property policies that will give you a million in liability coverage - whether they are individual policies or packaged together. They should also be able to provide an umbrella for the LLC if you want the additional coverage over the underlying limits. If that agent does not have access to these options, I'd be happy to help.

- Casey

Hi Allyson, 

The 60 days others are mentioning is correct. Sometimes you get 90 depending on the company and what needs to be fixed. However, I don't believe NREIG will be your answer as one person mentioned - because as far as I know, they don't insure any owner occupied property. 

I would have several different options for you. Feel fee to message me and I'd be happy to help. 

-- Casey

If they are listed as mortgagee on the policy with their address then yes they will be sent a copy of the policy through mail. 

Rik,

Getting a quote shouldn't be that difficult. I have several options. Let me know if I can help. 

Pittsburgh is my sweet spot. I'd be happy to help.

Hi Leigh,

I'd be happy to provide an option if you need one.

- Casey

Hi Tom,

You're right, that advice your agent gave you is terrible.  If a claim were to happen while the property is vacant and being renovated/repaired, the insurance company would not cover it if it's insured on a landlord policy.

You need to purchase a vacant property policy.  Most companies have a minimum earned premium of 3-months for this type of policy but at least you can be covered properly until the work is completed and you have a tenant in place.

I would call an independent agent and get some better options.

- Casey

Not that it helps you with your current situation but that's just one of the benefits of having an independent agent handle your policies.  When you work directly with the insurance company, you as the client are the one having to do the leg work in regards to the servicing.  With an independent agent who works for you and not the insurance company, those types of situations are handled a lot more smoothly behind the scenes while you worry about other investment property concerns.  And NREIG is by no means always the lowest priced.  There are plenty of property package carriers that are just as competitive and can be purchased through an IA.

Hi Jeremy,

There are many options depending on what kind of property you are purchasing.  I'd be happy to provide you with some choices.

- Casey

Hey Pat,

I have used both All Risk's program and Seattle Specialty for investors with 10-100+ properties.  They both have online portals for managing your own property list.

- Casey