All Forum Posts by: Casey J Burkhead

@Ryan Ingram, REI Guard or I think they are now called NREIG is a referral based structure with the Agent having little to do with the process except referring the client. All Risks is definitely more hands on.

Hey @Ryan Ingram,

Most of my standard carriers are good for 1-4 units (MetLife, Hanover, Travelers, etc.). If you are an investor with more than 4 properties or 8 units, then I would recommend a carrier with a specific REO program. All Risks has been the best one I've worked with but REI Guard also works.

Mace Property Management - http://macepgh.com/

Hi @Cody M.,

You should try to find an independent agent who has a relationship with All Risks Ltd. They have a REO program. OR you can go through National Real Estate Insurance Group.

Mace Property Management is the best - http://macepgh.com/

Hey Matt,

Some insurance companies will have the option and an agent will suggest extending liability in order to save on cost.  However, I never recommend it.  The savings is usually minimal and you're exposure to lawsuit has increased.  You should definitely have more liability coverage once you start accumulating properties.  Just like you should increase liability coverage as you accumulate wealth.  You are protecting assets.  I also suggest looking at other companies for your rental property besides the one you have your home with.  Not all standard home and auto carriers do well with landlord dwellings.

@Account Closed - I'm on the other side of the State but I'd be glad to help.

Hi Angelo,

Clearly I'm going to be a little biased but an Independent Agent or broker is definitely the way to go.  We work with several insurance companies that give the same kind of multi-policy discounts that other captive agent companies do.  In addition, we work with companies that specifically focus on clients who are real estate investors - from one to one-hundred properties.  Most captive agents can only write up to four or five dwellings.  If you want to work with one agency for all of your insurance needs, the broker or Independent Agent is the way to go.

Hi Luis,

I personally never recommend ACV (Actual Cash Value) coverage.  Replacement cost is the way to go.  However, some companies will write "Functional Replacement Cost" for older homes.  This basically means that if there were ever to be a covered claim, they would replace older build items with today's "like kind and quality".  This allows for the replacement cost estimate to be a lot less and therefore a lower dwelling coverage and lower premium.

The only time I will write an ACV policy is if the client specifically asks for it and it's a lower value home.  For instance, I will occasionally get the investor who paid 30K cash for a property and really just cares about having the liability coverage on the policy.

Hi Joseph, 

There are several good options in PA. I have a lot of luck with Philadelphia Contributionship as long as the property is in good condition. Contact me if you want more info.