All Forum Posts by: Dave Lin

Hi @Rob Snyder, you can give an independent insurance agent a try as they will have more access to companies that will fit your needs.  Being a 4 unit, the property can be on a personal policy rather than a commercial.  So much more choices. I am surprised you have having trouble actually.  

I don't think those are high limits.  Pretty standard I would say.

Depending on the company the policies are written with, you may be able to add the LLC as an additional insured without having to rewrite it. You should talk to your agent about it.

Welcome @Juli Febbraro.  The Lehigh Valley real estate is hot right now, hope you find success in it as a R.E. agent too.  

There are private market flood insurance programs in place that are less than the standard FEMA ones. You can contact your insurance agent to ask about it.

Hi @Victoria Zhou I don't see how the lender wouldn't know if you attempt to change it to an LLC as they have a lien on the property and it will need to be cleared during closing. Only thing I can think of if you do a quit claim, even then I would think they would be notified. Otherwise what is to stop someone from getting a mortgage, transfer the house to a friend or family member and leave the lender holding the bag? The banks probably has resources to prevent these scenarios.

If your current insurance for your condo rental units is written as owner occupied, you should definitely change the policy to tenant occupied. You should talk to your insurance agent. If I am in your position, I would increase the liability coverage on my insurance policy and not change it over to an LLC. You would save the closing cost for the LLC transfer too. You can also get an umbrella policy if you feel the underlying policy's liability coverage is not enough.

This is a great story @Sheree H. Kudos to you and your team to have everything done on time prior to the IRA deadline. Your MIL is a big risk taker to play around with her IRA. Your good reputation in the family must have played a big role for her to take the chance. Great job!

Hi @William Godbe You will need to get a dwelling fire policy for your rental.  This will cover the property, liability and typically lost of rent due to do a covered peril too.  You can call a local agent in your rental property city to help you out.  I am not sure if @Edward B. is saying that if you have a homeowner or tenant policy at your primary residence it will also cover your rental's liability; that would be incorrect.  While you may be able to endorse liability coverage on your tenant or homeowners to cover your rental property, it is not automatic.  You need to tell your insurance agent that.   Additionally, this is for liability only, no coverage for the rental itself.  So you would want a separate policy for it anyway.  The umbrella policy you can ask your insurance agent that does your primary auto and home.  Let them know you are buying a rental property and want to add it to your umbrella or get one if you don't currently have one.  

I may be biased, but I don't recommend a public adjuster right off the bat.   If you feel that the insurance company isn't giving you a fair estimate, you should contact your insurance agent first as they are your advocate for something that may fall under a gray area.  If that still doesn't help, you can consider a public adjuster at that time. Most claims are quick so long as everyone is coming to the table without any outrageous expectations.