All Forum Posts by: Dustin Wells

A smaller point that I learned on a podcast on this topic was to be sure that 'common' incidences are included - slip and fall, dog bites while on property were common examples that were given.

Thank you!

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Houston, Texas

Quote from @Richard F.:

Aloha,

Normally you would require the Tenant to add you/your Company as "Additional Insured", or possibly "Additional Interest", depending on the company. This will cause you to automatically be notified by mail of cancellation or non-renewal.

Most people do NOT have it. Most D or C- Renters will not be likely to get it due to cost. However, you can, after checking local law, require Tenants to obtain it. Highly recommended for A and B properties; may be a financial deterrent to C and D prospects.

Be sure YOU have a "Landlord" Policy, not a "Home Owner's", and be clear whether you are covered for "as built" finishes only, or upgrades that may have been made; also, especially for older properties, "ordinance of law" coverage is important in case of a major event.

Thanks for the input!

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Houston, Texas

Hi Everyone,

I'm looking at getting my first rental, and am researching insurance. I'm trying to decide on insurance coverage. Am I right in assuming if a renter has renter's insurance, and they miss a payment on their policy, their policy may be cancelled, or at least any claims after non-payment may be denied? If they missed their payment on the 1st, then something happens on the 2nd, the insurance company could deny a claim based off that? I don't know if it is that straight forward or not. I assume I probably am not able to be notified if they have not kept up with their insurance payments? Do most people have landlord insurance? Thanks!

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Houston, Texas

Hi Everyone,

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Houston, Texas

Quote from @Eliott Elias:

You can not use a primary residence loan to fund an investment property. You may move out if your circumstances ever change, but it is mortgage fraud to use this loan to fund rental property.

I figured so. Why would the lender be offering this?

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Hey guys and gals, I am looking at buying a property and started talking with lenders. One guy talked to me about considering it a Primary instead of investment for a less costly loan. He was saying they would do that. What are the pitfalls of that?

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All Forum Posts by: Dustin Wells

Dustin Wells has started 3 posts and replied 6 times.

Post: Landlord and renters insurance

Post: Landlord and renters insurance

Post: Landlord and renters insurance

Post: Landlord and renters insurance

Post: First rental purchase as primary?

Post: First rental purchase as primary?