All Forum Posts by: Jacob Passmore

Howdy Sarah! The formal name of the type of policy you will be looking for is a DP3 (dwelling fire, landlord insurance, some other geographically radical names).  A very vague estimate for cost would be about .95c per 100 of total value of insurance (100k home/100=1000*.95=$950 annually). There are dozens of factors that could make it more expensive or less expensive than that, but it's an average ball park! 

As far as carriers go, that can vary fairly greatly geographically as well, you may find it best to contact an insurance broker who has access to multiple markets for Real estate investors!

@Jodee W.

I always forget a tag!

I'm a fan of the young guys.. Most of them are hungry, and willing to do stuff that your more "seasoned" guys won't do. Plus it sounds like you have developed a trust of him from prior jobs etc.. but that's just my opinion! From an insurance standpoint,  At a minimum you are going to want to be listed on his insurance policy as an "additional insured", and ask him to provide a "certificate of insurance" stating so for your files. I'd look for a minimum of 1 million General Liab. and work comp (the cert will show coverages he has) Also, I would consider getting a OCP (Owners & Contractors Protective liability)  policy to cover your liabilty. It doesnt sound like the remodel will be too intense, but a Builders risk, with existing building coverage, will cover the property during a course of construction. 

@Jennifer Slaughter, Would it be possible to rent out the home for seasonal use? Hunters for fall, skiers for winter etc? The bison could be just extra income, main focus hospitality, side gig bison? Insurance wouldn't be as as bad as you would think, there are programs for guest ranches, hunting lodges etc. Depending on location/ size of tract there is some money to be made selling landowner deer/elk tags to hunters that would be worth considering! I like the idea! 

@Account Closed, there are too many to list here! San Antonio is a sweet spot in Texas right now. I'll send over a colleague request and see if we cant get you going in the right direction!

Like @Jason Bott mentioned, between the carrier appointments, and E&O insurance cost, not to mention the actual cost of licensing, continuing ed etc. The 10-15% you'd make on commission would be a wash. If you worked for another agency that provided the e&o/carriers etc, then they would likely require/want more production than just a couple of accounts (every firm varies). I'll also add that it takes a considerable amount of time to understand policies/coverages (it never ends, it's always evolving) 1 bad insurance dealing with a customer of yours, and the commission you gained may not be worth the business you could lose.

@Syed Khan

I'm not sure of the exact situation; yourself performing rehab, or GC, will the house sit vacant, are you performing a live in flip?. Most HO policies for a landlord (dwelling fire, landlord insurance) are not designed for anything other than a rent house with a tenant occupancies.  So if your property is vacant, or under the course of construction, a commercial policy or possibly a Builders risks may suite best. Also worth noting, Most HO policies won't go above 500k liability, whereas 1million is basically the standard of a commercial policy.

@Mathew Wray

Forgot to tag!

Mathew

I'm here in Abilene! I'll send over a colleague request, I'll be more than happy to share anything I know about the area!

@Andres Rivero, are you planning on renovating the property or leveling/rebuild?