All Forum Posts by: Jared Townsend

Hi Jason,

In many parts of the country CBIZ is the main player. Due to Florida's booming vacation rental business (Disney anyone?) we have several others that provide more comprehensive coverage catered to vacation rental properties. Progressive's home owner's partner (American Strategic Insurance) is one of the industry leaders in this area.

 Sounds like a plan!

- Jared

Hi Maged,

We work with a number of carriers that specialize in short term rental insurance. They understand the risks and rate it accordingly. Oftentimes you will find the rates are not much higher than on an annual rental property.

The short answer is that the right agent can get you coverage quickly. I'd be happy to answer any specific questions you have! Feel free to message me any time.

- Jared

Renters liability coverage only covers the tenant. You should have your own landlord liability coverage to protect yourself. It is a good rule of thumb to mandate renters insurance in the lease -- good point Jacob!

Insurance should not cost much more for an LLC. Call around to multiple agents to find one that is familiar working with investors. American Integrity and Florida Family will both provide liability coverage for an LLC for no additional charge.

I hope this helps!

Mike,

You are correct. The liability coverage on your condo HO6 policy will pay for your defense costs and settlements up to the policy limit if someone were to sue you for damages incurred inside your unit. Typically policies max out at $300k liability cover but if you are high net worth we would encourage an umbrella policy of at least $1million.

- Jared

Hi Alberto,

You certainly chose a great place to further your investment education! Poke around the forums and blog posts and you can answer nearly any question you have. Most members are responsive if you ask for more detailed information as well.

Good luck!

Welcome Reddrick!

There is certainly a lot to learn. The blogs and forums are both great resources but it if that fails don't be afraid to ask other members. We are always happy to help!

Welcome! You'll find everyone here very welcoming and willing to pass along knowledge. Just don't be afraid to ask questions!

HOA will the exterior and common areas of the building. You need condo insurance (HO6 policy form) to cover the interior drywall and buildout (cabinets, flooring, etc). That policy should come with $300k liability included.

If you don't have a mortgage you could do a liability policy only and get higher limits up to $2million. One thing to remember is with condos one of the biggest liabilities is damage to your unit that spreads to other units (ie water leak).

A wind mitigation report may not do much for you because a 10 story building will be rated as superior construction with a reinforced concrete roof. A wind mit will not provide further discounts to you.

Feel free to message me any other questions you may have!