All Forum Posts by: Jim C.

@Jason A. : Thanks for the clarification. Your setup would probably work for a few properties, but once you get over 5 or so, I would suggest additional asset protection strategies (Such as LLC, etc). With your current structure, you are exposing everything (personal and rentals) in event of a lawsuit. Just my $.02

@Derek Lacy : So If I understand you, I can just get Business Liability Policy? What would that cover? Slip and Falls? Discrimination Lawsuits? Just wondering what this would include?

@Jason A. - I just re-read your post and you said that your umbrella policy is part of your Homeowners. I would assume that your properties are held in your name and not a legal entity (LLC, Corp, etc). If they are, I believe your insurance could deny any claims since you aren't the 'legal owner' of those properties. At least that what my agent informed me as I wanted to do the same umbrella for me individually but he said wouldn't cover any liability claims on the properties since they were in an entity (LLC) and wouldn't be covered.

Has anyone dropped their Insurance themselves and became 'Self Insured'? Meaning they would take the risk themselves??

@Derek Lacy Thanks for your response.... My deductible is already 5K per house deductible. I guess I was asking if anyone went without insurance at all, and I just 'assumed' the risk for liability on the properties. I am using an Independent Insurance agent and the Erie Quote was the best. My agent is great, but I also know its ALOT of work for him to put the items needed to have the companies quote it.  I'm not too worried about the Physical Damages as I have a 5K deductible and they 'depreciate' any years on the roof life, etc. Since I do the roofing myself, it would be less for me to replace the roof myself than to submit a claim due the ages of the roofs (most are 9+ years).

@Jason A. : I too asked my Independent Agent about just having a Liability Only policy and he said that no Insurance company offers that. 

Hello BPer's:

Anyone else out there tired of the annual insurance premiums increasing year after year, even with no claims ever? My rates jumped 25% on all my properties in just 1 year all with no claims! I have Erie Insurance on my properties and have never ever filed a claim. So, it begs the question: Would you cancel your policy and go without insurance? Even if each one of your properties were held in a separate LLC? I am contemplating this and wondered if this is a good idea? The money I would be saving could be used to defend any lawsuits that "may" come my way. I've never been sued, but do understand that its not a matter of if, its a matter of when. Could save me over 15K per year. Thoughts??

other sites you can check are homepath and homesteps .com

I currently use Quickbooks and am happy with it. I have quite a few properties and it seems to do everything I need it to do. If you Google "Using Quickbooks to manage rental properties" there is some overview on how to maximize efficiency. What are you trying to accomplish in terms of property management? Are you using a PM company or going it alone? 

 Sorry- Meant Property Manager, not Handyperson, per se

I looked at bringing someone on board as an "outside contractor" for a period of time (say 60 days) to see how they would fit in. If you did that, I would suggest getting General Liability Insurance as well as Workman's Comp Insurance. That way, if something happens and the "Outside Contractor" didn't have his own Liability or Workman's comp, you would still be covered. My insurance agent says its cheap protection. 

I also called a local staffing company and they didn't have a handyperson per se, but only did trades (roofing, painting, etc), which would mean you would have to hire multiple people to accomplish a few simple tasks.