All Forum Posts by: Jon O.

Hi Ryan, One other thing to look into is if the carrier provides loss of rents. In the event of a claim and the tenant needs to vacate the premise the tenant will not be paying rent. You want to make sure the insurance provides you with the loss of rental income for having to displace your tenant.

HI Dawn, your agent should respond to your request if they are a good agent. Customer service is priority number one. Going to a different State Farm agent probably will not help as most agents do not like taking business from another agent from the same company. If you are investing in rental properties, I would suggest looking for and shopping brokers. They have more companies and potentially better products for real estate investors and landlords than an agent representing one company. 

Hi Sarah,

Welcome to BP. I too am in a similar situation in that I'd like to find a cheap condo to start. However, I am finding that cheap condos around the area either need a lot of work or the HOA fees are so high that it makes the deal unprofitable. Would love to hear how your search goes.

Hi Kenton, this policy looks good for what you would be concerned about. As a landlord you want to be concerned most about your property (dwelling) and your liability. This policy looks to cover both these. If anything, opt for more liability or purchase an umbrella policy, As a landlord operating as an individual (not an LLC etc.) you are assuming all risk.

the dp-1 and dp-3 are very different, I would stay away from the dp-1 as you said, it covers less. The liability would not cover the medical per se, the injured party would have to prove some fault/negligence on your part which happened to get them injured for the liability to kick in for medical. Medical payments are often used for small claims, more so often as a "go away payment" or " good faith payment" to an injured party so they do not end up suing you. Medical coverage does not need any proof of wrongdoing on your part to kick in.

you need to be careful with cash value. First off a tax assessment is not a reconstruction cost of the home. It may only be worth 60k for tax purposes but to rebuild the home may cost 100k. In the event of a total loss you footing the bill for extra 40k. Also, depending on if you got a loan to purchase the property, the type of loan may require you to carry replacement cost.

Hi Carlos,

As an insurance professional I feel it's very important you speak with an agent/broker especially if you are unfamiliar with the subject to begin with. Ask them to explain the coverage and different options so you have a good basis of knowledge.  This will help you compare quotes later. If you are buying a home and renting it out for example, there are policies specifically for landlords and have coverages which can provide for loss of rents in the event of a claim and your tenant is forced to live elsewhere.

Feel free to contact me if you have any other question