All Forum Posts by: Kathryn Schauer

@Jason Bott Thanks so much for the reply.  So helpful to know that this is common.

This setup prevented me from being able to get umbrella insurance through my personal homeowner's insurance company, however. They saw that the Named Insured was the property management company, which is an LLC and so they said they didn't offer any umbrella that would cover me.

Just purchased my first rental property.

The insurance company has a sort of a "Master Plan" agreement with the property management company I am using.  As such I get a quote that is cheaper than normal as long as I am using that property management company.

The Named Insured is the Property Management company, and the Additional Insured is my name.

When I questioned this, they said they set it up this way so that the property management company can file claims on my behalf, without having to wait for me as the owner to do it.  This property is out of state and the property management company apparently is used to very hands off investors.

First question:  Does this Named Insured vs Additional Insured seem like the correct setup?  What issues could this cause if there were a lawsuit of some sort?

Second question: My personal limit is $1M, and General Aggregate limit is $2M. Do these seem adequate? And if you had these limits would you still want an umbrella policy in addition? I realize you can't know how much someone is going to sue you for in the future for some unknown reason, but as a general rule, how much is industry standard for one SFH?

Thanks!  

I appreciate this response :) 

@Marc Winter this was always my impression.  I'm getting a wide range of responses, which makes me hesitant to push back at all on the seller.  

@Eric X. Thanks for your response!

I'm under contract on a SFH that I plan to buy and hold long term. Close is set for April 15th. The inspection is done and the repairs identified in the inspection have been addressed. Appraisal is done. Now with COVID I'm just wondering if I can further negotiate the price. Has that period already passed?

Thanks for your reply @Jonathan Oh

@Ali Boone this is in Indianapolis.  I did cancel.  In the end I felt comfortable with the property and repairs that they offered to do, but won't work with the guy I spoke to.  He was borderline insulting to me and no one needs that.  Thanks for your replies.

@Ali Boone thanks for your thoughts.  I think you’re right, nothing will come up flawless.  Based on what the inspector said I do think this is a good property.  However the last phone call didn’t go well and I don’t feel comfortable doing business with that person. 

@Kenneth Garrett there was never any mention of warranty on the work.  

@Michael Robbins agreed.  I think I have to move on.  The last conversation I had with the seller wasn't productive.  He was defensive, and critical of me.  I can't do a home purchase, and have an ongoing property management relationship, with someone like that.