All Forum Posts by: Kevin Koone

Brad, most things "outside" the structure are not covered in your policy.  Is this a service line?

Thanks Ben!!!!

Jay,

I know when I write policies in an LLC, different companies like it to be written differently. Some List the LLC as the named insured and then the individual partners under that as named insureds. Others want the LLC to be an "additional insured" almost like a Mortgagee but want the policy in the name of the individual(s) and that's how they rate it. Some companies won't write the policy in the name of the LLC period. Never have I seen it cost you more or less to do either.

Just make sure on the commercial policy your addressing coverage like:

*Replacement Cost(the property and any personal property).  Be in the know if you're dealing with a "coinsurance" clause.

*Loss of use or Business income.  This is a biggie.  You want to be paid if you have a loss and can't rent it while it's being repaired/rebuilt etc.

*on the liability side, find out whether the limit is per location, per term, per door whatever.  Just know what your policy covers.  

I hope this helps?? 

Jay,  

a "MASTER POLICY" will work for you, but remember you lose some coverage that you have with a "good" dwelling fire" policy.  Also, you're sharing a liability limit throughout all the units.  Hopefully that's never an issue, but you never know.  Let me know if I can help.

Kevin

Gururaj,

That's weird.  I don't find that in their guidelines at all.  Maybe that's a state specific thing??? Foremost is always more expensive but they'll cover risks that others won't so don't rule them out for the future.

I'm glad you got it handled!!!!

David, I'm late to this and I hate to hear this happened to you. There's a difference in just a regular "landlord" policy and a vacant or renovation policy. If you were honest about the process and your agent put you in a landlord or dwelling fire policy that's on them. That's why carry E&O coverage and hope to never use it. IF you do this again be sure you go with a vacant/renovation type policy. They are more expensive but they would cover most issues while the property was vacant.

Aaron,  Are all the properties in NC?  All single family?

Jay,  What type of properties are they?

Gururaj,

Alot of providers are getting into the STR market. We do a lot with Travelers and Foremost. Travelers just recently changed their position so not everyone has followed the update. Let me know if I can help.

Jay, I'd be glad to look at them for you.  I'm an agent in Arkansas.  Are these multifamily or single family policies?