All Forum Posts by: Donald Stevens

Chris is right. Appliance failure would be a home warranty, leaky pipes in the wall could be covered by a landlord policy. You are potentially talking about two separate polices.

Bonds are like lines of credit for a specific purpose. A bond guarantees a payment of debt to protect the person requiring the bond. The bond pays on your behalf, then you have to pay the bond back. Its prevents someone else having to potentially struggle with collection efforts in the event of a default. Bonds are typically credit and asset based as the bond company wants to know they will be repaid if they have to pay on your behalf.

As far as this company or this deal, I can not offer any advice. I would consult an attorney.

Your deductible should be an amount you can afford to pay out of pocket. Only insure for an amount greater than you can afford and you will pay lower premiums and carry a risk you can handle.

Some discounts to explore are multipolicy, tenant screening, claims free, carbon monoxide detector, smoke detector, alarm, deadbolts, fire extinguisher, using a property management company, age of home, new purchase, eviction search, requiring renters insurance for the tenant, and more depending on the company.

You should reach out to an agent that specializes in rental properties. Sometimes its not the company that is the problem, sometimes its the agent representing the company, and sometimes its the company. There are other companies that offer triplex coverage, we write them all the time. Never hurts to double check your current policy against other options anyway. All you lose is a little effort and time, but you may gain in coverage and savings.

You may want to look at insuring your properties under a commercial policy or with a company that specializes in larger multi-property investors. We work with a few of them and it usually takes a specialty agency to be aware of the companies that are available and which one would be cost effective for the coverages you want and need..

Sorry, didn't relialize you had responded. 50 years old is not bad if the updates are being made and the property is in good condition. You really have a lot of options if you know where to look. I believe Crusader may be a good option but it really depends on the coverage you are looking for and of course the premium. Farmers is a good option but a few brokers like Chris said would not be a bad option either. Find someone that knows habitational like some members on this site. We write them in California all the time so we know there are options for you and its just a matter of getting some quotes and making a decision.

Lability only should cost $200-$300 a year. A landlord condo policy may cost the same amount and cover damages under covered perils from the walls inward. I would call some brokers and compare the difference. Remember, anyone can sue anyone for anything. If not for anything else, get the liability policy to cover your legal expenses.

Ask Liberty Mutual if they will extend your liability on your homeowners policy to your vacant lot. Many companies do offer that coverage, otherwise you will need to either find a new homeowners insurance company or purchase a CPL (Comprehensive Personal Liability policy) seperately.

How old is the building?

I think we have to agree to disagree. That's what makes this country and even this forum great. Everyone has a different opinion and hopefully it helps people make the best decision for them. Thanks Bill.