All Forum Posts by: Tim Norris

Likely where you live, as they may need to be licensed where you are, not so much where the properties are??? Definitely at least one that "specializes" in assisting RE investors structure such planning. Have a great weekend!

Your insurance number may be a tad high for a $68,000 limit. Better to over-estimate it though...

Never hurts to have more liability, but understand that insurance is just a part of your asset protection strategy. The work you do with legal advisor(s) is just as vital and works symbiotically with the insurance. Think of the entities you create to own/control properties (with appropriate counsel, of course) as your "castle walls and moat". Think of the insurance as the "archer in the watchtower". A corny analogy, but exemplifies the need for such consideration as a part of your business model.

Hi Waylon...welcome to BP!

The challenge presented by Houston/Harris county is the need for what is typically referred to as "Named Storm" coverage. Since many insurers shy away from the coastal regions, your coverage options in these areas are more limited than your experience in Dallas. That stated, there are likely more choices than the TX Fair Plan, it just may be that your agent doesn't have access to them... Hope this helps...

The amount of liability coverage you carry is very dependent upon how much you have at risk. As Corey referenced, a big plus is enforcing tenants to carry renters insurance. The exposures a tenant creates are just as glaring as those you have as the property owner. Remember, also that liability coverage is a part of an asset protection strategy, but not the sole means. Think of the liability coverage working symbiotically with the entity or entities you create. In other words, the work your attorney does is your "castle walls and moat". The insurance is the "archer in the watchtower". Sort of a corny analogy, but should help understand that just buying additional liability insurance may not be the panacea...

You're welcome!

$1,000,000 is pretty standard. The WC is very "state-specific", so the limits may not be applicable, as the coverage is mandated and regulated by the state. Requiring the contractor to carry coverage AND ensuring they do by affirming it with the provider (info found on the Certificate of Insurance - COI) is paramount to every investor. One un-insured contractor causing an incident can mess up your whole day! : )

Really good advice from Ben. One "rule of thumb" we've employed relative to deductibles is to have one that is 2x the minimum claim you'd ever file. Just a quick 2 cents...

Consider the method by which you structure the ownership of assets as your "castle walls and moat" around what you want to protect. Think of insurance as the "archer in the watchtower"...two different mechanisms that function together.

Travis---some personal lines insurers would cover it on a homeowners policy form (since owner occupied), even with the 3 tenants. His cost would be less than that which you mentioned, and you'd pick up coverage for your contents and personal liability. However, make sure those 3 tenants all carry renters insurance! Have him check with the company that insurers his vehicle(s) first.