All Forum Posts by: Tim Norris

There are Programs/coverage available that will do liability only on a per location basis...

I'm with Ned...never heard that term...

That stated, "Replacement Cost" is a term relative to insurance that indicates coverage that allows for the recouping of depreciation in a claims settlement. "Reconstruction Cost" relates to the cost to re-build...keep in mind when determining this cost, the value of the lot/land is already there...

My 2 cents, at least! : )

Hi Rick,

My opinion at least is it is really not an issue of "either/or" as an umbrella and an LLC are/could be created for different reasons. Think of the LLC and other work you may do with legal and financial advisers (such as attorneys and accountants) as your "castle walls and moat" around your assets, personal and otherwise. Think of the insurance you secure as an "archer in the watchtower". In other words, the walls and moat should be your foundation as it pertains to protecting you/your assets. The archer (insurance) won't pick off every bad guy that tries to get in, so having the walls and moat is vital. Think of them working together not in lieu of each other. Hopefully this helps!

Coverage at RC that waives any co-insurance requirement may be the best of both/all options, too.

The market for "smaller" multi-families is a tad harder than it has been in the last few years. Without knowing the specifics (values, coverage, etc...), it's tough to offer advice. That stated, finding an advisor who specializes in real estate insurance, and or commercial coverages is a good start.

Done as well...

A piece that may help regarding commercial versus "personal" insurance:

http://www.nreinsurance.com/Reasons-Why-a-Commercial-Policy-Is-Better.pdf

Hi Azeez,

For your brief description, the pricing seems "in line". You may want to find out whether there is a co-insurance requirement on the offering, and what occupancy percentage avoids any vacancy clause issues in the policy, too.

Tim

Obtaining coverage should not be a difficult issue for this, in my experience, at least...

J Scott---that's never good news. Let me know if I can assist and/or make right anything...please...I know this may not be the best venue to "air laundry", but I am certainly ready and able to do anything I can to help...