All Forum Posts by: Owen Rosen

Quote from @Stephen De Vita:

I am investing in multifamily (10 - 35 units). When you are calling around looking for quotes in a market. Do you find better coverage/price with smaller local companies or larger national companies ?

 There's a high likelihood you'll need to work with an Independent Agency for multi-family properties

Where is your property located?

1. You'll need more than liability coverage.  Liability protects against financial harm due to lawsuits.  Property coverage protects against physical damage coverage to the house/property.

2. You don't need property management insurance outside of your landlord/dwelling policy

3. Flood insurance is only required in a flood zone but many prefer to have coverage even if not required by your lender

1. Do you want the physical home itself covered?  Do you have a mortgage? If so, you'll need property coverage along with liability.  These usually come as a package.

2. Do you have operations beyond owning this property and leasing to a tenant?

3. It depends on the property. Flood is a separate coverage/policy if you want protection.

Quote from @Joe Auletta:

Looking to get my first duplex in Cleveland and was looking for recommendation's for insurance companies and policies. Thanks!

 sent a DM if you have questions

This is not rated correctly. Condo would be the selection for an owner of one unit of a condo.

Sorry to hear it.  

Flood insurance is only required (by lenders) in a flood zone but you can typically purchase very affordable flood insurance when you're not in a flood zone.  We're recommending it more and more to our clients but only a fraction decide to purchase.

Quote from @Edward Segaar:

Is it a requirement to have animal liability coverage if allowing dogs and cats in the rental or is that already covered in the home insurance policy?  Is it breed specific?  If their renters insurance covers their pets does the landlord need to have it added as well? Only 1 insurance company I’ve contacted has mentioned this coverage and I am not familiar with it.

1. Likely covered on your dwelling insurance policy but can't be certain without seeing the policy
2. There are likely restrictions based on breed
3. You absolutely cannot rely on the tenants renters insurance.  You can't rely on their renters insurance to cover anything considering it's not your insurance and not in your control
4. Have you asked your agent about any of this?

Quote from @Veronica Joyner:

Hi BP Investors,

Because of the floods, tornados, droughts, and wild fires, is anyone else having trouble obtaining a decent policy for there multi units?

It's a tough market but we're having plenty of success in Chicago

Quote from @Jamie Hailey:

Hi all, I currently own a single family home that is currently vacant and is in the renovation process. Who have y'all had success in insuring your vacant properties. I've already been denied by my insurance company due to the age of the roof. Is there a company you have used that you have liked their prices and customer service?? Any suggestions would be greatly appreciated. Thank you. 

 A good independent agent/broker should have multiple options to insure a vacant dwelling.  Can't speak to the roof issue without knowing more.

Just make sure to be up front about the scope of the renovation because that will dictate the type of policy needed and what companies will accept the risk.  This is not something you can/should be trying to figure out on your own.