All Forum Posts by: Owen Rosen
Owen Rosen has started 0 posts and replied 547 times.
Post: House Hacking Homeowners Insurance
- Professional
- Clinton Township, MI
- Posts 560
- Votes 220
Quote from @Charles Evans:
For a house hack, on questions for homeowners insurance like "how many people are living in the household," etc... do I need to answer with just my unit, or do I need to list them as well? Probably a silly question, but I feel like duplexes or more are a little more complicated when it comes to insurance, which is something I never thought about PRE buying the house!!! Any good companies for multifamily houses lol?
Shouldn't be complicated. Here's the conversation with an agent: "My house is a duplex. I live in one unit and I rent the other out. OK, how many people live in your household? Got it. How many people live in Unit 2? Got it, thank you sir."
If you're trying to do something online or through a call center, yeah, it could be more complicated but just be open about your situation. It's not abnormal.
Post: How to deal with Insurance companies when HOA has imposed Special Assessments.
- Professional
- Clinton Township, MI
- Posts 560
- Votes 220
Quote from @Kiran Dayalu:
Thanks again Owen. Do you mean a trusted advisor agent at State Farm insurance? Which agency can I talk to on this for advise?
Didn't you work with an agent/agency to purchase the policy?
Post: How to deal with Insurance companies when HOA has imposed Special Assessments.
- Professional
- Clinton Township, MI
- Posts 560
- Votes 220
There's no way to answer this for certain based on this information. Think about it this way - did the HOA successfully file insurance claims or did they have to go after the builder? Or both? If there was not a covered insurance loss there isn't likely to be a covered loss for you either.
Rather than worry about what State Farm might do, don't you you have a trusted advisor agent that you can talk to at the agency for advice?
Post: How to deal with Insurance companies when HOA has imposed Special Assessments.
- Professional
- Clinton Township, MI
- Posts 560
- Votes 220
Is the HOA imposing the assessment due to an insurance claim or is this a maintenance situation? "Water issues" is vague.
If it's related to maintenance your loss assessment coverage won't apply.
Post: Tenant Temporarily Without Heat Question
- Professional
- Clinton Township, MI
- Posts 560
- Votes 220
Quote from @Josh Otero:
Quote from @Logan Beckner:
Quote from @Chris Seveney:
Quote from @Logan Beckner:
Looking for some advice for a current situation for one of our rentals that we self manage. On 2/20/25 our tenant said that the HVAC heating was not working. I went out that night, reset the breaker and the furnace - heat came on and worked no problem. The house was 72 degrees at the time. 24 hours later the tenants said that the heat was again not working. The thermostat was set to 72 but the inside of the home was 68 and the furnace was not coming on. That was on Friday at 7pm. So we contacted our HVAC person and they agreed to come out on Monday 2/24/25 at 8am. In the meantime, we offered space heaters so that they would be more comfortable. On Monday morning the HVAC tech came to the home and determined that the control board failed on the unit and would take about 5 days to get the part for install. Now, the next day on 2/25/25 the tenant is requesting that we give them a 25% reduction in the rent for the month, sighting that 30% of the month they have been left without heat. They claim that they cannot use the space heaters at night due to it not being safe. I have never come across a situation like this so I’m reaching out to get some advice. Let me know if there’s anything you need clarified to help! Thanks everyone.
This is what renters insurance is for.
yes, I'm also curious to hear about the renter's insurance and how it plays a factor in this scenario
It doesn't. @Chris Seveney, renters insurance would not apply in this situation because there is no covered peril in play. Loss of use applies when a covered loss/claim causes the dwelling to be uninhabitable. Maintenance on a furnace is not a covered peril.
Post: Asbestos Abatement coverage on insurance policy.
- Professional
- Clinton Township, MI
- Posts 560
- Votes 220
Quote from @Donald Paul:
We recently had a fire at our rental unit. The tenants are ok and had renter's insurance.
During the renovation quotes, asbestos was found and tested. Abatement is needed. We have Dryden Insurance with a VIP Plus Dwelling Package, Coverage/Form DFL-153P added to the policy. We are told this policy does not covered asbestos abatement.
Please note that we do have Ordinance or Law on this policy that will cover up to 2.5% of the Coverage a-Residence. But this does not cover the total cost of the abatement.
Here is what is shown in our policy? Would this cover the abatement. Thank you for any assistance.
Liability is for lawsuit/legal protection. Not your own rehab at your own property.
Post: Aircover vs. Proper
- Professional
- Clinton Township, MI
- Posts 560
- Votes 220
Quote from @Lauren Lockett:
I'm currently looking for an STR policy as well. I'd get a quote from Steadily as mentioned, but Thimble is another one I read about in an AirDNA article. Hope it helps!
Thimble does not insure short term rentals. Or any habitational insurance for that matter. That article was probably written by "AI."
Post: To claim for not to claim??
- Professional
- Clinton Township, MI
- Posts 560
- Votes 220
Quote from @Ken M.:
Quote from @Owen Rosen:
Quote from @Ken M.:
Quote from @Chris Wagner:
Thanks Ryan that’s pretty much what I think. I just wanted to get confirmation from the pros. I appreciate it.
This isn't necessarily the case
Well I'm an agent so that won't be necessary.
Post: To claim for not to claim??
- Professional
- Clinton Township, MI
- Posts 560
- Votes 220
Quote from @Ken M.:
Quote from @Chris Wagner:
Thanks Ryan that’s pretty much what I think. I just wanted to get confirmation from the pros. I appreciate it.
This isn't necessarily the case
Post: How do you verify that tenants have insurance?
- Professional
- Clinton Township, MI
- Posts 560
- Votes 220
Quote from @Clint McMillian:
I know for a fact that a good number of my tenants have been faking/cancelling renter's insurance soon after getting approved for the lease. What are some ways I can verify that tenants are protected throughout the entire lease?
You should be added as an Additional Interest so that you receive notification of cancellation.