All Forum Posts by: Owen Rosen
Owen Rosen has started 0 posts and replied 551 times.
Post: DO NOT USE STEADILY INSURANCE
- Professional
- Clinton Township, MI
- Posts 564
- Votes 223
Quote from @Wendy Fong:
Quote from @Owen Rosen:
Quote from @Andrew Pennington:
am working with them now and had the first policy (with Spinnaker) cancelled for nonpayment/late payment so we rewrote another policy (with Millenial) and having the same payment problem again but at least they are communicating that cancellation is coming. they want me to pay by credit card over the phone so the payment wont be late and cancelled again. but when i go to mycoverageinfo.com to check on status it shows its been paid.
I don't believe either of these are actual Steadily MGA policies though. They're just brokering you to other carriers. Steadily has their own product (with multiple writing companies) and then they offer policies through other carriers just as an independent agency would. If you're going to work with an agency, you should work with an actual agency rather that is unbiased in my opinion.
Steadily is an MGA and they also act as an insurance agency.
On the MGA side their in-house product is assigned to a different writing company depending on the state and risk. They/you can't choose the carrier - their software assigns it.
Fortegra is one of the carriers (paper in insurance parlance) that their product is written on.
That said, Fortegra is A- rated I believe by AM Best so that isn't the issue.
I'm going to take a guess and say that your umbrella is written with PersonalUmbrella.com (Markel) and they require all underlying insurance to be A-rated but also with an admitted carrier. Fortegra is non-admitted in California and that's likely causing the issue.
Post: Help with Apt insurance in California
- Professional
- Clinton Township, MI
- Posts 564
- Votes 223
Quote from @Mel Rosario:
Hi
Does anyone know which companies that are willing to insure multiplexes in California, particularly coastal Oceanside, CA? I am currently with State Farm but they will not renew the policy after May 2025. I am beginning to worry after the recent fires, so I am starting now. Please advise.
Thanks
Mel
I'd recommend a local Independent Agency that has access to multiple markets including surplus lines
Post: Have you ever used your umbrella insurance policy?
- Professional
- Clinton Township, MI
- Posts 564
- Votes 223
Quote from @Nathan Gesner:
Quote from @Owen Rosen:
HEY! It's an insurance agent! Surely you know some answers to these questions:
1. What were the circumstances surrounding these claims? If the insured driver was sued for more than their car insurance covered, the accident must have involved negligence. Or did they crash into a zoo full of endangered species?
2. I believe the standard vehicle liability is $300,000 while the average settlement is less than $60,000. What are the odds of a vehicle accident resulting in a settlement greater than vehicle liability will cover? They must be very low odds because insurance companies are in the business of making money, not paying out maximums.
Nathan-
Every state has different laws believe it or not. Different insurance minimums, maximums, etc. Even different standards for lawsuits and what can be sued for.
It's really not important for me to explain the "circumstances" behind these claims. We're talking about FATAL car and boating accidents. What is that pain and suffering worth? $300,000? OK, good luck with that if you have easily accessible assets like a home you don't live in.
Meanwhile, what are the odds a term life insurance policy pays out? What are the odds your house burns down or gets hit with a tornado? The odds are VERY low thankfully otherwise insurance could not exist. Even so, most people choose to buy coverage for things even if there's a 99% chance they won't need it. Do you?
Does that mean everyone needs an umbrella? Nope. You asked if I've seen them come into play and I have several times. I recommend them when they are appropriate as any good agent should.
Post: Have you ever used your umbrella insurance policy?
- Professional
- Clinton Township, MI
- Posts 564
- Votes 223
Quote from @Nathan Gesner:
I’m curious to hear from private real estate investors who’ve faced unexpected insurance claims and were protected by an umbrella insurance policy.
We often see discussions whether investors should use an LLC or an umbrella insurance policy. I have looked for examples of landlords that were protected by their LLC and always come up empty handed. It occurred to me today that I've never asked about umbrella insurance claims.
I’m particularly interested in real-world examples where this type of policy came through during:
- Property damage (fires, storms, floods, etc.)
- Liability claims involving tenants or third parties
- Major unforeseen events
If you’ve ever had to file a claim and your umbrella policy saved your bacon, I’d love to hear:
- What happened? (The claim situation)
- How did the umbrella policy protect you?
- Any lessons learned or advice for other investors?
These stories can help others make better insurance decisions before they need it. I appreciate any insights you can share!
Umbrella insurance will never come into play for Property damage (fires, storms, floods, etc.)
It is liability coverage only.
I'm an insurance agent and have seen umbrella claims from fatal car and boat accidents. These were not specifically related to owning rental properties but the clients' assets (including any owned property) was better protected due to having umbrella coverage.
That is the purpose of umbrella insurance. If you are involved in a fatal car accident do you want your rental property assets exposed?
Post: Opting for Actual Cash Value vs Replacement Cost if Home Damaged by a Fire
- Professional
- Clinton Township, MI
- Posts 564
- Votes 223
Quote from @Alex Tang:
Not enough information here to answer this question accurately.
Is the home a total loss? If you choose not to rebuild/replace your settlement would usually be for actual cash value.
It's unlikely you can get a settlement for above the coverage amount you paid for.
@Ryan Kelly mentions what is known as extended dwelling coverage. That is coverage above the stated coverage A/dwelling amount if needed to rebuild. That applies to replacement cost only and only if more $ is needed to restore the home to a pre-loss condition than what is available under coverage A.
Post: Should I get extra insurance outside of Aircover?
- Professional
- Clinton Township, MI
- Posts 564
- Votes 223
Quote from @Brian Malavsky:
Totally agree with everyone else and I didn’t see anyone mention an “Umbrella Policy” I just got quoted this week for $1,000,000 coverage for only $350/yr. These policies also cover you in all other areas of life like car accidents as well. Consult you insurance broker for specifics but I found this policy to be very protective and reasonably priced.
With regards to an umbrella policy they are typically good to have.
That said, an umbrella doesn't have anything to do with the original question of the thread. The poster was asking about broken/damaged household items and guests destroying a rental. An umbrella has nothing to do with those circumstances.
I think some people hear umbrella and assume it's some sort of magical insurance that will protect them if anything goes wrong. That's not the case. It's designed to protect assets in the event of lawsuits, negligence, etc. and it only applies when there is underlying insurance coverage. That's it. It doesn't add layers of physical damage coverage or cover things that wouldn't otherwise be covered.
Post: Has anyone used Obie Insurance?
- Professional
- Clinton Township, MI
- Posts 564
- Votes 223
Quote from @Rachel H.:
@Nina Erlandson Personally, I have not heard of Obie Insurance. I use Foremost for my mobile home investing business with the properties I buy and hold. Will be interesting to hear what others have to say here. Always good to know of other companies who provide products and services!
I'm an independent agency owner that represents both Foremost and Obie. Obie is a great product as is Foremost. Obie provides non-admitted coverage though so it's different than Foremost in most areas.
That said, Obie does not insure mobile homes @Rachel H.
Post: Rental Insurance Dyer Indiana
- Professional
- Clinton Township, MI
- Posts 564
- Votes 223
Quote from @Gloria N Gear:
Quote from @Owen Rosen:
Quote from @Gloria N Gear:
Goosehead Insurance -- I saved about $1300 across 5 properties and increased my coverage. I will PM you my rep -- they are in Indianapolis, but if they don't cover your territory, I am sure they can send you contact info for someone.
Goosehead is a franchised agency. It's not an insurance company/carrier. Just clarifying for those out there.
I've heard nothing but complaints from customers AND their franchise agents reegarding the quality of their 800-number service center.
Well I must have an AWESOME local agent because I have no complaints at all and have used them for years.
However, the Goosehead model is designed for the local agent to sell and the corporation to service. The agents are charged for this service no matter what so it's difficult for the agent to service from a time and financial perspective. Many agents do because they want to help or have to but the conflict is real.
Post: Insuring your House Hack
- Professional
- Clinton Township, MI
- Posts 564
- Votes 223
Quote from @Jeff Schemmel:
@Heather Bailey they will ask you what style of renting you plan to do. To the insurance company they will view an STR differently than a LTR. I am not privy to the details of that from their perspective, but I would hesitate to assume the policies are the same; I don't believe they are.
This is correct. STR is different from LTR for insurance. You have to be up front about how the property is being used.
Also, remember that umbrella insurance will not do anything for you if the underlying property or vehicle is not insured correctly. No protection in those cases whatsoever. Also, umbrella is for liability only (lawsuit protection) and not property protection.
Post: Rental Insurance Dyer Indiana
- Professional
- Clinton Township, MI
- Posts 564
- Votes 223
Quote from @Gloria N Gear:
Goosehead Insurance -- I saved about $1300 across 5 properties and increased my coverage. I will PM you my rep -- they are in Indianapolis, but if they don't cover your territory, I am sure they can send you contact info for someone.
Goosehead is a franchised agency. It's not an insurance company/carrier. Just clarifying for those out there.
I've heard nothing but complaints from customers AND their franchise agents reegarding the quality of their 800-number service center.