All Forum Posts by: Owen Rosen

@Neera Melwani State Farm offers a policy that may interest you. I don't know if it's available in all 50 states or not. The title I see is Rental Dwelling Policy - Special Form. It requires a 1% or 2% deductible and the house must be in an LLC. Ask an agent.

@Dane Jutila, have you inquired with any insurers about an umbrella policy? This is a personal liability policy that goes into effect after the personal liability on your other policies (car or home) is exhausted. It might be more expensive than usual because your property insurance has no personal liability coverage, but it's a good route if it's available to you.

I would definitely recommend using an Insurance Broker rather than trying to call around yourself. There are so many variables its hard to compare apples to apples with different carriers. The brokers will more than likely be able to find you a better deal and save you a lot of time. 

I had arranged landlord insurance coverage for my rental property, but when I questioned my insurance agent I learned that it did not cover STR (short term rentals), or rental terms of less than 12 months.

I identified an insurance company(American Modern Insurance) for rentals of any term length but they do not want to provide coverage if the house is rented to students.

Ideally I am looking for an insurance policy that covers rental terms of any length and has no conditions on who I rent to.

Are there any recommendations?

 Simple my Ins co, calls it vacant insurance. Just call your insurance co. Do you have a deal you are working on ?

I am closing on a property sold via foreclosure auction in Connecticut where the tenant needs to be evicted by the State Marshal in the future. If the tenant causes damage to the property, does builders risk provide adequate coverage?

 Always shop your insurance. Also remember insurance is based on "replacement value", ie. what would it cost to rebuild. Typically this will range from $100-$150/sf but of course can be much higher depending on where the property is located.

 Hi Laura, looking for insurance contact for an apartment building I am purchasing in Saint Louis,

 I've seen a lot of these policies and they're often basic perils and actual cash value only.  Be careful.