All Forum Posts by: Owen Rosen

I have a 4 plex ready to go. Two units are year round, two are mid term. I have been having a heck of a time finding insurance. My insurance agent tried Allstate but they said all units need to be occupied before they write a policy. I’ve heard terrible things about Obie and Steadily. Proper insurance is crazy expensive. My insurance agent found two others but both required an automatic water turn off at the main valve but it’s physically impossible to put one there. I have my first tenant moving in next week!

@Julie Haggerty, do mid-term rentals require a different kind of insurance? I'm aware that short-term rentals aren't covered by traditional home insurance, per se, but is such the case with stays over 30 days?

Thanks,

Jon

We have a lakehouse that we're considering listing as an STR part time. Do we need to convert the deed to an LLC first? Do we cancel our homeowners insurance and replace with commercial insurance?

Hi Kirsten,

A lot of my clients are using Goosehead Insurance for their investment properties. Goosehead writes through a lot of different companies, so they can find a good fit for you.

Feel free to connect if you would like a recommendation to an agent in the Indy market.

Staci 

Hello everyone,

Bigger Pockets provided a lease agreement for Arizona which has an option to require the tenant to a include liability requirement in their renters insurance.

I'd like some advice to help me understand if I need to include a liability amount as a requirement and how to adjust this amount for different properties.

Thank you in advance!

-Dave

@Owen Rosen What about the insurance advice is ‘was off base’?

You can certainly say something like :If the first property hits $100,000 (or $200,000) equity then you should do so and so. Or it's not a good idea to put more than 'this much' property within one LLC and why. Providing caution without some suggestions rendered the post meaningless.

@Owen Rosen

Thanks for the caution.  Now, could you provide suggestions in her case or other case scenarios?  

We moved our properties to USAA and had no issues in spite of a claim shortly before the move for quite a bit of damage from a burst water heater. If you or your parents are a veteran then you should reach out to them.