All Forum Posts by: Owen Rosen

I would strongly recommend using a broker that can shop multiple options for you

 Have you spoken to your current/agent provider about adding a rider for renovations?  If you've had an existing policy they might cover it for you.

This is a very broad question.  Perhaps you can give a general idea of the issue you're facing?  Your umbrella typically applies when the liability on your underlying policy is exhausted.

 A rider allowing for using your owner-occupied property as a short-term rental for a specific/limited amount of time is very different than an investment property being used as a short or long term rental 100% of the time.

Also, telling your home insurance company that you STR your home occasionally does not give you extra coverage for those types of risks, it simply means if your renter burns your home down the insurance company isn't going to immediately deny your claim. I'm simplifying but by no means do those riders enhance coverage - they prevent the contract from being voided and add premium to make up for the increased risk.

You're an investor with multiple properties so adding this type of rider isn't really what your initial post was about at all, was it?

@Joel Oh What do you mean by: "Regular home owner's insurance will always pay for guest's damage to the house."?

Jane, John's post is very helpful.  Bottom line, don't prep any funerals.  USAA isn't the end all be all and this is yet another example why it's always best not to tie yourself to any one particular insurance carrier.

Make a relationship with a broker that can stay with you throughout your career.

Jerry-

Some of what Mike wrote is valid in terms of starting life insurance policies with the goal of cash accumulation and then using that cash for investments but it sounds like you're asking about policies you already have. I'd be happy to review those for you. 

If you purchased permanent life insurance you should get an annual statement with current values. You can also often check online or contact your agent if you have one. Otherwise, contact the insurance company.

In terms of starting new policies I strongly agree with contacting a knowledgeable agent.

 I was not suggesting you use insurance to fix the current problems with the property.  Another commenter mentioned getting vacant property coverage and I wanted to mention that typical vacant home coverage doesn't cover water damage.

 I'd add that most vacant home policies wouldn't cover water damage especially if you looked for the "cheapest" option.  Work with an agent that knows what you want/need and can help you.  If you assume it's all the same you're likely to be disappointed if you ever need to use the insurance.