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All Forum Posts by: Ruth Geller

Ruth Geller has started 1 posts and replied 28 times.

Post: Should We Maintain Homeowners Insurance?

Ruth GellerPosted
  • Insurance Agent
  • Lakewood, NJ
  • Posts 29
  • Votes 13

As mentioned previously it is still recommended to have insurance even if it is not financed. Even if you are willing to take the risk on the Property and take a loss if the house would burn down completely - in the event of a third party claim - liability lawsuits can be costly. 

Post: Umbrella Insurance Policy

Ruth GellerPosted
  • Insurance Agent
  • Lakewood, NJ
  • Posts 29
  • Votes 13

@Brad Peralta You should be able to obtain an Umbrella policy regardless of which carrier the underlying policies are with. Umbrella carriers usually have minimum ratings that they require the underlying carrier to have but an Umbrella policy can be excess of different carriers. If the rental is on your personal name the Umbrella policy should be excess not only your rental policy but home and auto as well. It is possible the carrier you approached will only write the Umbrella policy if they write the other policies but there are companies that will do it. 

Post: Help me with insurance claim on rental

Ruth GellerPosted
  • Insurance Agent
  • Lakewood, NJ
  • Posts 29
  • Votes 13

@Cory Kreitlow I would recommend you reach out to a public adjuster. They can help you walk through the process and be sure it is done correctly. 

Post: Insurance Co obligations after 2 undiagnosed fires

Ruth GellerPosted
  • Insurance Agent
  • Lakewood, NJ
  • Posts 29
  • Votes 13

@Nick G. it can be beneficial to hire a public adjuster in such a situation, they can help you get what you deserve from the company. Feel free to DM me, I can give you some excellent adjusters you can reach out to.

Post: Insurance against lost rents

Ruth GellerPosted
  • Insurance Agent
  • Lakewood, NJ
  • Posts 29
  • Votes 13

@G. Brian Davis great post. it's a great coverage that some programs offer to add. 

Post: Insurance Coverage During Rehab?

Ruth GellerPosted
  • Insurance Agent
  • Lakewood, NJ
  • Posts 29
  • Votes 13

@Amanda Wilson an insurance broker should be able to shop it out for you and get the best available price. 

Post: Looking for rough Insurance Estimates

Ruth GellerPosted
  • Insurance Agent
  • Lakewood, NJ
  • Posts 29
  • Votes 13

@Daniella Steinberg - pricing varies depending on exactly where in NY State it is. Depending on size, construction type and many other factors. Best would be to obtain an indication from a Broker/Agent.

Post: Ready to close on turnkey rental... SURPRISE can't get insurance!

Ruth GellerPosted
  • Insurance Agent
  • Lakewood, NJ
  • Posts 29
  • Votes 13

Are you purchasing it under your personal name or an LLC?

Post: Insurance providers for buy and hold

Ruth GellerPosted
  • Insurance Agent
  • Lakewood, NJ
  • Posts 29
  • Votes 13

@Thomas Guthrie - you need to obtain a policy that will allow vacant/rehab at a property. Once the rehab is done and the property is leased/occupied you can replace the policy with a regular occupied rental policy. 

Post: What home insurance should you set for rental

Ruth GellerPosted
  • Insurance Agent
  • Lakewood, NJ
  • Posts 29
  • Votes 13

@Sam Li - it should be the cost to rebuild not the market value. 

Regarding Liability - I would recommend no less than $500K but it would be wise to have an Umbrella for at least $1M, especially if you own multiple homes.

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