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All Forum Posts by: Sam Johnson

Sam Johnson has started 2 posts and replied 4 times.

You guys are all brilliant! Big thanks to both @Darius Ogloza for attempting to communicate what I think @Jason Bott has made really clear and especially to Jason for that clarity!

I went back and checked my Umbrella and it does indeed quote "Underlying limit: $300,000 CSL" - so I will call back my agent and get that added to each of the properties.

Big thanks again all, you've saved me a potential $300k!

Thanks for the responses all. The quotes have come through from an Allstate agent outsourcing to American Modern so that we can cover multiple rentals under the same policy. They came back with $0 liablity - so I presume they are happy to allow it, I could add on $500k for $79 per dwelling.

@Darius Ogloza - it sounds like this may be the sticking point: if I have ONLY an umbrella and the claim is not substancial there's a potential the umbrella may not pay out. I'll dig into what minimum umbrella payouts might be.

@JD Martin it's worth noting that I got an umbrella quote for $2MM and they converted it to a commercial umbrella, so perhaps these restructions won't apply. It certainly sounds like I should check in with the insurer to verify if they have a per-property minimum.

Thanks again all!

Hi all,

I'm about to close on a number of properties to take me from one owned to...more than one! This raises a question about insurance though: Given that I will have to pay ~$80 on each property to add $500k or liability protection, vs bumping up my existing single umbrella policy it seems to make sense to go for ZERO liability on each property and do the latter.

Is this sensible? The only potential flaw I can see is if I get sued on multiple properties at once - but I'm perhaps missing something.

Thanks!

Sam

Hi all,

I'm looking to secure my first commercial loan for a 5-unit property in Alabama but am having huge problems securing anything. Lenders are either non-responsive or refuse to work with out of state investors at the present time.


Has anyone else been experiencing a similar trend, and can anyone suggest a workaround for this?

Many thanks!