All Forum Posts by: Suzette Rovelsky

@Troy Zsofka, spreadsheets for the win! I'm always appreciative when someone shares with me their spreadsheet knowledge, so I'd love to see your data and analysis. If you have a data dictionary, I always find that helps too. 

This may be a dumb question, but at what point should you get an insurance agent involved? My assumption is shortly after closing, but based on some comments above (i.e. asbestos siding, buildings being too close) I wonder if I can get an insurance agent involved prior to closing. 

Hello @Amy A.. Glad to see another female in the chats! Thank you for sharing some limitations to insurance based on your property. Which one of these issues (i.e. asbestos siding, pipe insulation, flat roof w/o scuppers, buildings too close) were you aware of at closing? Who made you aware--your inspector? And finally, did you know at closing it was going to increase your insurance?

Hello @Matt Herbert, thank you for your response! I think you saved me a couple calls. My first investment property will be owner-occupied (i.e. house hacking), so I'll try to get the service line coverage for $30 a year. 

I'm intrigued by you finding out you needed a new curb-stop. How did you stumble across this problem? 

Hello @Troy Zsofka. Thank you for clarifying flood coverage. I have been speaking to locals here, and almost everyone I've spoken to mentions flooding occurring on their property/in their homes within the past 5 years, so it's not something I'm as familiar with. I'll look into FEMA designated flood zones.

Regarding your explanation of claims reimbursement x likelihood of loss: it makes sense. Since we'll be starting off with House Hacking, I'd say we're pretty risk averse right now. I'm curious, is there an estimated loss probability for different exposures that you use?  

Also appreciate the emphasis on where true risk lies in uncovered liability claims. 

Overall, I'm intrigued to learn more; is there a book you'd recommend regarding liability, insurance, and property damage risk for investors? 

Hello @Greg Powers. Thank you, I figured there were some nuance insurance coverage that I didn't know about, and your post feels like I hit gold. A couple of properties I'm looking at are older than others, so definitely a consideration for those. 

Thank you, @Sean Delisle. I have a friend on the Maine coast, so I'll also pass this info along to her. I am hoping to do an LLC in the future, but currently looking at House Hacking right as a start.

Hello, I'm planning on buying a house in New Hampshire or Vermont. If you own in the New England area, what other damage coverage do you cover for besides flood damage? What do you pay for your insurance annually? 

Hello @Ryan Punter. Congratulations, you're way ahead of your age--and that will serve you well in the long-run. But, don't give yourself too much credit yet, finding the right information and acting on it are your next steps. I recommend starting with a great finance book as a foundation. The book that I read when I was 21 that changed my life was The Millionaire Next Door. Other good ones are Rich Dad, Poor Dad (this is the most referenced book on BP).

Hello again, 

Yes, some of the properties I'm looking at have this same issue (listing one vs. two long-term tenants). I need a House Hacking option so I can live in one side, as my boyfriend and I are staying in a 2-month Airbnb until we find a house/duplex in the area. I'd love to have a fellow BP member that I can go through this process with! Race is ON to see who can find, secure, and move-into a property first. ;)  
 

Enjoying the comments on this thread, as I’ve been exploring properties with that same issue, @Connor Kerr. I’d love to hear what you find out—and what you decide to do! Also, I’m from the Akron area, went to school at Stow-Munroe Falls High School. Love that little pocket of Ohio. GL!