All Forum Posts by: Jenn Kinchen

Thanks for the replies. Jason- in response to your feedback- I understand about the high liability limits on auto. I'm paying for those now, but thats aside from the $600-800 that umbrella insurance would cost me. I also know from reading up on BP that the average is around $300-400 so what I'd be paying is significantly more. 

It would be great to hear who has Umbrella options that property claims don't count against you because I don't know of any. If its an underwriting guideline- its the one that all major carriers I've quoted with seem to follow- Geico, State Farm, Brown & Brown, Progressive- those are all ones who wouldnt take me at all as a result. so its not just one particular company unfortunately. Its crazy- these claims weren't that major- just normal home owner stuff people might encounter. I just wish I knew how much it would affect me back then. I'd have gladly just paid out the $1500 or so out of pocket instead of filing the claim had I known how it would get me black listed for insurance and raise all my costs for years to come.

As for switching to the LLC- its not about the insurance coverage that would be the issue then- its the risk of a bank calling the note and the last thing I'd need is to create more issues on yet another front.

Yonah- definitely worth trying if you have a good recommendation. I will reach out to you. Thank you!

Hi Bigger Pockets investors-. I've been looking into getting umbrella insurance for some time now for extra protection as I have multiple renters living both in my primary home and rental property.  I'm running into all kinds of roadblocks.

A few years back, when I was a newer home owner I made the terrible mistake of filing two water related home claims 2 years in a row (last one now about 2 years ago). The CLUE report is coming back to haunt me every time now... 

As as a result, nearly all the major insurance carriers are entirely unwilling to provide me with umbrella policy insurance at all and the only one who would even take me for regular home insurance on my properties for a reasonable rate was Nationwide- who has absolutely horrible customer service and won't ever get back to me 90% of the time I've asked a question or for a quote on anything and its like pulling teeth dealing with them. I was hoping to switch away from Nationwide altogether, however, so far they were the only ones willing to provide me an umbrella insurance quote and it would still require switching my auto insurance and paying a $400 higher premium on that plan, which ultimately turns into the same premium rates as the high risk insurance.

The only other quotes I got were from high risk carriers offering high risk insurance for over $600 plus switching my auto.

I've also read up that its not a good idea to try and switch the properties currently under my name into an LLC now, that its very risky.

Please help, unsure what I can do or who else to try without paying an arm and a leg or leaving myself vulnerable for years to come?  I'm also concerned what will happen when I try and get insurance for a next property purchase- that no insurance company will take me.

@Marc Knapp  Please add me to your NoVa buyers list. I am trying to look for not-a-ton-of work properties in this area. Thanks!

Good to know. Thanks guys!

Surprised I havent read any mention about this yet but is anyone concerned with the fact that all three of these "prime" out of state locations mentioned (Kansas City, Indy and even Cincinnati) are also prime tornado area target locations?

I came across a condo that says "portfolio lending" (or cash only). How do I go about this and how much would it eat into profits if I am using this as an investment property? Too much of a hassle?

Love your flooring. Can you provide details on that?