All Forum Posts by: Tony Wilcox
Tony Wilcox has started 5 posts and replied 140 times.
Quote from @Jared Townsend:
Hey Shane,
As you've likely already surmised, coastal STR insurance in SC can be tough to locate! It may not be inherently expensive, but limited options make it more likely to be pricy. We have seen that most direct carriers like Obie or Steadily aren't competitive there. Most of our business goes to excess & surplus (E&X) carriers like Lloyds of London.
Flood insurance is an interesting one right now as the ongoing government shutdown has shut off National Flood Insurance Program (NFIP) policies. There are some private flood carriers available, but depending on when your closing is, you may have inflated first year costs.
The best thing you can do for a low premium is make sure the property is in good condition so that most carriers will accept it. This will give you more options and a better chance at a good price. From there you can ask your agent what other discounts that carrier offers.
I agree with Jared here. Had some great options from Obie in the area depending on how close to the coast it is, and also surplus lines.
Your bank will require proof of coverage each year, and they will want it in your name. It won't matter if it's in escrow or not. Your bank will most likely require you to be listed on the policy when the proof of coverage is sent over once a year.
Post: Looking for Home insurance quotes advice
- Insurance Agent
- Posts 143
- Votes 67
Is this for a primary home, or rental home as an investment? Also I would include the deductible they are both offering.
Post: Insurance recommendations for vacancy
- Insurance Agent
- Posts 143
- Votes 67
There typically is a grace period so you might be ok if it's within 30 days as mentioned above
Normal landlord policies will not cover this type of risk. the 12 major carriers I looked at all said that is not something they would insure. Surplus lines would be required for this if you are being completely honest when setting up the policy.
Post: Insurance problems with price and name of insured.
- Insurance Agent
- Posts 143
- Votes 67
This can happen as some carriers won't allow this and can limit who you go through. The bank will require the insurance to be listed as it is on the loan as well.
William, I have numerous markets in that area and would love to help. Shot you a DM if interested
I don't believe there are any carrier willing to insure a house with that type of electrical, and for good reason. I would highly recommend updating the wiring.
Post: California Fair Plan fire coverage - Dwelling or Commercial for 4 Plex Owned by LLC?
- Insurance Agent
- Posts 143
- Votes 67
Both would work honestly. Were you not able to find any other options besides the FAIR plan?
Post: Urgent Advice: Condo Fix-and-Flip Insurance - General vs. Personal Liability
- Insurance Agent
- Posts 143
- Votes 67
What type of policy did your agent work up for you? Is it in your name or is the primary insured the LLC? Did you get a builders risk policy?