All Forum Posts by: Tony Wilcox

Kevin is correct above. If you got a landlord policy and it was vacant over 60 days they will not cover it. Tell the agent you want to file an E&O claim if you were up front about it being vacant.

If the property is new or fully rehabbed it is always up for you to decide, but the cost for full replacement of a new property is fairly inexpensive. The problem usually occurs when someone buys an older property for 1/3 the cost of what it would be to rebuild brand new. This makes the replacement cost amount MUCH higher than what was paid and can cause the insurance to be higher than what people are wanting for cash flow.

The biggest thing is deciding if you want full replacement cost (what it costs to rebuild brand new), or if you want to take an actual cash value approach (depreciated values). From there it would be about optional coverages, and deductibles in my opinion. 

Some carriers won't list the LLC as the primary and has to be on as additional insured. But almost every carrier will require to list of put in the name of the person handling the LLC. There are some out there that won't.

Being in Indy I would say Ryan is absolutely right. Depending on the area you are going to want to tailor your insurance as well to fit those needs. 

Just depends what coverage you are looking for. The above mentioned below $70/month for that area but I have only seen prices like that for coverage that is not very comprehensive so I would be careful on what you are looking for.

Patrick, you should get a landlord policy, along with an umbrella to protect you personally. I would also consider working with a broker who can shop with many A rated companies to find you the best rate for coverage.

Is this for a commercial property I assume?

If you are getting adequate coverage on your current policies it would be fine to cover under your personal name. If you get to a higher amount of properties I would look at a different route at that point.

Each carrier is a bit different, but if the roof is a 30 year roof and it needs replaced at 20 years, you'd roughly get 2/3 minus your deductible paid out to you.