All Forum Posts by: Tony Wilcox

Accidental fire from the other unit would be covered under the other units insurance. You would need a very large umbrella to cover all the units you are concerned about. I do always recommend an umbrella policy anyways, but I don't think it is necessary to have one that would be large enough to rebuild the entire building, if that makes sense. 

Something I tell all of my investor clients is to require their tenants to carry renters insurance with at least $300,000 in liability with you, or your LLC listed as the additional interest. This way if they policy cancels you are notified, and you can get paid if they are liable for something from their renters policy instead of your policy.

Foremost and Am mod are decent for this. There are some other through surplus lines as well. Feel free to reach out if you'd like. 

Julie, it really depends on the type of coverage you will be wanting/needing. If you have a mortgage they will require full replacement cost which is the most expensive. If you can settle for actual cash value and insure to a number that works for you it can lower the cost. In my experience I am seeing about 4K/year for what you are wanting if covered at full rebuild. 

 Daria it won't let me respond to you. Please add me as a colleague. 

I like Auto-Owners, Foremost, Obie, and American Modern in Ill for primary insured as an LLC

I know of a few options if you wanted to shoot me a DM. 

Single family homeowners policies and single family landlord policies typically are similar in regards to premiums if everything else is the same such as coverage amount and roof age. However; if you are wanting to insure any property in Texas at full replacement cost the average premiums they are at are here to stay. They are not more in line with what it costs to replace roofs as often as they need to in that area of the country. 

If you can swing it, and your roof is newer, you can look into an agreed value policy. This will cover your home at replacement cost coverage still but the total loss amount would be less. For instance I have some clients where the RC amount is $400k, but they only insure it for $250k, but if the roof needs replaced it is covered at RC. 

Also of course there is the ACV option, but I prefer the agreed value for my clients personally, but I let them decide. 

If the home is in Wisconsin the carriers that will offer full RC on a roof over 15 years old is extremely limited. Most of the country is also the same, but some states the carriers will allow to 20 years old, but that is also very limited. If the roof is still in really good shape some carriers offer coverage just based off how the roof looks and not age. However; those carriers probably don't like insuring a 4plex. I will say you are very limited and my investors either replace the roof or just get a different loan to now insure the roof at RC. In your current situation you are basically stuck either paying a really high premium or needing to replace the roof.

Auto Owners is great, but I don't believe they write in that part of Mississippi. Also they aren't fans of vacant homes.

How long will you need the home covered for?