All Forum Posts by: Tony Wilcox

4+ unit habitational homes are getting much harder to insure. Many carriers have backed out. I did shoot you a DM of a couple I think could help you that isn't listed above.

Do you know if they are leaving that type of market or is the carrier non-renewing for another reason? Maybe roof age or other u/w reasons.

I agree with Owen. You want an agent that will go through the main coverages with you along with the optional coverage to see what aligns for you personally. Every investor is different on what they want covered, so really you just need a good agent who will discuss the coverages with you when you set up the policy. 

Most carriers don't want to insure a building as a normal rental home if there is a possibility of commercial use, or even if it's set up to possibly be used as commercial even. You will need to look at a commercial policy for this.

 I assume you checked with their agent then?

With a tree falling on a roof there isn't much interpretation and should be an easy claim to file that wouldn't be denied. With the cause of the loss probably being a hurricane I would make sure your hurricane/wind deductible isn't insanely high though as sometimes it is a percent of whatever the home coverage is. Also $0 claims always impact peoples insurance as it changes their "insurance score". Might sounds dumb but think of it as a credit score. There are things on there that impact you negatively even if you didn't do anything wrong. 

For multifamily homes in that area of Texas for full replacement cost that seems right in the ballpark. I haven't seen anything below $3,000 in Texas for RC in a couple years unless the home is brand new. 

The carriers I work with all have an option to include that on the policy, and is highly recommended. 

Hey Michael, I would love to help if you want to reach out.

Yes I agree with Randy, and also that is how I compare if something is worth adding. Also market value has nothing to do with what it would cost to rebuild any house brand new. The insurance companies job is to give you back what you had, and the carrier is usually fairly accurate on what it costs to rebuild.