All Forum Posts by: Tony Wilcox
Tony Wilcox has started 5 posts and replied 140 times.
I talk to clients weekly about possible claim situations. That is one of the points of having an agent. By just talking to them doesn't mean a claim is filed. I am just trying to educate you on the process. If your agent files a claim everytime you just want to talk to them about a situation where there might be a claim, and not sure if you even want to claim it, I would consider that a problem if I were you.
Post: What insurance company will cover multiple units?
- Insurance Agent
- Posts 143
- Votes 67
I just sent you a DM Joseph. There are numerous carriers that won't limit you that.
Quote from @Ken M.:
Quote from @Tony Wilcox:
Quote from @Ken M.:
Quote from @Chris Wagner:
Thanks Ryan that’s pretty much what I think. I just wanted to get confirmation from the pros. I appreciate it.
You can talk to your agent without filing a claim. Once a claim is entered and filed to the carrier and an adjuster is assigned is when it's reported if a claim if paid out or not. Sounds like your agent FILED the claim and didn't advise you on what to do.
Of course you can talk to your agent, with general questions.
My agent has 30 years of experience doing thousands of investor's policies. In a training conference, that was his instruction which I will stick too. But once damage happens and you ask your qualified and capable agent for advice on claim information, they enter that inquiry into the system. Thanks
Ken, I am sorry but that is just wrong. It's only considered a claim against you if the claim if fully filed to the carrier. This is not a debate, I haven't been in the business 30 years, but 10+ along with thousands of investor policies as well. Just giving you the truth.
Quote from @Chris Wagner:
Hello everyone,
I have a property that had sewer damage that costs me $3300. I have a $1000 deductible for sewer. The property is in Bristol TN close to where Hurricane Helene hit. Luckily, it didn't damage my property.
The way it's going with insurance companies, should I eat the $2300 or put in a claim? I live in California and they are looking for any way they can drop your insurance. I wanted to get your take for the Bristol TN area.
Thanks in advance
Chris
Your biggest issue would be having available options after a claim. I agree it's too small in my opinion as it would take away flexibility at renewal. Many carriers won't take new business on a risk that has a water claim within 2-3 years. So if your rate did go up it would limit you on being able to shop. Hope this helps
Quote from @Ken M.:
Quote from @Chris Wagner:
Thanks Ryan that’s pretty much what I think. I just wanted to get confirmation from the pros. I appreciate it.
You can talk to your agent without filing a claim. Once a claim is entered and filed to the carrier and an adjuster is assigned is when it's reported if a claim if paid out or not. Sounds like your agent FILED the claim and didn't advise you on what to do.
Are you wanting the home covered at full replacement cost? If you are and that quote is at full RC then you have the best rate there is. Anything under 2k for SFH near the water is REALLY GOOD
Post: Florida’s Insurance Dilemma - Skyrocketing Costs & Limited Options
- Insurance Agent
- Posts 143
- Votes 67
Quote from @Casey Ram:
Quote from @Raymond J. Rodrigues:
@Kasi V. how old are the homes that you are purchasing? That’ll definitely make a difference I would say. Feel free to reach out to me. I’m local to the area and have a few good insurance contacts that may make the difference for you.
@Raymond J. Rodrigues I am also looking at a property in Jacksonville area. Built 1951. New or old, will that make a big difference? Thanks
The older homes usually require some sort of updates to the plumbing/electrical to get a decent rate if you are wanting replacement cost. Always good to get a 4 point inspection and wind mit to max discounts. Cost is only around $150
That is a unique risk. You will want to make sure you are covered correctly! I shot you a DM as there are most likely a few different options to consider.
Post: Insurance rate more than double from last year
- Insurance Agent
- Posts 143
- Votes 67
Quote from @Suhaib Rehman:
Good day everyone,
I have a rental SFH in the Sacramento, CA area. I got a renewal bill for insurance and it is a little over double the amount i paid last year. There was a jump even last year, but I decided to stay with that insurance provider.
Can you suggest a few good insurance providers that operate in that market?
How effective is it to negotiate the insurance amount with the existing insurance provider?
Thanks
Suhaib
There isn't any negotiating on an insurance policy rate. The rates are made by the carrier and that's just what they are. I know of a few options in the area if you want to send me a DM
Post: Need help interpreting condo landlord policy undergoing repairs
- Insurance Agent
- Posts 143
- Votes 67
Your agent should be able to give you a clear answer on this. If not you might want to seek a different agent. Typically homes in-between tenants, or a new purchase with intent to have renters within 30 days this is allowed.