All Forum Posts by: Tony Wilcox

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.

 If they had renters insurance they could possibly be liable for the damages. Might be hard at this point but I would definitely check that avenue. If you don't require renters insurance I would say most times tenants don't get it themselves. 

It all depends what you want to cover. I would say the biggest things to look at would be do you want replacement cost (amount needed to replace/fix at todays cost) or actual cash value (depreciated amount depending on age of roof, or item damaged). Of course replacement cost will cost more with it providing more and better coverage. Next would be to look at the liability amount to make sure it is enough to cover you if you are liable for something. Next I would look at water backup coverage, especially if there is a basement. That is a good place to start. This also would be a great question to go over with your current agent!

You would want to get a homeowners policy with an endorsement for renting one of the units in the house out. This will cover you, your belongings, the dwelling, and liability if something happened. 

Something I always recommend my investor clients to do is require the tenant to carry renters insurance with you/or LLC listed as the additional insured. This way you are always alerted if policy is cancelled, and it would allow you to receive a check for a claim that they might have caused that you could claim under their liability. Renters insurance always comes with liability insurance that you can also require a minimum of.

If the homes are in PA, you should have numerous options for carriers depending on the type of coverage you want and condition of the property. Shoot me a msg and we can go over some scenarios if you would like

It depends which state you are in. I will say Travelers is not really wanting any new business right now. They also are wanting multiple lines and not rental dwellings only. They are also being VERY picky on what they do actually accept. 

There are still some other options out there for that area that I am familiar with. Also, it can depend on the type of coverage you are wanting. Feel free to message me and I would love to help out.

Yes, similar to above.. If you only repair you technically still have a 17 year old roof. Also next claim you try and file on the roof will be denied as they expected you to put on a new roof. 

If I remember correctly, Hurricane Ian wiped out all earned premium for the state back to Andrew. And Andrew wiped out all earned premium for the history of time