All Forum Posts by: Tony Wilcox

@Kevin Panella I would also love to connect as I am local to the Indy area with numerous connections. 

 A lot depends on the age and coverage amount on the building. I would consider talking with an independent agent.

Many carriers are pulling out of Florida so I would expect those to keep going up every single year. 

Indy is a great place to invest! I know of some great property managers and contractors in the area as well. Of course, that is more down the road!

It is rare, but they are meant to protect you in extreme cases. Of course it would have to be a claim over the liability on the property for the umbrella to take effect. If the property is in the LLC and there a claim that is high enough to go over the property liability I have heard of people getting around the LLC and going after the owner of the llc as a heads up. For the cost of an umbrella ($180-$400) a year it is worth the protection. Also most of the companies would help in court if it came to it if you have an umbrella policy.

I would just get a landlord policy with an endorsement for short term rentals. Not every carrier will do this, however.

DEFINITELY DONT RECCOMEND going with a 

‘don’t ask don’t tell’ policy when it comes to fuses, knob and tube wiring, etc.

as mentioned above. Don't give a carrier an excuse to deny a claim. Be up front and get a carrier who will cover what you need.

I can't see the bank blocking your insurance just because it is in an LLC. Most companies are ok with putting the LLC as additional insured. Just would have to be in your name as primary.

that does seem a bit high. I am guessing you aren't getting any other discounts with is being in an LLC

The amount of insurance is ultimately up to you. I like to tell my investment property client, "I will educate you, and present options, then it is up for you to decide."