All Forum Posts by: Zaina Jouejati

Hi @Rashad Ellis Already did! 

@Injung Kim Congrats on your first rental property!! I'm an insurance broker and we work with 30 plus carriers and were catered to the homebuying process so I can always run a quote for you! Ill message you! 

Great question! When it comes to 1031 exchanges, there isn’t a set minimum holding period explicitly required by the IRS. However, in practice, holding the replacement property for at least one to two years is often recommended. This helps demonstrate that the property was acquired with the intent of being a long-term investment, rather than just a quick flip, which is important for the 1031 exchange to qualify.

That said, each situation is unique, and there are exceptions. It’s always a good idea to consult with a tax advisor or real estate attorney who specializes in 1031 exchanges to ensure you're following all the rules and maximizing your tax benefits. If you need any help navigating the insurance side of things for your new property, feel free to reach out! 

Hi @Veronica Giggers I can help you out! 

Hey @Agustin Peirano I know this is a little late, but I am an insurance broker and your questions are amazing! 

1. If you rent the condo out to others it would be the same thing -- you would need a policy that only covers the interior walls -- it would be an HO6 tenant occupied and depending on the carrier you currently have you would either change the occupancy status or you would need a different policy-- in my experience 9/10 times they require a different policy.

2.State farm does not really ask a lot of questions -- their quoting process is not as in depth as it should be. The first question I ask is always if the exterior walls are covered by the HOA!

1. The quote looks okay, but you just need to make sure that the building coverage amount is at least 20% of the loan amount.
2. Also, the liability limit is good, but I always quote with 500,000 so you can be eligible for an umbrella policy, and it doesn’t take a millionaire to be sued like one!
3. Also, there are no coverages for the most common homeowners' losses like water backup-- it's just standard coverages.

3.You should get insurance as soon as possible -- there should be insurance on the condo at all times. If there is a lapse, then there are carriers that will accept it! Also, standard home products give 30 days for the dwelling to be occupied :)

My colleague is a great agent and he's in Utah! I can message you if you are interested!

He is licensed in NJ, PA, CT, FL :) @James McGovern

@Ryan Muska specializes in delayed financing! He's the best in the business   

Hey @Daria B. I'm an insurance broker and I agree rates in FL are insane right now. But you can customize any policy to make the premium lower. You can raise the deductibles; you can make it actual cash value or functional replacement cost! There are also some carriers that let you edit the mandatory coverages. Also, there are optional coverages that you can take off to lower the premium! It's all about what you're looking for and if your home qualifies :)  

I would recommend reviewing your specific situation, the value of your property, and your risk tolerance to determine the best approach.

hey @Noyessie Hubert Im an insurance agent and I specialize in the home buying industry-- we work with multiple carriers! I can defiantly help you out! 

Hey I can help :)