Property insurance
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Property insurance (by Wallace Redd [TN]) Jan 30, 2008 2:35 PM
       Property insurance (by mike [MO]) Jan 30, 2008 2:42 PM
       Property insurance (by ManateeAlley [FL]) Jan 30, 2008 3:22 PM
       Property insurance (by ctlandlord [CT]) Jan 30, 2008 4:51 PM
       Property insurance (by pmh [TX]) Jan 30, 2008 5:27 PM
       Property insurance (by LC [IL]) Jan 31, 2008 8:01 AM
       Property insurance (by Dan [MA]) Jan 31, 2008 9:28 AM
       Property insurance (by Lynda [TX]) Jan 31, 2008 10:36 AM
       Property insurance (by Dan [MA]) Jan 31, 2008 5:25 PM

Property insurance (by Wallace Redd [TN]) Posted on: Jan 30, 2008 2:35 PM

State Specific Question About: TENNESSEE (TN)

I am searching for property insurance for 12 rentals. I have had a few claims over the past 3 years because I had about 20 rentals and now am having problems getting insurance on my rentals. Is there any insurance companies that understand what a landlord is and he might be 20 times more likely to have a claim because of the number of homes he ownes?

Property insurance (by mike [MO]) Posted on: Jan 30, 2008 2:42 PM

how many claims for just 20 units? how big were those claims? claims may cost you the ability to get a decent price on insurance. Check around for an insurance broker --24.107.xx.xx

Property insurance (by ManateeAlley [FL]) Posted on: Jan 30, 2008 3:22 PM

How about buying renters insurance in the tenants name with you as co beneficiary?

Property insurance (by ctlandlord [CT]) Posted on: Jan 30, 2008 4:51 PM

heritage or state farm

Property insurance (by pmh [TX]) Posted on: Jan 30, 2008 5:27 PM

what types of claims ?

Property insurance (by LC [IL]) Posted on: Jan 31, 2008 8:01 AM

Is this a single 20 unit? Or separate smaller units?

Personally I would not put all my eggs in one insurance basket. One of the LLs in our group (an independant ins. adjuster, BTW) had 2 fires on 2 sep houses within 2 years (both tenant caused) and his ins. co. dropped ALL of his ins. Then the bank called ALL his loans due, as his properties were now uninsured. Only by quickly selling off a couple of his others was he able to save his whole "empire."

Property insurance (by Dan [MA]) Posted on: Jan 31, 2008 9:28 AM

You say "a few claims over the past 3 years because I had about 20 rentals" as if that should be common place. Insurance doesn't work that way any more. I have plenty of buildings and don't think I've placed a claim over 10 years. The days of making small claims are long gone (if that is what you've been making). Insurance is for large losses and you've got to use it real sparingly. --74.8.xx.x

Property insurance (by Lynda [TX]) Posted on: Jan 31, 2008 10:36 AM

Wallace, when you do find insurance, RAISE your deductables to $2000-3000 or more. This will lower your costs and your provider will know you are not going to squeeze them for a lot of small claims. I have 6 units + my residence in TX, and 1 SFH in FL, and I have NEVER put in a claim in my life. These days, claims shd only be for horrendous devistation (major fires, roof totally blew away, floods from hurricanes). You shd never put in claims for minor repairs (e.g. repair floors from internal plumbing leaks, roof patches/repairs, kitchen cabs and wall from a grease fire). These are examples of MINOR repairs--even tho they cost you several thousand--THAT is what your RESERVES are for. It is small claims like these that get your insurance dropped.

I have a $3000 deductable on my FL SFH. I have a blocked sink pipe and the block goes out @10 feet from the house. If a plumber with a powered snake can't solve the clog, I will have to have the pipes dug up in the front yard so they can find the block. $$$! I will have to EAT this cost, because I will NOT put in a claim for it. It is part of doing business.

I feel your panic and frustration. Find an independent insurance agent and explain all the situation and your new business/insurance phylosophy with high deductable limits and see what he can do for you. --140.140.xx.x

Property insurance (by Dan [MA]) Posted on: Jan 31, 2008 5:25 PM

My deductibles are $10,000.

Subject: RE: Property insurance
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Property insurance
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