Insurance Deductibles
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Insurance Deductibles (by Tris1968 [OH]) May 20, 2019 12:27 PM
       Insurance Deductibles (by David [NC]) May 20, 2019 12:31 PM
       Insurance Deductibles (by Barb [MO]) May 20, 2019 1:02 PM
       Insurance Deductibles (by Steve [MA]) May 20, 2019 1:05 PM
       Insurance Deductibles (by JB [OR]) May 20, 2019 1:06 PM
       Insurance Deductibles (by toddb [MN]) May 20, 2019 1:19 PM
       Insurance Deductibles (by don [PA]) May 20, 2019 3:38 PM
       Insurance Deductibles (by Jasper [OH]) May 20, 2019 5:28 PM
       Insurance Deductibles (by WMH [NC]) May 20, 2019 5:48 PM
       Insurance Deductibles (by Lucy [IN]) May 20, 2019 7:19 PM
       Insurance Deductibles (by mike [CA]) May 22, 2019 11:36 AM

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Insurance Deductibles (by Tris1968 [OH]) Posted on: May 20, 2019 12:27 PM

What insurance deductible do you carry on your rental properties? SFH & Duplexes?

I have had $1,000 deductibles on all properties, but am now considering changing that to save money.

Most likely I wouldn't contact my insurance company for a $1,000 claim or even a $2,000 claim.


Insurance Deductibles (by David [NC]) Posted on: May 20, 2019 12:31 PM

100K Dwelling / 100K Liability / 1K Deductible

I always figured about a month's rent as the deductible. Might be sideways thinking but if I had to put in 2 or 3 months rent to fix a major catastrophe I'd wonder why I had insurance at all.

Insurance Deductibles (by Barb [MO]) Posted on: May 20, 2019 1:02 PM

I upped mine to $2500 mostly with one at $5000 a few years ago. As I move to steel roofs, Iím less worried about hail damage on the roof, and really want the major stuff - fire being the main one.

Insurance Deductibles (by Steve [MA]) Posted on: May 20, 2019 1:05 PM

Having had 3 major fires in my LLing career & having collected over 2 million in losses, I'm more interested in getting a company that has a good track record settling claims.

All of mine have $5,000.00 deductibles. Anything less than that I pay out of pocket. I do carry business disruption insurance so in the event of a disaster I still collect most of my rent. --96.237.xx.xx

Insurance Deductibles (by JB [OR]) Posted on: May 20, 2019 1:06 PM

$5k deductibles...unless that would devastate your finances.

Insurance Deductibles (by toddb [MN]) Posted on: May 20, 2019 1:19 PM

The more units the higher. I think we all know intellectually that insurances oompanies make money on us so the higher the deductible the better but with few units, it might no longer do the job of insurance and help you survive a bad event.

The savings should be at a decent % of savings. Like a 5 year pay back or better.

Insurance Deductibles (by don [PA]) Posted on: May 20, 2019 3:38 PM

$2500. Insurance is not supposed to be a maintenance contract. You insure against a loss that would be devastating. I don't think putting out $1000 would be devastating for any of us. Furthermore, with the company I prefer, if you put in 2 or more claims (from all of your properties combined, no matter how many you have) in a 3 year period they will not write any policies on new properties for you. , so I would not put in a low value claim anyway.

Insurance Deductibles (by Jasper [OH]) Posted on: May 20, 2019 5:28 PM

$5,000 I insure for potential large losses like fire or tornado. I have thought about being self-insured and just obtaining liability coverage.

Insurance Deductibles (by WMH [NC]) Posted on: May 20, 2019 5:48 PM

In a named storm (and ALL storms are named these days!) deductibles are doubled. Something to watch.

Insurance Deductibles (by Lucy [IN]) Posted on: May 20, 2019 7:19 PM

Didn't know that WMH. That's when you need insurance the most. Do all insurers do that?

Insurance Deductibles (by mike [CA]) Posted on: May 22, 2019 11:36 AM

named storms? WHAAAAAT? gotta get my ins guy on that one.

i have 1000 and 2500 depending on the property. also have the tenants place a renters policy in case THEY cause the loss so THEIR policy is primary. they add me as an additional insured.

ALL companies know about ALL claims so they have the old cabal of thieves thing going on and are always looking for new ways to deny claims or drop coverages.

recently a property i have had a leak in a pipe that was concealed and the leak went on for a LONG time. in addition to the damages resulting i claimed the cost of the excess water usage over the average of all prior water bills. the ins. company denied it so i asked for a written "policy analysis" detailing in the policy, with SPECIFICITY where THAT loss was excluded. once i got formal and demanded the analysis the claim was paid. the excess usage was over $3000. the language i used was from a friend that used to work for a name brand insurance company. he gave me the code words 'bad faith', 'policy analysis', 'expectation of coverage when purchased'...the game with insurers is to say no to everyone for as much as they think they can get away with, even some of those who clearly deserve coverage. half of them simply go away and many payouts are minimized simply for saying no 1 time before saying yes.

when you meet a lawyer, always engage them...some might seem to be in an arcane field that is of no use to you but you never friend does personal injury now and has advised several of my friends on what to say to force the insurers to step up.

ALWAYS GET LOSS OF USE OR LOST RENTS COVERAGE...those rent checks are the best part of lording over the land

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