15 Insuance claims today (by Homer [TX]) Apr 29, 2021 11:42 PM|
15 Insuance claims today (by small potatoes [NY]) Apr 30, 2021 12:31 AM
15 Insuance claims today (by Richard [MI]) Apr 30, 2021 12:38 AM
15 Insuance claims today (by Robert J [CA]) Apr 30, 2021 12:42 AM
15 Insuance claims today (by Homer [TX]) Apr 30, 2021 12:52 AM
15 Insuance claims today (by Steve [MA]) Apr 30, 2021 6:27 AM
15 Insuance claims today (by S i d [MO]) Apr 30, 2021 8:29 AM
15 Insuance claims today (by MikeA [TX]) Apr 30, 2021 9:55 AM
15 Insuance claims today (by 6x6 [TN]) Apr 30, 2021 10:37 AM
15 Insuance claims today (by Robin [WI]) Apr 30, 2021 2:04 PM
15 Insuance claims today (by Landlord ofthe Flies [TX]) Apr 30, 2021 2:05 PM
15 Insuance claims today (by WMH [NC]) Apr 30, 2021 2:29 PM
15 Insuance claims today (by tryan [MA]) Apr 30, 2021 2:44 PM
15 Insuance claims today (by Wilma [PA]) Apr 30, 2021 3:24 PM
15 Insuance claims today (by small potatoes [NY]) Apr 30, 2021 10:17 PM
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15 Insuance claims today (by Homer [TX]) Posted on: Apr 29, 2021 11:42 PM
15 out of 29 of my houses got clobbered last night with the awesome ice from the sky. Lucky all insured, but a couple other landlords in my area didnít believe in insurance. What are the chances of something major happening they would say... I feel lucky tonight. For those of you who donít pay the man for insurance, think about that again. Rent on ! --66.169.xxx.xxx
15 Insuance claims today (by small potatoes [NY]) Posted on: Apr 30, 2021 12:31 AM
sorry to hear you took such a hit. Does your policy cover loss of rent? Or are you looking at a bunch of roofing jobs and what is the deductible?
A long time ago when my units felt like albatrosses and doing the right thing to fix them consumed dollars. I used to hope for a tornado to come through and solve my problem. I know that's a terrible thing to wish for, and I certainly am in a better place with them now and they take less of my time since they are in better shape. --24.194.xxx.xxx
15 Insuance claims today (by Richard [MI]) Posted on: Apr 30, 2021 12:38 AM
We don't get many big hailstorms up here (never been hit hard yet). But, we have a brush fire danger here because of the forest. Plus snow on the roof sometimes causes damages, but it can be removed.
The brush fires though, are something to watch for. In my county, there are 585,000 acres of forest, which covers about 85 percent of the total acreage of the county. The next county has about 600,000 acres of forest.
Back when Mrs. O'Learys poor cow was framed for starting the great Chicago fire of 1871, there was, the same week, a fire in northern Wisconsin called the Peshtigo fire which burned about 1,500,000 acres and killed about 2400 people (info on this in google under Peshtigo fire). Michigan also had a huge brush fire at that time (1871) known as the Great Michigan Fire which burned about 2,500,000 acres (3600 sq miles) and destroyed many towns. --24.180.xx.xx
15 Insuance claims today (by Robert J [CA]) Posted on: Apr 30, 2021 12:42 AM
I had some friends, three sisters that married and started a residential real estate company with their husbands. They owned apartments. But they kept to what they knew best an never did any extensive research. They kept on buying on the same block more and more units. Finally in 1994 the Northridge earthquake happened and they lost all of their investment, profit and income/livelihood. In 1994 they were worth over 6 million dollars, today that would be around 25 million. But with no earthquake insurance or special earthquake proofing their properties, they lost everything. --47.155.xx.xxx
15 Insuance claims today (by Homer [TX]) Posted on: Apr 30, 2021 12:52 AM
Small, in answering your question on the deductible, I have ACV policeís and 1 percent deductible, I am
Under insured, so typical deductible is about $900 per. Now I have had at least 25 claims for the ice from the sky in the past, and I have always acted as my own contractor, subbing the work to a crew, I purchase materials and. Stay on site to supervise. I typically clear about $3500 per house after all expenses, even upgrading the roofs to a 30 year. I am looking to clear around $50 k give it take a couple grand. The roofing salesman and companies really make a lot, i simply by pass those, by being my own contractor. Being the contractor, I also warranty my own work, but have been using the same crew for 15 years, never a problem. --66.169.xxx.xxx
15 Insuance claims today (by Steve [MA]) Posted on: Apr 30, 2021 6:27 AM
About 40 years ago, as the result of an accidental fire one of my a 6 unit properties was declared totaled. At the time it happened I thought that I was spending way too much for the insurance on it. Boy I was ever wrong! I learned a lot about the amount & type of insurance that I should have had. Fortunately for me things worked out OK & I came out of it reasonably whole & definitely more knowledgeable. When all was said & done I learned that if I had only paid slightly more for better coverage, I would have done much better than just coming out OK. Since then I have had a few more major losses & as a result of what I learned from my first fire have done very well financially with each of them.
All of my properties now have decent coverage including business disruption (aka loss of rent) & in the event of a major loss, it wouldn't be any more than a minor inconvenience. --71.184.xxx.xx
15 Insuance claims today (by S i d [MO]) Posted on: Apr 30, 2021 8:29 AM
It's an interesting story for sure, and I'm glad to hear that you'll be compensated.
I remember the first time one of those neighborhood roofing prowlers called me about my rental a few months after a hail storm. These are the guys who court business and have teams out there trying to convince people to file hail claims. I was skittish, not wanting to pay a deductible and get a mark on my CLU report. Well, turns out we got a brand new roof and I pocketed $1,500. Wow! I almost could not believe it, but later I learned this is the way things usually work, especially when you live in hail country.
Another story: a retiring land lord that I bought a package of houses from several years ago and I got to talking, and he doesn't have any insurance on his properties. Not hazard, not liability: zilch. He's been in the business 50+ years and only had 3 losses due to fire (total burns) and 1 loss due to ligitation that he settled for $50,000. All total, he was out about $150,000.
But he owns 200 houses.
I ran the numbers, and over the course of that time he saved something like $4 million in premiums.
But yeah, if a tornado had hit, he'd have been wiped out.
The phrase, I believe, is called "going naked." It's a risk, but one that can be immensely profitable. But don't tell that to my friends down the road in Joplin. They had an EF-5 hit about a decade ago and it ate up 1/3 of the town.
I carry ACV policies and liability on all properties. Helps me sleep better at night.
15 Insuance claims today (by MikeA [TX]) Posted on: Apr 30, 2021 9:55 AM
I also live in hail country. If you have architectural/laminated shingles, it takes a big stone to drill all the way through. Yes it will significantly limit the life but they rarely will cause a problem with leaks. When I was younger a big hail storm allowed me to buy a couple more houses by taking the insurance an then delayed installing the new roof's for a few years. It all worked out for me.
I did some comparisons about 7 years ago ago after the last big one and the difference between a high deductible and my low deductible was about $750 per house per year. At that difference I can buy a new roof every 4-5 years and break even. We don't get big hail storms nearly that often so I went with the high deductible. It's been about 7 years since we had the last big one so I've come out ahead and I'm at a point where I have assets I can use when I have to pay for it. I don't recommend that strategy for everyone, especially those starting out with little cash, but when you get to that point it will make you money over time. You just have to be ready to eat a big bill. --64.130.xx.xx
15 Insuance claims today (by 6x6 [TN]) Posted on: Apr 30, 2021 10:37 AM
More for me to learn --73.120.xx.xxx
15 Insuance claims today (by Robin [WI]) Posted on: Apr 30, 2021 2:04 PM
I contacted my insurer last week to increase insurance. Back when I started and was picking up houses for $25-35K, I insured them for $50K and figured that if it was a total loss I could just collect the money, sell the empty lot and go pick another one up for $35K.
Those days are gone. Housing prices are sky-high, and materials and labor are close behind. Interestingly, I found that doubling my coverage only increase the premium about 15%, or about $50/year. Well worth it! --104.230.xxx.xx
15 Insuance claims today (by Landlord ofthe Flies [TX]) Posted on: Apr 30, 2021 2:05 PM
Living in Texas, and dealing with hail as often as we have, I can't imagine taking the risk of not having insurance.
Over here, if you had a roof long enough, odds are there's potential for an insurance claim to help finance your new roof.
Over the past 20 years of living in Texas, I've had to replace 3 roofs due to hail. I've also had to replace 6 windows and 2 skylights. --108.69.xxx.xxx
15 Insuance claims today (by WMH [NC]) Posted on: Apr 30, 2021 2:29 PM
Hurricane country here. No way would we go without insurance. If our houses are all in different locations or states maybe but one good storm could wipe out everything. --174.206.x.xx
15 Insuance claims today (by tryan [MA]) Posted on: Apr 30, 2021 2:44 PM
The only "big" fire I had allowed to to pocket 30k by acting as my own contractor. Place never looked better.
Contrast that with a big-wig LL ... hundreds of units ... who thought he knew better. His big fire was in a 12 unit building and had a death. No insurance. He's bankrupt.
15 Insuance claims today (by Wilma [PA]) Posted on: Apr 30, 2021 3:24 PM
Well done! I'll bet that you sleep better at night than the "go naked" crowd.
We don't get much hail damage here, but my MIL's place did a couple of years back. The 30-year-old roof was high end materials and very complicated (plenty of tough angles and pitches, but the insurance paid for all but the $2000 deductible, including two skylights (that were 30 years old and leaking anyway). We figured out that the total of the premiums paid over the 30 years pretty much equaled what was paid out by the insurance company. The sweet part was that the house was going on the market - prospective buyers loved the fact that the roof was brand new! --96.245.xx.xx
15 Insuance claims today (by small potatoes [NY]) Posted on: Apr 30, 2021 10:17 PM
As far as hail my locality had the 3rd or 4th largest hail in NY recorded history about 4.5 inches I think. My agent said my one roof was old and that I couldn't claim hail damage. There were lots of claims in the area and many outsiders doing roofs under the local guys name. For whatever reason it had to be a local contractor on the permit/ hook.
In my fire building I came out even doing all the work myself. --24.194.xxx.xxx
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