Comments on: Landlord Insurance http://www.moneysmartsblog.com/landlord-insurance/ Investing and Personal Finance Fri, 10 Feb 2012 14:34:49 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Paul DeJong http://www.moneysmartsblog.com/landlord-insurance/comment-page-1/#comment-71079 Paul DeJong Thu, 22 Apr 2010 12:59:00 +0000 http://www.moneysmartsblog.com/landlord-insurance/#comment-71079 I am running into the same problem finding insurance. I currently live at home as I am in my early 20's and travel so much for work I am barely home, well rates are low I want to buy a rental property a condo. I cant get insurance as they say I need to have a primary residence insured with them. Which compant did you have insure you? I am running into the same problem finding insurance. I currently live at home as I am in my early 20′s and travel so much for work I am barely home, well rates are low I want to buy a rental property a condo. I cant get insurance as they say I need to have a primary residence insured with them. Which compant did you have insure you?

]]> By: Mr. Cheap http://www.moneysmartsblog.com/landlord-insurance/comment-page-1/#comment-4404 Mr. Cheap Thu, 13 Mar 2008 17:35:23 +0000 http://www.moneysmartsblog.com/landlord-insurance/#comment-4404 Nick: At least you know a good handyman :-). Insurance companies love to promise you the world but not deliver it. They *MAY* argue that you should have kept a better eye on your property and prevented it from taking as much damage as it did (e.g. you should have evicted the tenants before they did so much damage). No idea what their reaction will be, please let us know! Nick: At least you know a good handyman :-) . Insurance companies love to promise you the world but not deliver it. They *MAY* argue that you should have kept a better eye on your property and prevented it from taking as much damage as it did (e.g. you should have evicted the tenants before they did so much damage).

No idea what their reaction will be, please let us know!

]]> By: Nick http://www.moneysmartsblog.com/landlord-insurance/comment-page-1/#comment-4313 Nick Mon, 10 Mar 2008 12:24:49 +0000 http://www.moneysmartsblog.com/landlord-insurance/#comment-4313 I have been working on a house in a good neighborhood, houses sell for $450,000. The house was rented to the wrong people, it turned into a drug house run by bikers. It now needs $150,000 to renovate - will the insurance company cover the damamges, maybe. I have been working on a house in a good neighborhood, houses sell for $450,000. The house was rented to the wrong people, it turned into a drug house run by bikers. It now needs $150,000 to renovate – will the insurance company cover the damamges, maybe.

]]> By: Af http://www.moneysmartsblog.com/landlord-insurance/comment-page-1/#comment-2497 Af Fri, 14 Dec 2007 04:11:23 +0000 http://www.moneysmartsblog.com/landlord-insurance/#comment-2497 Some insurers won't sell to people cause they think they can be liabilities. If the insurer has too many claims they pay penalties and can even lose the right to sell that type of insurance. Half my family is in the business which is how I know. Why not specify that your tenants have to get apt. insurance before moving in? My current rental (condo) had this clause, and I've encountered it before as well. Btw, it is much cheaper for renters to get insurance on the same unit than it is for the owner. We pay just over $100/yr with no deductible and up to 40k coverage. Some insurers won’t sell to people cause they think they can be liabilities. If the insurer has too many claims they pay penalties and can even lose the right to sell that type of insurance. Half my family is in the business which is how I know.

Why not specify that your tenants have to get apt. insurance before moving in? My current rental (condo) had this clause, and I’ve encountered it before as well. Btw, it is much cheaper for renters to get insurance on the same unit than it is for the owner. We pay just over $100/yr with no deductible and up to 40k coverage.

]]> By: Mr. Cheap http://www.moneysmartsblog.com/landlord-insurance/comment-page-1/#comment-2496 Mr. Cheap Fri, 14 Dec 2007 02:59:53 +0000 http://www.moneysmartsblog.com/landlord-insurance/#comment-2496 NSB: I don't own a car (I have my license, but I just rent when I need one). NSB: I don’t own a car (I have my license, but I just rent when I need one).

]]> By: NeverStopBuying.com http://www.moneysmartsblog.com/landlord-insurance/comment-page-1/#comment-2495 NeverStopBuying.com Fri, 14 Dec 2007 01:56:43 +0000 http://www.moneysmartsblog.com/landlord-insurance/#comment-2495 It is an unusual situation, not having a PR already and not having an insurance don't you have car insurance company to go with? We have 2 car + 3 house insurance with StateFarm. Adding rental property is as easy as a 5 minute call with MLS detail/house info (tenants obtain their own personal contents insurance though) It is an unusual situation, not having a PR already and not having an insurance
don’t you have car insurance company to go with?

We have 2 car + 3 house insurance with StateFarm. Adding rental property is as easy as a 5 minute call with MLS detail/house info (tenants obtain their own personal contents insurance though)

]]> By: Mr. Cheap http://www.moneysmartsblog.com/landlord-insurance/comment-page-1/#comment-2493 Mr. Cheap Thu, 13 Dec 2007 22:11:36 +0000 http://www.moneysmartsblog.com/landlord-insurance/#comment-2493 GIV: I found it perplexing as well. It was like walking into a car dealership and having the guy say "sorry, I'd like to sell you a car today but I can't" and not getting any further explanation... They just kept saying that they didn't have the product I was looking for for sale and they didn't know who did. Very weird. Mike: <grin> yeah, for some reason people aren't interested in having a business relationship with me when they hear my last name ;-) Gates: that could be it... I think it would be a very rare person who was looking for what I was and that might have been what threw them (as Mike says). TMW: Really? Should I blackmail him for big bucks now or would that be illegal too? ;-) GIV: I found it perplexing as well. It was like walking into a car dealership and having the guy say “sorry, I’d like to sell you a car today but I can’t” and not getting any further explanation… They just kept saying that they didn’t have the product I was looking for for sale and they didn’t know who did. Very weird.

Mike: yeah, for some reason people aren’t interested in having a business relationship with me when they hear my last name ;-)

Gates: that could be it… I think it would be a very rare person who was looking for what I was and that might have been what threw them (as Mike says).

TMW: Really? Should I blackmail him for big bucks now or would that be illegal too? ;-)

]]> By: FourPillars http://www.moneysmartsblog.com/landlord-insurance/comment-page-1/#comment-2492 FourPillars Thu, 13 Dec 2007 21:30:37 +0000 http://www.moneysmartsblog.com/landlord-insurance/#comment-2492 TMW - you're right but it happens all the time. We had to do the same thing to get insurance for the home under renovation. Mike TMW – you’re right but it happens all the time. We had to do the same thing to get insurance for the home under renovation.

Mike

]]> By: ThickenMyWallet http://www.moneysmartsblog.com/landlord-insurance/comment-page-1/#comment-2491 ThickenMyWallet Thu, 13 Dec 2007 21:21:14 +0000 http://www.moneysmartsblog.com/landlord-insurance/#comment-2491 The insurance agent engaged in tied selling which is illegal. The insurance agent engaged in tied selling which is illegal.

]]> By: Gates VP http://www.moneysmartsblog.com/landlord-insurance/comment-page-1/#comment-2486 Gates VP Thu, 13 Dec 2007 18:20:16 +0000 http://www.moneysmartsblog.com/landlord-insurance/#comment-2486 Insuring a home in which you don't live without having any insurance on your primary residence kind of sounds like you're running a scam. <i>"No, no, I didn't sell my stuff, I just brought all my expensive stuff over to the rental property like 3 days before it burned down"</i> :) Truth is, I'm kind of surprised that you wanted to insure your house, but didn't already have tenant's insurance. OTOH, the ten agents you spoke with should've been able to communicate this to you. All in, $40/month for both is good deal. Insuring a home in which you don’t live without having any insurance on your primary residence kind of sounds like you’re running a scam.

“No, no, I didn’t sell my stuff, I just brought all my expensive stuff over to the rental property like 3 days before it burned down” :)

Truth is, I’m kind of surprised that you wanted to insure your house, but didn’t already have tenant’s insurance. OTOH, the ten agents you spoke with should’ve been able to communicate this to you. All in, $40/month for both is good deal.

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