$$Homeowners Ins. vs. $$Rental Ins. in L/O deals - Posted by RobSAT

import · August 26, 2003, 8:59pm

Posted by RobSAT on August 29, 2003 at 01:42:29:

Raising prices and chopping service isn’t only an insurance thing. Have you bought gas lately? RobSAT

import · August 26, 2003, 8:59pm

Posted by RobSAT on August 26, 2003 at 20:59:27:

I have a few properties leased out that I am managing under L/O contracts with the owners. I need to convert the original homeowner policies to rental policies with a liability rider. Does anyone know what I can expect to see +/- in cost? And does Anyone know of a good company that has expirience with these deals? Preferably in South Texas.
RobSAT

import · August 27, 2003, 10:25pm

San Antonio Agent for rental insurance - Posted by Robert TX

Posted by Robert TX on August 27, 2003 at 22:25:12:

I just put a new rental policy on a house that I have in San Antonio with Aldo Aguilar a Farmers agent in San Antonio his number is 210-340-7122.

Good luck and contact me if you have any other questions.

import · August 27, 2003, 10:55am

Homeowners vs. Landlord policy - Posted by Lisa

Posted by Lisa on August 27, 2003 at 10:55:04:

My suggestion is that if you are working with the owner of the property, you need to ask them a few questions. Find out if there insurance in included in the mortgage payment (if there is one). You don’t want the bank with the current mortgage to give you any trouble. Some banks are getting a little flighty on the due on sale clause issue if they suspect a subject to deal. If you and the owner work together, it usually isn’t an issue. Then either you or the owner needs to call the insurance company and have them cancel the homeowners policy and change it to a “Landlord Policy”. You can add whatever riders to that you may want.

In my area, landlord policys are cheapier that homeowners are. The reason being is that landlord policys only cover structure as to where homeowners cover structure and personal contents (more costly if something were to happen). But, depending on how much you want to up the liability, you can go up or down from the current homeowners. I am not from Texas, but just call all your local insurance companys and get quotes for what you want covered. They can help you with that… Hope this helps.

Lisa

import · August 27, 2003, 8:21am

Homeowners Ins. vs. $$Rental Ins. in L/O deals - Posted by Scrooge McDuck

Posted by Scrooge McDuck on August 27, 2003 at 08:21:52:

Take what you are paying for homeowner’s insurance and double it. That is, if you can get insurance at all.

import · August 27, 2003, 5:43pm

Re: Homeowners vs. Landlord policy - Posted by RobSAT

Posted by RobSAT on August 27, 2003 at 17:43:43:

Thanks a lot Lisa, I had already done some inquires here in San Antonio. And although the insurance is only for the duelling plus some liability, the price was slightly higher. Thats why I asked the “board” maybe there is a Company out there that specializes in Rental Property Insurance. Thanks again for your input.
RobSAT

import · August 27, 2003, 5:51pm

Re: Homeowners Ins. vs. $$Rental Ins. in L/O deals - Posted by RobSAT

Posted by RobSAT on August 27, 2003 at 17:51:44:

Mr.S McDuck, Thank you for your formula and concern. RobSAT

import · August 28, 2003, 7:18am

Re: Homeowners Ins. vs. $$Rental Ins. in L/O deals - Posted by Scrooge McDuck

Posted by Scrooge McDuck on August 28, 2003 at 07:18:25:

I know. I wish the news was better - I buy insurance too. But lately the whole insurance industry seems to be raising prices and chopping service.