Insurance Help
I am ending my 3rd year of investing in duplexes and one fourplex. I am completely and utterly disgusted with my agent. My 5 properties are in the Hollywood, FL area. This agent has a 4000% turnover rate so I never know who is handling my account. They cannot answer simple questions re property coverage and do not have the ability to produce a report that summarizes my coverages (including Citizens, the state run organization that provides windstorm). Am I kidding myself that other companies have a stable crew and decent systems to provide information to me?
Last question: What is the rule of thumb for coverage I should request? Appraisal tells me what the replacement cost is and use that amount? What about when it appreciates considerably? Do you roll the dice and save premiums or play it safe and increase it?
As you can tell, much of my problem lies with my disinterest in the topic and procrastination with getting organized about all this. THANKS.
Cornell,
These articles should help with some general info:
http://www.thecreativeinvestor.com/modules.php?name=Articles&file=article&articleid=438&PHPSESSID=6bjcqm57guisr91b0pnqrinod3
http://www.thecreativeinvestor.com/modules.php?name=Articles&file=article&articleid=1101&PHPSESSID=6bjcqm57guisr91b0pnqrinod3
As you well know, insurance in Florida (and other coastal areas) is tougher to get, comparatively. Check your local REIA-type groups for referrals to Agencies that understand REI...
Hope this helps...
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If they value your business, they should not have any problem producing a synopsis of your coverages, policies, etc...
Unfortunately, not all of us think that way...
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Coming from an ins background as an underwriter, I can only tell you that ins brokers are one step above used car sales people. Not all mind you, but certainly a majority of them.
One can not expect a third party to protect ones investments even though they are the professionals and you would expect this to be the case. You need to educate yourself on ins matters and advise your broker/agent accordingly.
A little surfing on the net will make anyone a bit more knowledgable about their exposures and how best to treat them.
Sad, but true. Good luck.
Thanks Flyboy. What you say has become painfully obvious. With fewer and fewer companies insuring in Broward County, it seems virtually impossible to find an agency that provides service, never mind reasonable prices.
: )
Unless the 3 bids are from the same breed of knuckle-head Agent....
You may want to consider talking to an asset-protection planning attorney in your area. If they know their stuff, they will know of an Agent/Agency that "gets it"...
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