Hazard/Liability Insurance in VA. - Posted by Paul Macdonald

Real Estate Investing
#1

Posted by Max W. on November 12, 1998 at 13:56:05:

I would compare companies that will let you insure an investment property even though you don’t have an owner occupied policy with them. Beware . . . many of the large carriers are doing credit checks as well. If you have bruised credit, you may pay more. I am forced to use one carrier (Va. Property Insurance Assoc.) here in Richmond because my properties don’t have all of the systems updated and are often vacant during rehab.

#2

Hazard/Liability Insurance in VA. - Posted by Paul Macdonald

Posted by Paul Macdonald on November 08, 1998 at 08:00:12:

Hi,

I’m doing some comparison shopping for hazard & liablilty insurance vendors for a rental in Northern Virginia. Does anyone out there have any preference and experience with different vendors?

Thanks.

#3

Re: Hazard/Liability Insurance in VA. - Posted by Max W. (VA)

Posted by Max W. (VA) on November 08, 1998 at 14:30:57:

Be sure to ask if there is a requirement that your owner occupied residence must be insured with the vendor you are comparing. Some of the major carriers have this restriction. This may limit your choices.

-Max-

#4

Re: Hazard/Liability Insurance in VA. - Posted by Max W.

Posted by Max W. on November 09, 1998 at 21:44:30:

I have found that many insurance companies won’t touch the properties that I invest in for a number of reasons: The first is that I don’t have my personal residence insurance with them. Secondly, the house may not have a certain amperage rating or the HVAC system may be older. The last reason is that many companies won’t touch a vacant house with a ten foot pole due to the increased risk.

Virginia Property Insurance Association is one company that will write all of the above. They will even insure rehab properties. They aren’t cheap, but they are able to provide quick coverage without jumping through hoops. All of the agents I have spoken to locally can write a policy for them. They work exclusively through VA insurance agents.

You may deal with higher end properties and not have some of the problems I mentioned although the first issue and the vacancy problem is universal regardless of property value. I hope this helps.

#5

Good advice - But WHO do you use? - Posted by Paul Macdonald

Posted by Paul Macdonald on November 08, 1998 at 21:56:32:

Tell me the name of your favorite hazard and liability insurance company.

Advice is nice but I want hard targets. Names, phone numbers, etc., etc…

What company offers the elusive lowest premium combined with maximum coverage?

Thanks for any quality leads.

PJM

#6

Re: Hazard/Liability Insurance in VA. - Posted by Paul Macdonald

Posted by Paul Macdonald on November 11, 1998 at 09:08:50:

Thank you it does. Who would you suggest for the higher end, long term holding rental unit?

PJM