Posted by Mike(Al) on June 03, 2003 at 21:38:49:
Lyal,You need to make an appointment with the underwriter for the insurance company.I had the same situation until I explained how the business worked. My rate is now between $4,000.00-$5,000.00.The underwriter not the agent determines how much your premiums are.Mike
Help! 25k annual premium for Liability Insurance? - Posted by Lyal
Posted by Lyal on June 03, 2003 at 20:08:51:
(Also posted on the main board)…
I’ve been talking to one of the independent insurance companies to get prices on business liability insurance. I do mobiles and houses in an “S” Corp and this year I set up an LLC for my first pure rental. In several conversations with the agent I’m working with at one company I detailed my anticipated business volume for the year (500k + or -)and explained what I do ie: buy older mobiles, fix up and resell on Contract, buy houses “subject to” for the most part and resell on Contract, hopefully pick up more properties suitable to keep as rentals.
The last line of his latest email said they expect the premium to be 25k (!!!) and could easily be more! What did I do wrong? I know many people here have liability insurance etc for MUCH LESS…
Lyal
Help! 25k annual premium for Liability Insurance? - Posted by Philip
Posted by Philip on June 04, 2003 at 24:57:20:
Lyal,
I got a quote of over $600.00 monhtly for %29,000.00 worth of revenues!
$7,500 worth of liability for $29,000.00 worth of revenues.
I was shocked much like you.
Hopefully Mike has your answer.
Did you ever make anything out of the park you were looking at?
I finally “didn’t close” for good on mine tonight. Went to see the seller and explained why I couldn’t do it…and asked to move a home in! He was cool, things are cool…
Hope you find a lower rate,
Philip