Increase in insurance

[Fernando]

Oh, Boo Hoo.... there are several on here who manage properties. It's a hard gig. I believe that if there's anybody who should get a property management company involved, it's you. Based on what you post, on what you do and don't do with your properties.... it doesn't seem like you're cut out to be the DIY guy.

Do yourself a favor and have Property Management do it all for you... you'll pay more, but you'll gain more at the same time because you won't have to deal with it.

I save money from not hiring a property manager.
Half hour ago, my tenant said somethng about toilet pump flushing not working. What is she talking about?
I told her to use the handyman from the last time and bill me. No need to waste my time going there.

 

[Surf Cat]

I save money from not hiring a property manager.
Half hour ago, my tenant said somethng about toilet pump flushing not working. What is she talking about?
I told her to use the handyman from the last time and bill me. No need to waste my time going there.

This is what we've been talking about all along.... the Fernando way....

You do what's good for you. If you post what you're doing and how you're handling it though.... just know you're open season LOL

 

[Tom D]

Fernie hasn't talked about having sold any of his properties. They typically have a higher effective age from his cheapness. Remaining years left are in the 10's. Classic original interiors are from the happy san fran hippie years.

If you going to san fransisco be sure the stay at the fernie hippie airbnbs. Flowers and drugs are extra.

 

[timd354]

Rep even asked if I'd been in the past had cancelled or nonrenewal in my other residential property insurance.
Why is that relevant? And why should I be penalized if insurance company doesn't want to renew.
Always finding excuse to raise the premium.

The reason it is relevant is that decades worth of data show that people who have filed property insurance claims in the past are much more likely to file new claims than people who have not previously filed a claim. I am in the risk department of a mortgage insurer and insurance is all about correctly pricing for and mitigating risk and insuring properties you own comes with a higher risk of loss than insuring properties owned by people who have not previously filed a claim.

 

[Fernando]

The reason it is relevant is that decades worth of data show that people who have filed property insurance claims in the past are much more likely to file new claims than people who have not previously filed a claim. I am in the risk department of a mortgage insurer and insurance is all about correctly pricing for and mitigating risk and insuring properties you own comes with a higher risk of loss than insuring properties owned by people who have not previously filed a claim.

After filing a claim, the claimer knows how the process works and what benefits actually can get from the policy. Insurers prefer ignorant customers who won't exercise their rights having paid years and years of premiums.

 

[Fernando]

I have one property which premium is crazily high like $16,000.
I'm thinking of self insuring.
I can now understand why some take their chances and forego buying insurance.

 

[timd354]

I have one property which premium is crazily high like $16,000.
I'm thinking of self insuring.
I can now understand why some take their chances and forego buying insurance.

If you self-insure a property don't forget that a typical HO policy has personal liability coverage, so if you self insure any of your properties you may want to consider getting an umbrella policy for personal liability if you don't already have one.

 

[Fernando]

If you self-insure a property don't forget that a typical HO policy has personal liability coverage, so if you self insure any of your properties you may want to consider getting an umbrella policy for personal liability if you don't already have one.

Buying personal liability was cheaper at about $1,000.