Increase in insurance

[Tom D]

if you add up all the yearly premiums that you are paying, would that yearly amount cover any damages in the future on any one property. that is called being self insured.

 

[Fernando]

My rental on record shows 1 bathroom. However many years ago, tenant converted the bathroom and closet into two bathrooms done without permits.
Should I tell insurance company subject is 1 bathroom or 2 bathrooms?

 

[glenn walker]

if you add up all the yearly premiums that you are paying, would that yearly amount cover any damages in the future on any one property. that is called being self insured.

Mine would not. Probably one of the dumbest ideas I have ever seen on the AF.
In California with tenant occupied properties our biggest risk is liability . We have been sued for people falling down, one got raped years ago in building and said it was because we had poor security and the list goes on and on. When you can no longer carry Insurance on CA Real Estate it's time to sell everything and become a renter .

 

[Fernando]

I told my insurance broker that I had a claim. She said she couldn't help me.

 

[glenn walker]

I told my insurance broker that I had a claim. She said she couldn't help me.

Tell her that was not the kind of help you are looking for LOL

 

[Fernando]

Tell her that was not the kind of help you are looking for LOL

She said her carriers do not want to take additonal risk.

 

[Tom D]

Mine would not. Probably one of the dumbest ideas I have ever seen on the AF.
In California with tenant occupied properties our biggest risk is liability . We have been sued for people falling down, one got raped years ago in building and said it was because we had poor security and the list goes on and on. When you can no longer carry Insurance on CA Real Estate it's time to sell everything and become a renter .

glen, i was basically talking about fire insurance. i live in a big liberal city where every attorney wants to bring a liable case there. we give out big settlements to even phony cases. i understand because usually, in my experience, jury duty is for more liability cases, than criminal ones.

 

[Fernando]

It's not just mortgage rates that is highest in 22 years but insurance rates have also gone up.
I asked my insurance broker why so high and he said building costs for my commercial building went up from last year. WTF.
Past two years insurance has increased like 20% each. My rents having increased. My net profit decreasing and it's not good long term profitability for me if the increases continue.

 

[Tom D]

building costs are still high. should be going down soon. sometimes a big disaster like fires and weather causes a lot of area damage which increases the basic necessities, especially lumber.

 

[Fernando]

building costs are still high. should be going down soon. sometimes a big disaster like fires and weather causes a lot of area damage which increases the basic necessities, especially lumber.

The withdrawal of new insurance policies by insurance companies this year in CA did not help.
I'll grudgingly pay the high premiums and see if next year, insurance companies come back and be more competitive.