Increase in insurance

[Fernando]

Most appraisers and insurance companies go to BuildFax.com. A well maintained home will usually have a good history of repair work and upgrades, - if the work was done by licensed contractors. And so, I am guessing, if we were to look at BuildFax.com for you property (and it is open to the public for a small fee) - we would wouldn't see any history. -- And that may be your problem.

Not just the roof. And how clear from Google can one see the roof?
All my commercial units have undergone renovations, several converted from retail to restaurant.
I was surprised to see few permits taken out by my tenants.

 

[Tom D]

the latest i read is that the insurance company is using drones to see da roof. and a lot of times google can be several years old photo.

 

[Surf Cat]

A well maintained home will usually have a good history of repair work and upgrades, - if the work was done by licensed contractors.

Rah Rou.....

 

[Fernando]

the latest i read is that the insurance company is using drones to see da roof. and a lot of times google can be several years old photo.

If drone used, inspector should see my property is in prime commercial location. Why they giving me a hard time?
Doesn't make sense that my less desirable location properties have no renewal problems.

 

[Fernando]

My insurance broker couldn't find an insurance for my property since it expired.
Today I go a letter indicating I'm an applicant to California Fair Plan Property Insurance.
I always thought those were terrible properties no company wanted to insure and now I'm referred to that program. WTF.

 

[Tom D]

i have used fair plan for shell properties. basically, they cover fire insurance and not liability insurance. i don't know if calif is the same. but, not liability means if someone falls you ain't covered. with fair plan the price was pretty good, because no crazy pay out liability coverage added.

 

[Fernando]

i have used fair plan for shell properties. basically, they cover fire insurance and not liability insurance. i don't know if calif is the same. but, not liability means if someone falls you ain't covered. with fair plan the price was pretty good, because no crazy pay out liability coverage added.

There's a crazy condition.
"...eligible for this coverage, a copy of the recent main drain test (within the past 5 years) AND hydraulic design system information must be provided."
WTF are they talking about?

 

[Tom D]

no blockages in the sewer line. i'm big city, but that hydraulic systens might be septic tank and the drain field. them not city lingo. rural guys, help him.

 

[ITVSME]

"Hydraulic Design" These are references to fire sprinkler information. They want to know the design criteria for the sprinklers Information which should be on metal tag attached to sprinkler riser.
"Main Drain Test" They want to know if there's adequate water to feed the sprinklers.
If you have a sprinkler system, you should have a maintenance contract which should include periodic testing of the incoming water supply.
The alarm service contract should also include testing of the water flow alarm by opening the inspectors test connection located at the far end of each system.
If you have fire sprinklers and any of this doesn't sound familiar, the likelihood that sprinklers won't operate is high.

 

[Fernando]

My condo HOA fee gone up this year. Insurance must be raising the costs.
One condo fee went up 10% and another 13%. More than inflation. I sure can't raise my rents by 10%. Not good for real estate.