Property Insurance Won't Pay Out When It Matters

“A broker directly with a company or someone who just compares plans and recommends them? And thank you. Do you insure yourself personally or an LLC of some sort? Or both? I really appreciate this. [re: insurance against defamation or similar issues?]”

“I am in the USA and I used a broker. I have E&O and media coverage. [re: insurance against defamation or similar issues?]”

“ARe you in the USA? And may I ask which insurance carrier you use and type? [re: insurance against defamation or similar issues?]”

“You should be able to find insurance to help cover legal costs to defend against claims. We don't because there's no risk of claims given our style of content. And Australians aren't as litigious as some other countries. [re: insurance against defamation or similar issues?]”

“We looked up a company woth good reviews. (We now know that is a stupid way to find a company) It's an insurance job before o get all the don't cheap out on a roof comments. This is after the 4th time they have came out to "finish the job" or "repair" They came to add starter shingle over the eves and then we found another nice surprise where the roof transitions over the porch. Everytime we have been doing work on the house we find something completely obvious. I am”

“Chiming in as a fellow SC landlord, get insurance. I had a $1m home policy and a $1m general liability policy. Tenants did some dumb shit that started a fire. I was sued because it's my house. If it weren't for those policies, I would be looking at catastrophic losses. Not trying to shit on you or anything, I'm not knocking your plans. Just include insurance in your financial plans. Good luck out there, SC is not as landlord friendly like you would think it is. [re: Bought 2 rental p”

“I use insurance for the specific property then email my accountant a P&L for the Year and he puts it in the correct spot for state and fed taxes [re: [Landlord - US- MA] On taxes, under what rental expense type do you put mortgage insurance? Under insurance with homeowner insurance or under interest?]”

“Ask your CPA. It may make a difference for state taxes. It's insurance. However if you have insurance escrowed it may be difficult to separate out. I avoid escrow for insurance. [re: [Landlord - US- MA] On taxes, under what rental expense type do you put mortgage insurance? Under insurance with homeowner insurance or under interest?]”

“That's why each property has its own LLC. We figured out 20 years ago that the cost of insuring the portfolio annually (20k) was equal the cost of 1 house. So we could have a house burn down each year and it would still be the same as insurance. However, we have never had a fire or any major incident at all. In 35 years, averaging 40 properties. [re: Bought 2 rental properties that will bring in $2,600 to 2,700 a month in income]”

“Under what rental expense type do you put mortgage insurance? Under insurance with homeowner insurance or under interest? submitted by /u/Forward-Craft-4718 [link] [comments]”

“Insurance is largely a scam. I have lots of it to appease my lenders. I think if you have commercial assets it’s probably more necessary. If I were buying small dollar properties in cash and had them sheltered I would not buy insurance either. [re: Bought 2 rental properties that will bring in $2,600 to 2,700 a month in income]”

“Out of curiosity, what might happen if it burned down and a tenant were to die in the fire? Not sure you would be able to cover those costs... [re: Bought 2 rental properties that will bring in $2,600 to 2,700 a month in income]”

“I have a similar situation, two older houses, got them at a good deal etc. BUT!! I would never not have them insured. I didn’t see you mention it but have you looked at getting insurance without wind and hail damage, water damage, or roof insurance included? It should be cheaper. [re: Bought 2 rental properties that will bring in $2,600 to 2,700 a month in income]”

“Is that because they haven't had claims or because literally this is what happens: Tenant:" I fell and broke my arm on your stairs, I can't work for 3 months and I want more money for pain/suffering" Landlord: "Call my insurance company. Bye" And that's it. Never hear about it again, insurance company settles. Landlord keeps their property and other assets intact. [re: Bought 2 rental properties that will bring in $2,600 to 2,700 a month in income]”

“Fuck man I’ll get insurance to cut my profit $1500 you happy ? Still not a wise decision? It’s a small 1,100 sq ft house and my dad is doing the same thing across the street. The roof is good wiring is good plumbing is good foundation is solid. [re: Bought 2 rental properties that will bring in $2,600 to 2,700 a month in income]”

“What if a tenant falls and gets hurt? Or worse? [re: Bought 2 rental properties that will bring in $2,600 to 2,700 a month in income]”

“Regarding this last post, require a renter’s liability insurance and boost your umbrella insurance. A good property manager will advise and help set you up with the renter’s insurance requirements (renter buys the policy) and your insurance agent will help you too. I would get a property manager who has experience with evictions as well, just in case. [re: [General US-IL] Considering renting home for 2-4 years instead of selling]”

“How does your house insurance feel about a 20 odd year old tank? I’d bet if it leaks they’re gonna nope right out of your policy. I’ve seen tanks fail as small leaks, I’ve also seen fires from leaking into electrical, I’ve also seen catastrophic fails. If it’s in a garage, or a place where water damage wouldn’t be an issue then let it buck till it dies. If it’s anywhere that it could cause actual damage, stick to your home insurance regulations. Having a leak detector is fine, but what about whe”

“I’ve been trying to contact RentalCover regarding a delayed claim payment, but I’m not getting any clear answers. I even corrected my bank details using the link they provided, yet I still haven’t received my money or a proper update. Has anyone dealt with this company before? Is there a working email, phone number, or someone I can escalate my complaint to? Any advice would be greatly appreciated! submitted by /u/Sad_Slice_8758 [link] [comments]”

“Is there an insurance that pays us the rent in case property becomes vacant, how long and if we need it will the premium increase? Anything you want to add about that? [re: Saturday Mentorship & Questions Thread]”

“Anyone else seeing Pure Insurance turning into another Allstate? On little notice, Pure has effectively decimated its earthquake coverage. Coverage limits on anything other than Dwellings has been reduced to virtually nothing. Almost no loss of use and coverage for contents and other structures. Pure is a membership organization and talks a good game, “we are family,” blah, blah. When they make changes like this at renewal, with no prior notice, how are they any different from the commercial car”

“Get a quote from geico [re: I am up against the wall and have no clue what to do!]”

“I accidentally broke a toilet valve and caused a leak. My landlord sent out an emergency restoration and I had to sign that they will bill my insurance first then me after as the owner. My insurance is likely going to deny this claim, but they added 2 dehumidifiers in the kitchen and bathroom. The leak happened on Wednesday and they didn’t check the crawl space till today(Friday). They can’t add dehumidifer or remove insulation in the crawl space till they get authorization which my adjuster is”

“I accidentally caused water damage and filed a claim with my insurance. I believe they will deny the claim but my landlord can’t authorize demolition and dehumidifier in the crawl space which is wet. They said insurance has to approve it, which my adjuster is out for the weekend. If it’s denied and that waiting period caused extra damage and mold will I be billed for it? I have expressed my concerns to my landlord and called my insurance but I just have to wait now submitted by /u/Fa”

“Based in UK, wanting advice on compensation claim for issues regarding house insurance claim reinstatement. On the 20th May had water leak in upstairs bathroom. This led to me, my husband and 3 week old baby having to move out while kitchen and bathroom was ripped out and redone through our insurance (Admiral). During this time midlands restoration did the rip out after 1 month of drying, the kitchen and upstairs bathroom was ripped out back to brick. However had delays due to missing asbestos t”

“Shop for new homeowners insurance. You can change it at any point. You will get a refund of the unused premium on the old plan. Just make sure the insurance company notifies the bank. Use a broker to save time. They will shop many companies for you. [re: Escrow shortage letter because home insurance jumped. What are my options when I can't absorb the new payment?]”

“The insurance company just sends a yearly amount. No comparisons to previous years, and expects you to remember exactly what you paid last year. Then, in a few months, the Mortgage company will send you a letter about the escrow shortage, making no mention of what caused it (its possible it could be taxes but 99% of the time its insurance premiums). So while there's nothing stopping the borrowers from keeping an eye on it, none of the companies involved want them to. [re: Escrow shortage let”

“Hi everyone, My RentalCover insurance claim was approved for 231,000 DZD, but both payment attempts failed on October 9 and October 16. After the first failure, I corrected my banking details using the link they provided. However, the second payment failed again despite my details being correct. I’ve contacted RentalCover support multiple times, but they either don’t respond or send generic replies without actually resolving anything. My claim is now back to “Processing.” Has anyone experienced”

“Get new insurance quotes. Mine went up to 6k (!) and then I was able to get it insured for 2.3k with another company (got quotes through goosehead - insurance with obie). [re: Escrow shortage letter because home insurance jumped. What are my options when I can't absorb the new payment?]”

“This is why I opted out of escrow. You have to be disciplined to do this though. I would check out quotes from travelers and farmers. Get a high deductible plan, like 10K, with a 1% all perils. There's no reason why your homeowners insurance increases $200 a month. That's crazy to me [re: Escrow shortage letter because home insurance jumped. What are my options when I can't absorb the new payment?]”

“We don’t escrow our taxes or insurance so it’s odd to me that tour insurance can just go up like that. If it’s time to renew insurance and that’s why it’s going up, don’t escrow and just pay it on your own . Our insurance premium/payment only changes once a year at renewal . We make 6 monthly payments. Our renewal letter comes well before the policy actually renews so we have time to prepare if it goes up. [re: Escrow shortage letter because home insurance jumped. What are my options when I can'”

“hire an insurance broker call companies directly dont google "cheap insurance near me" and then fill out some random shop insurancequotes after you enter your address/dob/email [re: Shop Insurance without getting harassed]”

“Hey all, I Got a letter from my mortgage servicer saying my escrow is short about $1,400 because homeowners insurance went up, and my payment is going up $210 a month starting next month to cover the shortage plus the new premium. No claims, I didn't change anything, the insurance company just raised it. I can't absorb $210 a month right now. I did shop the policy through Honeyquote so before freaking out I could like get a sense of if cheaper was possible and found one about $70 a month”

“I requested one home insurance quote online and got 40+ calls and texts in three days. How do you shop around without this happening? Renewal came in up almost 50% with no claims, so I did what everyone says and shopped around. Filled out one of those compare-rates forms on a Tuesday night. By Friday I had 43 calls, a dozen texts, and emails from agencies in states I don't live in. Had to block numbers for a week. Now I'm scared to request another quote anywhere. For people who've sh”

“I might just be jumping to worst case scenarios because of how traumatic this has been. I'm inheriting my family home which is the last thing I have from my family and means too much to me lose outside of my control. I reached out to the insurance broker on the mortgage to see if there was anything that needed to be done and they said they will need to update the policy to the estate's name until it gets transferred over to me after probate. But they want an inspection which scares me. T”

“Hi All, not sure if this is the sub for my question but I insure a small freight company who experienced a 345% increase in premiums I am desperately searching for a carrier to place coverage with asap. I have struggled to find a carrier who does not decline. Current progressive, 2 drivers, TN, 2nd year in business first renewal. My insured cannot afford the increase we are talking over 30k. Who are you insuring with as a small company? submitted by /u/Eastern_Comedian8804 [link] &#3”

“I want to self - install a mini split air conditioner. I'm confident in my technical ability. But my insurance agent tells me any damages resulting from the work won't be covered by my homeowners policy since it's not done by a licensed and insured contractor. Is that typical? Are there ways around this that maintain the cost savings of self-installation? Thanks. submitted by /u/swcollings [link] [comments]”

“Does anyone know if an insurance company can outright refuse to issue a homeowner's policy due to the condition of the property? submitted by /u/rosesforthemonsters [link] [comments]”

“Currently i'm working in the Property & Engineering Claims division of a top insurance corporation in the country. Before that i worked in Reinsurance in a different firm as an intern so you can imagine how drastically different my work environment was gonna be. The department is filled with people with years upon years of experience while im the only newcommer to the job. Of course i knew all of that beforehand and went in anyway as doing claims is as close as you can get to the essence”

“Last week someone told me about a claim at their property. A stranger said they slipped on stairs that were wet from heavy rain, except it had been sunny all day. They asked for $30k. The insurer didn’t even push back, settled for $18k within two days, and the owner got hit with higher premiums at renewal. What got me is that the owner apparently could have proved it was dry and it still wouldn’t have mattered. Fighting costs more than paying, so you just pay. I keep wondering whether that’s a w”

“It’s different all across the states.. several people I know have been hit with insurance adjustments because of satellite and drone photos. [re: Landlord removed pool and filed with Sand. Advice please NE Texas]”

“I’m a medium sized General Contractor in the southern California region. Yesterday morning I got a phone call from a nice lady claiming that she is calling from “Farmers Insurance”. Now this made my heart skip a beat because anytime I get a call from an insurance company, it almost always ends up as a referral for a huge job. Farmers insurance has been the source of many good clients for me over the years. As the conversation went on, it became clear to me that she’s trying to sell me some form”

“I'm with State Farm now and have been since the purchase of my condo in 2014. If I choose another company and change my policy, do I have to have a condo inspection by them or can they just go off of what my current policy states? My condo association covers outside my unit with their master policy. Does a condo insurance inspection mean the insurer comes inside my unit to inspect? What do they look at? Thanks. submitted by /u/Low-Temporary4439 [link] [comments]”

“Hi everyone, looking for professional advice from adjusters and experienced landlords. My house is a 1,200 sqft single-story SFH in North Carolina (built in 1997). It's currently a rental property with a tenant inside, managed by a property manager. it's covered under a landlord policy ($5000 deductible). Two days ago, minor moisture was spotted in the garage. Overnight, water surfaced through the concrete slab into the interior, ruining the laminate flooring throughout the entire house.”

“Hi, I have Allstate homeowners insurance for six years now in our home recently the HVAC unit sprung a leak. I discovered that one of the PVC joints had to come loose and fixed that myself. I have a dehumidifier that I’ve been running for a couple of weeks now to get the moisture out of the floor and that seem to have work but just today a puddle in that area re-emerge so there might be something over my head wrong with the HVAC unit anyway the vinyl flooring and maybe even the subfloor are ruin”

“Hello! I’m new to Meowtel and looking to get insurance. I’m confused by this option to add broadened property damage insurance. It’s states it’s not included in the basic but the basic membership states it cover property damage so it’s confusing to me. What is this “broadened property damage” for? Do most of you just have the basic coverage? Also, is there a way to cover yourself if the pet has to be taken to the vet while in your care? submitted by /u/SanFranLuvr [link] [comme”

“We hit stuff all the time and send it to our insurance. They get out of paying about 80% of claims by saying "not negligent." Basically, what we are told is it all falls down to Duty, Breach, Causation, Damage. If we have a duty to do something or not do something and breach that duty, and as a result we cause harm, and said harm is damages that can be paid as money damages then they pay otherwise they simply deny the claim. Earlier this year we hit a plastic gas pipe pipe no tracer wi”

“Hi all, first time posting here but looking for some advice on a homeowner's insurance situation. I live the the Midwest and bought my house in 2020. My policy is with AAA and the deductible for wind/hail was recently increased from 1% of the assessed replacement cost to 2%. Since their assessed replacement cost increased recently this has worked out to $6000 deductible turning into $14,000. Now I'm aware that things are going up everywhere with wild fires, hurricanes, etc all over the p”

“I'm very confused regarding insurance to cover liability. I currently have a 2M personal liability policy. I now understand that this will cover an incidents related to my primary residence, and me personally while driving or boating, etc... Correct me if I'm wrong. I also have 5 rental properties/investments that i also now understand that this current policy wont cover anything related to these properties. What type of insurance do i need to help cover liability for incidents related t”

submitted by /u/Streetsmart70 [link] [comments]

“Our family has been paying for Traveler's insurance for home and auto for years. We've never needed to use it, thank goodness, because apparently it's not actually valid. Went to the DMV today for my son to have his driver's test and they wanted proof of insurance. I gave them what I have - which is digital - which the company claims is valid. The DMV disagrees and says that the digital version is missing information they need to validate it. So then I try to call the company to”

“Seeing the same thing outside CA too. A lot of carriers stopped adding landlords as additional insured on renters policies and only offer interested party, which just gets you a notice if the policy lapses. Honestly, that notice is most of what you need to enforce the lease requirement. For your own protection, your landlord policy's liability coverage, plus maybe an umbrella, does more than being named on their policy would. [re: [Landlord US-CA] Is anyone still able to get added as “additi”

“I’m a Connecticut homeowner looking for advice from anyone who has dealt with a public adjuster dispute or a complaint with the Connecticut Department of Insurance. I filed an insurance claim for wind damage to my roof, and my insurance company approved payment toward the roof replacement. During the process, I was introduced to a public adjuster through a roofing company and felt pressured into signing a public adjuster agreement because I was led to believe this was the way I needed to proceed”

“I have landlord insurance. I don’t think you want to be an insured on your tenant’s policy. [re: [Landlord US-CA] Is anyone still able to get added as “additional insured” on a tenant’s renters policy?]”

“I’ve been an Amica customer for 40 years. Never had a claim. I have been trying to get new quotes for another car, a new home and an umbrella policy. I’ve been through 4 reps. The follow up has been terrible. They never call back, never pick up their phones and don’t respond to emails. I’m now wondering if I should go somewhere else. The quote process is truly terrible. Have the wheels come off? Has something fundamentally changed with their operation and customer service? I was literally ready”

“Stuck between a rock and a hard place. Has anyone NOT had liability insurance? I’m an American, but living overseas, and hoping to work with other Americans in the ex pat community. But American insurance companies (that I can find) won’t offer coverage because it takes place in another country. What would you do? submitted by /u/the_pt_gal [link] [comments]”

“Update: I’ll be looking into specialty insurance tomorrow! Thank you for the advice. My partner and I are at a loss and could use any recommendations. We live in Washington state. Last year my dog bit someone and the claim was just settled and we found out we will be losing our renters insurance in November due to this. I was not notified by my insurance of these updates, and the last correspondence I had from them was several months ago telling me that they had ‘no updates’ on the claim so this”

“Do you mean added as an interested party? Additional insured is usually for partners not married and such. I don't think you want a shared policy with your tenant. [re: [Landlord US-CA] Is anyone still able to get added as “additional insured” on a tenant’s renters policy?]”

“I had the same insurance plan through my mortgage broker for 16 years now. When I bought my second house I just went with the same company for homeowners and bundled auto into it for a discount. Never had an issue or questions about my rates. The last 5 years has seen my rates skyrocket. Both my auto and home have more than doubled during that time. Dummy me just kept paying it. I got my renewal email last week and noticed my auto insurance was at $478 per month ($5,700 premium). That’s for 2 ca”