Landlords Squeezed by Insurance & Tax Hikes
Landlords are facing significant challenges with increasing property taxes and insurance premiums, making it difficult to manage rental properties profitably. Many are concerned about finding reliable insurance coverage that will actually pay out claims, and are discovering the complexities of managing claims with standard insurance versus specialized landlord policies. This is impacting their ability to maintain affordable rents and manage risk effectively.
SOURCES (60)
“Who offers good options and what’s a fair price to pay to cover an event for a day? Thanks! submitted by /u/Melodic-Sprinkles906 [link] [comments]”
“The problem I’ve seen before is people who say they are self insured are not, they just have no insurance and they have no idea what things cost.”
Curious if that would include a total loss caused by wind?
“I had a fire that completely burned down my 2.5 car detached garage and damaged the siding/windows/ roof on my house. I have been waiting on payment from the contents portion of the claim, and heard back from my adjuster today. They say the payment wasnt approved and he has to have a meeting with management. Has this happened to anyone? submitted by /u/Main_Cartoonist9431 [link] [comments]”
“Hello, I have my homeowner's insurance sending multiple roof inspectors to my home. (GEICO/Liberty Mutual/Occidental Fire & Casualty Company of North Carolina). I am deployed overseas so I haven't had a chance to interact with them while they are at my property. For sure the home is in need of some maintenance. The roof was replaced in 2003. I requested the inspection report and it is pretty damning, with dozens of 'major hazard' flags. Some of which are fairly inaccurate. I&”
“We had a house fire and asbestos exposure. We hired a public adjuster. However it’s been 6 months and we are still fighting with insurance, should we seek legal action? submitted by /u/butter4eva [link] [comments]”
“I'm just thinking about setting up a home based business where I turn one of my spare bedrooms into a storage & production room for making & selling crafts online. How will this affect my homeowners insurance in Texas? I currently have Farmers. submitted by /u/Character_Light_5942 [link] [comments]”
“Question from the property side. On RCV policies the carrier holds back depreciation until proof of completed work comes in, usually with some window to claim it (I've seen everything from 6 months to 2 years depending on carrier/state). What I can't find any real numbers on: how often does that holdback simply never get claimed — homeowner never files, contractor never sends the final invoice, window quietly closes? If you've worked claims: is unclaimed depreciation a meaningful buc”
“You have NO mortgage and can’t make a profit? My mortgage is $1700 (roughly) which includes my insurance and taxes (no PMI). If I had no mortgage, any monies coming in that don’t have to cover insurance and taxes is pure profit. As for the money set aside for things that break, you have to hope that things don’t but still have a plan in place so you don’t have to go out-of-pocket to pay for it. I’m thinking that being a landlord is not for you.”
“If i have a tree leaning towards my house could I contact my insurance to cover its removal? Would this raise my rate? Anyone ever done it? submitted by /u/Reasonable_Edge_9415 [link] [comments]”
“I currently have earthquake insurance through the CEA and my renewal is coming up. The deductible and premiums are getting to the point where I have been running the numbers and I wondering if the policy still makes financial sense. My home is a small single story wood frame on a slab. A section of the San Andres is a little more that a mile away. The 1989 quake and no structural effect in this area. Given my age, in the event that I have a catastrophic loss I would probably not rebuild but move”
“I know it's based on fire risk. But is your premium calculated off structure replacement cost, or acreage? I'm looking at 70 acres in a high risk area. The structure is tiny and not worth much. What can I expect to pay for insurance? None of the calculators are working for me. Asking because if it's likely to be something like 10k a year it's going to kill the deal. submitted by /u/Whoopsitsonfire [link] [comments]”
An attorney? How about the property tax collector or assessor?
“Hey everybody, this is my first Reddit post because I'm feeling a bit desperate in this situation. My wife and I bought our first home last year in Maine, but then in May this year we had some extremely strong winds come through and destroy our roof. I got 2 quotes for repairing my roof at $11,000 and $14,500, and insurance says they will only pay out $1,600 after my deductible. A bit of background: My wife and I were not homed during the storm, but I got a call from a friend telling me both”
“I’m trying to find an insurance company that will offer coverage upon the condition that I’ll have my roof fixed within 90ish days. I’ve seen online that this is possible but my local agents office said they’d look into it and haven’t called me back. Basically it’s my mom’s house and her policy dropped years ago, and she just let it lapse without looking for a new one (stupid, I know). Now I’m staying in the house and fixing it up slowly, but a tree fell on it in a wind storm a few months back a”
“California has limits on increases How much did your taxes and insurance increase during the same timeframe?”
“I am looking for some guidance to make sure we're appropriately insured to protect ourselves and assets going forward. I confess I carried the same insurance policy I got on the fly when I bought my fist car, after moving to the US without understanding an iota of policies here, which I remember getting from a desktop computer at the dealership, so I know I went for the cheapest options back then (although I am still not sure I understand that much more now). Well over a decade later, I prob”
“All I see with every single provider is nightmare stories about how to absolutely NOT get insurance with (insert provider name here). Are there any Insurance providers with solid reputations that are genuinely trust worthy?? Feeling overwhelemed cause every time I find a halfway decent quote I find a post from this sub saying how the provider is ran from the actual devil from the bible. Mods if this breaks sub rules mb submitted by /u/A-Hot-Pocket [link] [comments]”
“I imagine you don't work with lower income / poor credit score tenants? We mostly rent to people with 550-630 credit scores although once in a while will get a 650+”
“I live in the Midwest and we got hit with a lot of hard storms recently. Trees were sheered and damaged the soffit and fascia of my house along with the gutters. I am getting estimates and I was given an estimate of $20k to replace the gutters, soffit, fascia, etc. This was caused by wind and weather and I'm wondering if it would be worth it to submit a claim. I live in my grandmother's house and the homeowner's insurance has been on the house for decades without a claim. Reading on”
“Just jumped through a bunch of hoops, incorrectly believing a central fire protection system credit I was not receiving, would provide more of a discount on an HO6 $1000 a year premium, than $5. I had read more like 5 to 10%, not $5....Ridiculous! System has 7-8 sprinklers in each condo unit, 2 smoke and heat detectors, strobe lights and alarms, fire extinguishers in hallways. Connected to fire station. I also got the impression from the requests I had to provide, that the underwriting policy st”
“I live in an apartment in a Victorian Manor House 🏠 n the UK that was converted to apartments in the 1950s. We have a limited company that manages common areas and grounds and a resident from each apartment is a director. We get buildings insurance as a single policy through the company. Each year we get a reinstatement valuation that is used as a basis for the insurance. A few months ago one of the ground floor apartments had cracks appear and it was determined there was subsidence at that par”
“I’m really glad my previous property manager talked me into getting umbrella policy”
“How is aaa for home insurance ? Thank you submitted by /u/BraveSea2412 [link] [comments]”
“+1 on the umbrella policy. It’s reasonably cheap and provides up to $1M (or more) liability on all your policies including your home and auto. If something goes awry in life, or your rental, it will help cover you.”
“the 'additional insured' requirement is a pretty standard clause in PA leases but it's worth understanding what it actually means naming your landlord as an additional insured on your renters policy gives them certain protections under your policy, typically related to liability claims that arise on the property. it's different from making them a beneficiary and doesn't give them access to your personal property coverage. call USAA directly and tell them your lease requires y”
“Keep in mind that umbrella insurance does require an underlying homeowners policy to apply to a given property. For some state / carrier combos you can find HO policies that are liability-focused (ie, less property and structure coveraage), but these are somewhat few and far between. That said, an umbrella policy should be a no-brainer for most given that the cost on a risk/$ basis is some of the most affordable of the policies folks will purchase. Commercial is it's own beast.”
“You can generally only self insure if you don’t have a mortgage. Most of the people I know who do this generally have some sort of umbrella insurance for risk. The risk profile of self insuring is asymmetric so even those with this profile still have insurance to some degree.”
“How is it that one company says it will cost $400,000 to rebuild my house and one company claims $550,000? The reality is, most people have no idea what it really would cost to rebuild their house and the number the insurance companies come up with can be way off. I think a lot of people get ripped off by the insurance comapnies by making them take out dwelling coverage which is way too high. submitted by /u/delaware97 [link] [comments]”
“Hello, I have recently closed on a new build house with closing on 8/28. Everything is squared away however our home insurance broker told hm us there is currently a moratorium for new policies being written ( I live in AZ in an area with high wildfire risk). We did have a quote the day before the moratorium went into affect. We were told the insurance companies pulled our whole zip code. How often are these moratoriums re evaluated and should I be planning for the worst that I can’t get it insu”
“Does anyone know anything about Cincinnati home insurance? Thank you. submitted by /u/BraveSea2412 [link] [comments]”
“Hello all, I was wondering if anyone could offer advice or tips who have dealt with Commercial Business Insurance? I am P&C licensed, (formally with State Farm) and my former boss and team members didn't really sell a lot of commercial insurance. I am now with a new agency. It is just me and my boss, he has only sold Life and Health but wants is now getting contracts to sell P&C which is what I will be doing. I am pretty solid on the personal lines as State Farms business model is pr”
“We're looking into techrug for cyber and E&O insurance. Looking for your experience: Why should we go with them? Why should we run far away? submitted by /u/brassbound [link] [comments]”
“If so, which would be a good insurance company to go with? (live in California) submitted by /u/PantomimeVillain [link] [comments]”
“I mean you could ask him to compensate you and he might go through insurance. The what, how, why and when would depend on any contract and how far you or he would be willing to take it.”
“I'm renting a secondary bedroom in my primary residence to my longtime friend. I have a lease agreement written up. It's a 1400 sq ft, $250,000 property, built in 1998 in TX. How much coverage would you recommend I require him get for renter's insurance? What is renter's insurance in this case if I also live on this property? Anything I should know about renter's insurance? submitted by /u/WorkinWill31 [link] [comments]”
“Anyone use Johnson &Johnson homeowners Insurance? I have never heard of them! I have been shopping around because Narragansett Bay has me up to $6200 a year for a 1286 sq Ft, one level home with a finished basement. The one and only claim in 16 years, I had to get an advocate because the newbie couldn't comprehend what a sewer injector pump was and kept writing it in the claim as a sump pump. Just wondering how they are, claims issues, etc. submitted by /u/bubbywithaclamknife”
“Im not sure how to word this question but my friend had water damage going back to June 7. Amica is her carrier (this is in MD) and they finally sent the initial adjuster out there about a week later. He is just a hired contractor and has to submit his report to Amica and they told her it would take 5-8 business days for the Amica adjuster to do the next step. Which I think they are supposed to send her a report of how much they will play to restore whatever is damaged. This has still not happen”
“I haven't had a claim in ages 15+ years and drive a company provided personal vehicle so I only have insurance on a vehicle that gets maybe 1000 miles a year. Haven't had a homeowners claim in 15+ years either. My current agent is a friend of mine but the company he has me with keeps jacking up my rates. I understand that some companies offer you a vast discount for a year or so and then may increase your rates over time. I'm just curious, does it negatively effect me of I'm cons”
“For anyone who has applied for general liability insurance lately to meet Amazon reqs, are there any carriers besides NEXT which offer instant onboarding/fully online application? Not thrilled with how constant their price increases are so I'm open to other options submitted by /u/iamfury [link] [comments]”
“I have fire just in kitchen, but the smoke spread in the house. Which content has to be list and how it works with insurance. submitted by /u/raphaeldieu [link] [comments]”
“I had my first turnover and there was a LOT of damage. Probably around $25k worth. I’m keeping deposit but wondering can I turn this into my homeowners insurance? What’s the next steps? submitted by /u/Nectarine-Happy [link] [comments]”
true nobody thinks about insurance until something almost goes wrong.
“An umbrella policy is a form of excess liability policy (also sometimes called an excess liability policy though they are two distinct products). The idea is that an Umbrella policy overlays on top of your existing policies (in most cases all of your auto/home/rental policies). They typically require you to have high liability limits on the base policies, typically $300k and then the Umbrella policy effectively layers on top of that to cover additional liability. In my case I have all of my base”
“Thanks for all this helpful information! What is an umbrella policy? I have a current rental insurance policy. I also require tenants to have their own rental insurance.”
“Last year, we put in a loss assessment claim with our insurance company for an assessment we were getting from our HOA on damaged roofs. We received from our insurance company around $15,000 which covered the special assessment.(unless our deductible.). When it came time for our policy to be renewed, our premiums went up 32%. Nine months later, our HOA received a settlement from their insurance company, which they had sued because the roofs should’ve been covered due to being a storm related dam”
“Hey guys! I’m curious to know how long people who are deemed “high risk” should expect to be hit on their premium? I am currently with Progressive since they tend to be a more forgiving company. I understand that I’ve made my bed with my record and I’m not trying to placate anyone for my faux pas - but I’m curious to get a better idea of when I should start to see a normal rate should I keep my record from gaining another less than favorable mark. Also, I’m putting “high risk” in quotation marks”
“We primarily use state farm bc in our particular area they are the cheapest for our properties. For quadplexes we use foremost bc state farm treats anything above 3 units as commercial and the premium price was exorbitant. We go with the highest deductible to keep the premiums as low as possible. We have never filed a claim and would only do so in the event of a catastrophic loss (ie a fire, a tree falls through the roof, a burst pipe not caught for days bc tenant was away etc). Once you start r”
“What insurance companies are you using and have you had to file any “landlord” claims? submitted by /u/nosee-um [link] [comments]”
“Hello all, my husband and I just bought a house (9 years old, passed inspection with flying colors). We live in a very dry area and the fires have taken down entire towns near us before. We specifically chose a house that did not have any trees anywhere near it but I still worry about the fires. Especially because of the very dry winter we had up here in Idaho. I have had people tell me to keep note of everything I own with the brand name and the price (I.E Special edition kitchen-aid stand mixe”
“After a storm last month many roofing companies dropped by. I submitted a claim right before actually choosing the company. They will not provide me with any estimates or quotes and are only asking for a 50 % down and as a check. Am I being too skeptical or thinking about this wrong? I should have numbers before anything else? Any helpful insights are appreciated. Location NE submitted by /u/Oppai81 [link] [comments]”
“Basically need to charge Homeowners insurance. We got a 20% increase and I founder a better rate somewhere else. Received my renewal about 2 weeks ago, but they already billed my mortgage company even before I received my renewal notice. Essentially, they can charge whatever and then send you what the premium will be. How do i handle this? submitted by /u/l42a1strato [link] [comments]”
“I work around UK home insurance, and one thing I keep seeing is people comparing quotes only on price. Before renewing, it’s worth checking: Your excess, especially for escape of water Whether accidental damage is included or optional Whether your rebuild value is realistic, not just your house price Whether contents away from home are covered Whether bikes, jewellery, laptops, or high-value items need listing separately Whether working from home affects your cover Whether there are exclusions f”
“A very large tree fell on our house. Cracked a big hole in the roof. Looks bad. I’m guessing six figure bad, easily. No one was in the house at the time. Insurance wants me to hire a tree service (in progress) to remove tree, then the big work begins. Any advice for working on a big restoration project with an insurance firm (Farmer’s)? How involved will insurance company be? submitted by /u/Utterlybored [link] [comments]”