You should be able to create an LLC online with the secretary state. In Colo. You can do it on the state web page for $25 and in 15 minutes. Not sure about Florida. Then you can quit-claim the deed over to your newly created LLC. The title company you worked with to buy the property should be able to help you with that. And then get commercial coverage on your building. Hope this helps.
I Need Some Help with Home Insurance
- Thread starter jademann
- Start date
You should be able to create an LLC online with the secretary state. In Colo. You can do it on the state web page for $25 and in 15 minutes. Not sure about Florida. Then you can quit-claim the deed over to your newly created LLC. The title company you worked with to buy the property should be able to help you with that. And then get commercial coverage on your building. Hope this helps.
- Thread starter
- #12
Re: LLC I decided at the outset that I did not need the additional administration hassles, expenses and separate taxation and more by operatiing an LLC. Also I could not find any facts regarding whether it is best to be a CORP or an LLC, the informarion I found all seemed pretty imprecise. So I decided instead to make sure that I have all the additional liability protection that anyone could ever need. There was a link online somewhere listing the advantages of this approach.
Anyways, I was also told that commercial insurance is more costly than even Citizens, and I apparently also need to own more than 5 properties to be eligible for some reason. It also doesnt fix the problem that the roof only has two years life.
I think that fixing and improving the Florida insurance system may be needed to be able to fix Florida Real Estate downturn.. Getting serious buyers remorse already here.
Anyways, I was also told that commercial insurance is more costly than even Citizens, and I apparently also need to own more than 5 properties to be eligible for some reason. It also doesnt fix the problem that the roof only has two years life.
I think that fixing and improving the Florida insurance system may be needed to be able to fix Florida Real Estate downturn.. Getting serious buyers remorse already here.
Last edited:
- 995
Here is what you need to do:
1. Create an corp or LLC asap.
2. Get a new roof asap.
3. Find a new agent. The info you were given was wrong. The blame here is 50/50. I know for a fact that Tower Hill asks how many units on their application. Did you tell the agent before he bound a home owners policy that it was 12 units that you were renting. If it is over 4 units you need a commercial policy. You signed the app, you got the policy, stop putting 100% blame on the agent. And stop bitching about the insurance company canceling you. They are allowed to do this in the state of Florida for the exact reason that happened to you; your property doesn't fit within the guidelines.
1. Create an corp or LLC asap.
2. Get a new roof asap.
3. Find a new agent. The info you were given was wrong. The blame here is 50/50. I know for a fact that Tower Hill asks how many units on their application. Did you tell the agent before he bound a home owners policy that it was 12 units that you were renting. If it is over 4 units you need a commercial policy. You signed the app, you got the policy, stop putting 100% blame on the agent. And stop bitching about the insurance company canceling you. They are allowed to do this in the state of Florida for the exact reason that happened to you; your property doesn't fit within the guidelines.
- Thread starter
- #14
FL, Tower had complete and full disclosure from me, my broker, and for the past three years from the previous owner. They simply said that their rules had changed regarding the three units being on a single parcel lot and since this is a new application they decided that they no longer want to continue to insure the same property. After calling Tower myself directly and the broker several times I can confirm that this is EXACTLY what they have said.
I am not here to make anything up that I have said any where on this thread, I am just trying to get insurance! I will leave it to people who know the insurance industry to judge the rights and wrongs of all that has happened, but as I said I now just looking for replacement insurance. And still without success I might add, after calling 4 brokers all saying different things about all of the different issues I have listed in this thread. I also spoke to the buildings inspector who did the four point report and told him what has happened and he said consder a lawyer!
All this time, money and waste just to get insurance in FL! If you were in my shoes would you be starting to wonder if even if you got cover would any of these mickey mouse insurers even honor a claim???
I am not here to make anything up that I have said any where on this thread, I am just trying to get insurance! I will leave it to people who know the insurance industry to judge the rights and wrongs of all that has happened, but as I said I now just looking for replacement insurance. And still without success I might add, after calling 4 brokers all saying different things about all of the different issues I have listed in this thread. I also spoke to the buildings inspector who did the four point report and told him what has happened and he said consder a lawyer!
All this time, money and waste just to get insurance in FL! If you were in my shoes would you be starting to wonder if even if you got cover would any of these mickey mouse insurers even honor a claim???
Last edited:
Fl P&C Broker is 100% right. And to add, Your agent and you are at fault not Tower Hill. Your agent knows (or atleast should) that Tower Hill doesn't want that. Where are you located? I may know of a company that will write them on Dwelling Fire policies and exclude liability (can be purchased on a separate policy).
- 15,041
Reading this thread, I fail to see where this guy is at fault? Oh, he is definitely a blowhard, but I don't see where he caused this problem.
It appears the app was properly filled out, that is about the extent of his responsibility. It is the agent's job to know where to place the business. If the insured is expected to know that, then what is the point of an agent? Also, before any one gets on a high horse chastising the insured about reading the app, how many people really read the application? Most people just expect the agent to fill it out and that it was done properly.
G
Guest
Guest
The OP has been given info of what to do, Create a business, which he should anyway, and he again, doesnt like the answers he is getting.......
- 995
Did you read his other post before that some how got deleted? He came on here blasting Tower Hill, blah, blah. Maybe he needs to do his research before he starts blaming people. It isn't Tower Hill's fault. It sounds like it is part of the agents fault, but the OP has something to do with it. I find it hard to believe that any Tower Hill agent would knowingly write an HO3 for a property with 3 buildings and 12 units. That could be cause for losing an appointment. Something was left out.
- Thread starter
- #19
Why am I a blowhard??
Josh, are saying that I also have to split liability from fire and property damage? Lets see now on this one property I now have wind insurance, flood insurance, extra liability insurance (over $300K), and I now also need liability for the first $300K, and finally buildings damage insurance. Add to that some here think that I instead need commercial insurance for some or all the above. This is nuts!
I own properties in London UK and I get calls from all over the place offering me a single buildings insurance policy with 30% off just signing up with them..
- - - - - - - - - - - - - - - - - -
FL, The broker didnt do anything wrong, all information was correct and the same broker used the same insurance company for the past three years with the previous owner. Tower apparently changed their policy, at least thats what they told me in order to cancel my policy.
Josh, are saying that I also have to split liability from fire and property damage? Lets see now on this one property I now have wind insurance, flood insurance, extra liability insurance (over $300K), and I now also need liability for the first $300K, and finally buildings damage insurance. Add to that some here think that I instead need commercial insurance for some or all the above. This is nuts!
I own properties in London UK and I get calls from all over the place offering me a single buildings insurance policy with 30% off just signing up with them..
- - - - - - - - - - - - - - - - - -
FL, The broker didnt do anything wrong, all information was correct and the same broker used the same insurance company for the past three years with the previous owner. Tower apparently changed their policy, at least thats what they told me in order to cancel my policy.
Last edited:
- 15,041
I vaguely recall it, which is why I called him a blowhard.
I don't know squat about Tower Hill. But if the properly had been with them for years and he used the same agent the previous one did, you can't exactly blame him. The fault would seem to lie with the agent who either didn't do the app right, ignored a change in underwriting guidelines, or Tower Hill changing their guidelines without notifying the agents.
And Jademann, you are a huge blowhard and worse. You came on here wanting to blame and basically slander everyone. Right or wrong, that doesn't get you help. Ask nicely and you'd be amazed what people will do for you. Right now, the Florida agents don't want to touch you because of your attitude.
Similar threads
