Chat 10-31-05 with Doug McKinney
Posted on October 31, 2005
Mike_Summey: Hi doug
Mike_Summey: Welcome to the
chat
Doug_McKinney: How are you
Mike_Summey: This is a test
Mike_Summey: We’re trying to
get Doug up to speed on this chat program
Doug_McKinney: This is a
test
Doug_McKinney: test
Doug_McKinney: test
Mike_Summey: Hi jwf, you’re
a bit early, but that’s fine
Ralph_Roberts: just finished
adding stuff about Java and firewalls on the entry page.
Ralph_Roberts: hi Doug.
Doug_McKinney: hi Ralph I
made it
Ralph_Roberts: great! … is
this with one of your computers?
Doug_McKinney: No this is on
Mike’s
Ralph_Roberts: ah… well,
that is a solution, alas
Doug_McKinney: Patton Ave
was a bear
Ralph_Roberts: as it ever is
Mike_Summey: Doug had to
come here to get in the chat
Ralph_Roberts: hi Kerry
Kerry: Hi there!
Kerry: Mike, good article.
It motivated me to watch my clock a little closer tonight.
Ralph_Roberts: did Doug have
to dress up in a costume and say ‘Trick or treat!’ to get in?
Doug_McKinney: No I took off
my suit
Mike_Summey: Hi Kerry
Kerry: Hi there. Did you see
my comment about your recent article?
Mike_Summey: Hi mahlon
Ralph_Roberts: welcome
mahlon
Ralph_Roberts: where was the
comment, Kerry?
Mike_Summey: So, Kerry, what
did you think about the article?
Kerry: I liked the article
that Mike Summey wrote about the bubble–>meaning better deals are coming
down the turnpike.
Ralph_Roberts: ah… I see
the comment now 
Mike_Summey: Kerry, I’ve
been at it a long time. I’ve seen other boom and bust cycles. That’s why I wrote
the article.
Kerry: That’s what I
appreciated about your viewpoint…you’ve been there, done that.
Kerry: As you also pointed
out, most other gurus haven’t been there…seen a down cycle
Mike_Summey: Hi Riger
Mike_Summey: roger
Mike_Summey: ‘t type
Mike_Summey: We’re getting
off to a slow start tonight. Must be Halloween.
Ralph_Roberts: you win the
award for best costume tonight Roger!
Ralph_Roberts: Dawson
Roger_Dawson: Thank you
Ralph. My partner called me Riger so he must think I’ve got my tiger suit on.
Roger_Dawson: Hi Kim
Mike_Summey: Hi Carleton
Ralph_Roberts: Riger the
Tigger
Kim-OH: Hi Roger
Mike_Summey: lad you could
join us tonight
Kim-OH: Mike, how is your
Mom doing?
Mike_Summey: Hi varth
Roger_Dawson: Hi Carleton,
what a nice surprise! Don’t you have a home to go to?
Mike_Summey: Hi Kim
varth: Hello
Ralph_Roberts: hi Kim!
Mike_Summey: Hi Bob
Kim-OH: Hi Ralph!!!
Bob_Carr: Hi everyone
Kim-OH: Hi Bob
Bob_Carr: Hi Kim
carleton: Hello everyone; My
good friends Mike and Roger asked me to “peek” in so out of deference
to my two good friends…..I’m here.
Kim-OH: Hi Carleton
Mike_Summey: Doug McKinney
is here to answer your insurance questions. Don’t let the time slip away without
questioning him.
Bob_Carr: Hey Ralph
Ralph_Roberts: hiya Bob
Kim-OH: Doug thanks for
joining us
Mike_Summey: lso, Carleton
Sheet has just joined us as well. He’s always a pleasant surprise guest.
Roger_Dawson: With four
hurricanes hitting your home in 12 months, you must be greatful for any friends
you can get!
Doug_McKinney: Thanks for
the opportunity
Bob_Carr: Hi Carlton
carleton: Hurricane did some
damage to my home but believe it or not, only one on my hundred or so properties
had any damage.
Mike_Summey: Carleton, that
sure beats last year.
Ralph_Roberts: don’t mind
Mike’s and Roger’s costumes, Carleton… it’s Halloween. 
Roger_Dawson: Mike you
spelled his name Sheets on the book cover above.
Kerry: Wow…hi Carleton.
Thanks for your turn at educating me (and others here, I’m sure), too!
carleton: Amen!
Kim-OH: Carleton, that
happened to a friend of mine last year, got hit three times but only her
personal residence, the rentals were all fine
Doug_McKinney: I understand
that Wilma did more damage than last year,s Hurricanes?
Mike_Summey: Roger, I’ve
already told you I can’t type tonight.
Mike_Summey: Any questions
for Doug?
Kim-OH: Doug, for certain
the combined forces of Katrina and Wilma likely caused more damage
varth: Hey Carleton, what
part of FL do you live in. I’m in the Tampa Bay area so I too got a little
damage from the hurricanes
Mike_Summey: This is the
first time we’ve had an insurance expert in the chats. Let’s take advantage of
it.
Mike_Summey: Hi Sandy
Kerry: The biggie I’ve got:
does a large policy offer the same protection as placing properties in an llc?
Kerry: llc, that is.
Kerry: It won’t come out in
caps… <g>
Bob_Carr: Doug - what kind
of umbrella insurance to you rec over and beyond
carleton: But, because I
have a wife who wants me to join in her chat room, I’m going to wish everyone
the very best and sign off. For everyone joining Mike and Roger, you have two of
the finest educators and investors you can find, not to mention their quality as
people. Good night everyone.
Doug_McKinney: Actually yes
Kerry: Goodbye, Carleton.
Mike_Summey: Goodnight
Carleton, thatnk for droppin in.
Sandy: Hi Mike…….thanks
for that article last week…..it took the pressure off me to quickly find
property. I’m a little more relaxed this week.
Mike_Summey: Hi Dean
Roger_Dawson: Thank you
Carleton!
Doug_McKinney: one policy
covering all properties with high liability limits and an umbrella is what we
recommend
Mike_Summey: Great Sandy!
Kim-OH: Doug, we find it
very expensive to get vacant house insurance, do you have any suggestions about
another type of insurance for a vacant structure?
Dean-nc: Hi all. I had
trouble getting in
Mike_Summey: Dean, we’ve had
several who have had trouble including Doug.
varth: Hey Mike, I was
woundering if you could offer me any advice. I’m only 19 so my financial
resources are limited, but I’m very eager to do whatever it takes.
Doug_McKinney: Kim vacant
house policies are good for only 90 days at a time and are expensive, however if
yor are remodeling, you can gat a builders risk policy
Kim-OH: Doug, thanks is
anyone besides Zurich writing builders risk?
Sandy: I had to login in
twice
Mike_Summey: varth, age has
some disadvantages, but more advantages. If you will follow the advice we give
in The Weekend Millionaire’s Secrets to Investing in Real Estate and have
patience, you will be able to retire early with more money than you ever thought
possible.
Kim-OH: Hi Penny!!
Doug_McKinney: Kim I place
most all with Zurich
Mike_Summey: Hi Penny
ritchie: Hi everyone
Roger_Dawson: Doug, I was
amazed at the different rates for insurance, which seems to be because insurance
companies rate different areas differently.
Mike_Summey: Hi ritchie
Penny: Hi Kim, Hi Mike
Roger_Dawson: Hi Penny
Penny: Hi there Roger
Doug_McKinney: Roger That is
correct each company has its target markets and rate accordingly
Mike_Summey: Penny, you’re
late. Carleton was in earlier and I’m sure would have been please to say hi to
you.
varth: I just started the 8
weekend plan you prescribed in your book. I just did weekend one the last
weekend.
Kerry: Is Texas back with
full coverage available, in regards to insurance and mold issues??
Mike_Summey: varth, that’s
great, just keep at it and be patient.
Mike_Summey: Penny, only
about 10 min. He had to go.
Mike_Summey: Penny, no
damage I hope.
Doug_McKinney: Kerry I am
not sure since I do not write there but I have heard that there are still many
companies not writing there. I represent Nationwide and we do
Kerry: Thanks!
ritchie: Mike, I know you
prefer property managers to manage rentals. Who manages your rehabs? I’m sure
you’re discounted properties usually need work, and you bring them up to higher
standards. Do you supervise this work?
Mike_Summey: Kerry, I’m sure
Doug could give you a recommendation for a Nationwide agent in your area.
Dean-nc: Mike, I’m trying to
buy 3 houses three hours away. Should I get my insurance here or where the
houses are?
Doug_McKinney: I sure can
with a zip code
Kerry: I’ve just sold my
last property this week…out of the game for a short while.
Mike_Summey: ritchie, for
minor rehabs, I let the property managers handle it. for major ones, I get
involved.
Kerry: We’re military,
deployed to the UK…
Mike_Summey: Kerry, why?
Kerry: We hadn’t had a good
property manager in place, as I managed my own.
Mike_Summey: Kerry, with a
good property manager, you could be deployed and still have your properties
making money for you.
Kerry: That’s what I keep
hearing. <g>
Mike_Summey: I don’t ever
sell because I know that if I did, I would cap my profits at the time of sale
and I like to have properties that keep earning for the rest of my ife.
Roger_Dawson: Hi Gabi
ritchie: Mike, I just
inspected a property that needs work that could easily top 20K. The person doing
the inspection is an experienced landlord and investor. I’m going to make an
offer soon. I understand that properties with problems represent opportunity for
investors. But I’m just trying to learn more about how you deal with them. For
example, I would expect to have some equity on the table after bringing the
property up to par, as I really don’t like working for free.
Kerry: You’ve changed my
plan, too. I flipped a few, rehabbed a few, held a few. I just read your book a
month ago, and it made perfect sense. I was buying wrong, tho.
gabi: Hi everyone
gabi: Hi Roger - keep
listening to your cd’s on Negotiating. Very interesting.
Roger_Dawson: Thanks, Gabi!
Mike_Summey: Hi gabi
gabi: Hi Mike
ritchie: Mike, the plus on
the property is it is currently rented and I could improve the property in
stages while collecting rent and cash flow.
gabi: Kim - How are you
feeling today?
Roger_Dawson: I just sent my
14th book to the publisher today. Secrets of Power Salary Negotiations.
Mike_Summey: ritchie, if you
are a novice, you may want to approach properties needing a lot of work with
extreme caution.
Mike_Summey: Kerry, when you
buy right you don’t ahve to sell.
Doug_McKinney: Roger I hope
none of my staff members read your book
Roger_Dawson: We have a
little ceremony that we do everytime we send off a manuscript. We do a rain
dance and hope that the publishing gods will rain royalty checks on us!
gabi: Mike - do you think
it’s a good idea to buy some properties, rehabbing them and then selling to
create a cushion of cash to then buy other properties you want to hold?
Penny: I love it Roger!
ritchie: Mike, your advice
is understood. The problem I’m seeing in my market is that houses the produce
cash-flow are scarce.
Mike_Summey: gabi, I don’t
know. I’ve never done that. I have a great deal of patience, therefore I’ve
always bought and held and let time build the equity for me.
Kim-OH: Hi Gabi, sorry I
stepped away for a few moments, I’m doing ok thanks for asking and how are you?
Dean-nc: Anyone, I’m trying
to buy 3 houses 3 hours away. Should I get insurance here or where the houses
are?
gabi: Kim - I’m well thanks.
ritchie: Mike, that is, if a
house is in great condition, why would a seller be motivated to take much less
than market price from an investor?
Mike_Summey: ritchie, read
the article I posted on the website last week titled “When The Bubble
Bursts, Deals Will Blossom”
Doug_McKinney: Dean with
toll free numbers and email that is not a problem Having the correct agent and
coverage is what matters
ritchie: Mike, I read it,
thanks. Are you suggesting it might be better to hold your cash and wait till
the tide turns?
Dean-nc: Thank you Doug
Mike_Summey: doug has been
my agent for many years and I have a group of properties about 100 miles from
here. He does a great job.
Roger_Dawson: Ritchie: the
free market is a weird and wonderful thing. Imagine, there were probably a
million houses sold today in the US and every seller and every buyer thought
they got a good deal!
Kerry: Roger, do you own any
UK property? We’ve got the one. Just curious.
Mike_Summey: ritchie, I
suggesting that you stay the course with the principles in The Weekend
Millionaire’s Secrets to Investing In Real Estate and let the market come to
you. When offers begin to be accepted, you will know that the conditions are
changing.
Kim-OH: Hi jwf
Mike_Summey: Hi jwf
Roger_Dawson: No, Kerry,
I’ve been here for 43 years.The prices of city property in the UK astound me.
I’ve no idea how they can afford it.
jwf: hello everyone!
Kerry: They can’t!
Kerry: Prices have come down
a lot over the past 12 months in the UK
Mike_Summey: We should all
thank Doug for being with us tonight. He couldn’t get in the chat from his
location, so he came to my office to be with us.
Roger_Dawson: Thank you
Doug!
Kerry: Yes, thank you!
Doug_McKinney: You are
welcome
Kim-OH: Doug, I appreciate
the extra mile you have gone through to join us tonight
ritchie: Mike, that makes
sense.
Kim-OH: Doug, right now I
have more questions for an adjuster LOL
gabi: Doug - I have a
property in Washington State and I’m concerned that given the prices of
re-construction, we would not be able to re-build the house for the insurance I
was able to get on it. What kind of coverage do you suggest??
Roger_Dawson: Doug what’ the
best protection against getting sued by a tenant?
Sandy: Where is Al tonight.
Doug_McKinney: gabi ask for
guaranteed replacement cost endorsement
Mike_Summey: Sandy, I guess
he is taking the night off.
Roger_Dawson: Sandy, maybe
he’s trick or treating.
Bob_Carr: Doug,what cost
does that average out a house
Sandy: hmmmm….
gabi: Doug - They told me
that they would’nt do that kind of coverage with Travellers Saint Paul. I have
this for my house, but they said that this is not available for rental
properties.
Doug_McKinney: Roger just
purchese a large underlying liability limit and a large- 5 million or more
unbrella
Kim-OH: Mike, how is your
mother’s recovery progressing?
Roger_Dawson: Thanks Doug
Sandy: Oh, that’s right…..Tor
T night.
Mike_Summey: Doug is
licensed in NC, SC, TN and GA for anyone who is interested and may like to talk
with him.
Doug_McKinney: It is but
many carriers do not wish to sell it
Mike_Summey: Kim, she got a
100% clean bill of health today. They got it all…no chemo, no radiation…no
nothing. I was very please to get the report.
gabi: Doug - But do they
have to if you request it??
Kim-OH: Mike that is great
news, I am so pleased for your family!!!!
Roger_Dawson: That’s
wonderful news Mike! She’s a great lady!
Doug_McKinney: Bob the
umbrella averages 350-500 per million as a layer over a large number of houses
10-20
gabi: Mike - awsome news
about your mom.
Mike_Summey: Thanks all
Mike_Summey: Hi shane, I
didn’t see you come in.
Doug_McKinney: gabi no
actually not but having it rehabbed helps
Mike_Summey: Hi Ken
ritchie: Doug, at what point
should you be getting a volume discount from your insurance provider?
shane: Hi Mike
Bob_Carr: Thanks Doug,that
is not bad,you sleep better having the coverage
ritchie: how many policies?
Dean-nc: Doug, should I
stick with one insurer or spread out ?
Roger_Dawson: This day last
year I was in Warsaw, Poland. It’s a diffent holiday over there. They put
candles on all the graves to remember the dead. The cemetaries glow with light.
Doug_McKinney: ritchie with
our package habitational policy discounts begin at 5 residences with 10% and
increase to 30%
ritchie: Doug, is that
typical for all insurers?
Doug_McKinney: Dean in my
opinion one inireer gives you more leverage with rates and claims . I insure ALL
of Mike,s and he gets better rates
Mike_Summey: Hi Irv
Bob_Carr: Doug,I have just
switched on Mike’s rec to Nationwide recently,couldn’t be happier with the
treatment
Roger_Dawson: Doug, what’s
the pros and cons of an agent who writes for many companies versus one who
writes for only one?
Doug_McKinney: Bob that is
great the agent makes the difference but Nationwide has great service with
claims etc
Kim-OH: Doug, I think that’s
correct and I can’t say that I am happy with my current agent but then he’s not
with Nationwide and I’ve just had to file my first claim, sigh
ken: Hi Mike
Mike_Summey: Hi ken
Doug_McKinney: Roger in most
cases the agentwho write for only one has better relationships with underwriting
and claims where the independent does not The independent has many carriers for
competition but cannot get to the one the one carrier agent has so the rate is
still not always the best
Doug_McKinney: Kim that is
when you find out how good your coverage and agent are
Roger_Dawson: When Bob Hope
had a construction fire at his home in Palm Springs, he said it was amazing how
fast the Good Hands people turned into the good finger people.
Kim-OH: Doug, not a good
time to find that out
Mike_Summey: Since I
switched all of my coverage to Nationwide and have worked exclusively with Doug,
I’ve never had a problem and unfortunately, I’ve had several claims.
Doug_McKinney: richie most
carriers do give multi location discounts
Kerry: Mike, you nudged me
about buying right…that is buying based upon roi. I have a hard time with the
concept of buying sight unseen. Seems to me I need to build a team…how to do
that from a distance?
Bob_Carr: Doug - what is
something that you have seen repeately over the years on insurancing rentals
properties
Kim-OH: Mike, on one hand I
want to say I’m sorry you have had several claims and on the other hand I want
to be happy for you on those claims LOL
Mike_Summey: for years, I
had individual policies on each property, but finally, maybe with Doug’s urging,
Nationwide came out with a blanket policy to cover everything.
Doug_McKinney: Roger his
loss probably had an effect on their national loss ratio
Mike_Summey: Bruce
Bruce: hi Mike
Kim-OH: Hi Bruce
Bruce: Hi Kim,
Doug_McKinney: Bob the major
problem is broken pipe water claims for apartments as well as single family
residences which over time can jeopardize coverage My recommendation is to be
sure plumbing is serviced as well as having reminders sent to tenants about
replacing washing machine hoses
gabi: Doug - Did I read this
correctly earlier, that you are licensed in some states but not others with
Nationwide?
Doug_McKinney: Correct for
now only NC SC TN and Ga
Bob_Carr: Thanks Doug, Great
advice !
gabi: Doug - Let me know
when you insure in CA and WA
ritchie: Doug, Mike, does
the insurance carrier punish you for making claims?
Doug_McKinney: gabi sure
will
Kerry: Is a clue report
property-specific, or owner-specific?
gabi: Doug - Thanks
ritchie: That is, punish you
with higher rates and more difficulty obtaining policies?
Mike_Summey: ritchie, Doug
should answer that question.
Doug_McKinney: richie it
depends on what the claims are. Many small ones are actually worse that a large
one.I do not allow my customers to turn in some of the small ones for that
reason
gabi: Roger - I’m having
trouble getting my tenants to sign the new lease with the property manager. What
would you do??
Roger_Dawson: Gabi: why are
they balking?
Doug_McKinney: Kerry the
clue report can be run on the property and the owner
ritchie: Doug, for example,
I raised my deductible to 1000 bucks for my properties - I get a lower premium
and I wouldn’t want to lower my score with small claims anyway
Kim-OH: Doug, can I as a
buyer of a property get the clue report on a property I may want to purchase?
I’m told only the owner can order one.
Mike_Summey: Hi Sean
Kim-OH: Hi Sean
Sean_McLellan: Hello Mike!
Doug_McKinney: Your
insurance agent can order a clue report for you
Mike_Summey: Sean, you have
been with us in a long time
gabi: I’m upping the rent
$75/mo. per unit (It’s a duplex) and the manager suggested to also add $100 for
Water/sewer/garbage for one side and $50 for the other side since it’s much
smaller.
Kim-OH: Thanks Doug!!
Dean-nc: What is a clue
report?
Sean_McLellan: Yes, I’ve
been incredibly busy, Mike. I ended up selling my first investment property that
I bought a couple of years ago last week. We moved 4 hours away, and after
renting it out for a year we decided it would be better to invest closer to
home.
Doug_McKinney: Dean that is
arecord of claims for an individual or property that have been reported
Kerry: Mike_Summey, I’ve
done preforeclosures. In your experience, will post-auction properties (reos) be
the best place for bargains once the RE cycle spins a bit farther?
Roger_Dawson: Gabi, if that
is a large percentage increase you might want to back on the utility charges for
a few months, but let them know you will have to impose them soon.
Mike_Summey: Hi Bob
Kerry: Mike_Summey, you also
nudged me about buying right…that is buying based upon roi. I have a hard time
with the concept of buying sight unseen. Seems to me I need to build a
team…how to do that from a distance?
ritchie: Doug, if you file a
claim for something that is no fault of your own - for example, wind knocks a
tree on your roof - will that result in a premium increase?
Doug_McKinney: richie I
think 1000 ded is good . That is what I write
Sandy: Just had a power
outage. Can anyone tell me what minute it is now.
Sean_McLellan: 7:52 central,
Sandy
Roger_Dawson: Kerry, I think
that pre-auction foreclosures give you the best buys. See if you can help the
owner out (in both senses of that word) before they get into serious financial
trouble.
Bruce: Doug, from your
viewpoint, what is the advantage of writing at 1000 for your deductable?
Sandy: Thanks Sean
Doug_McKinney: richie most
of the time weather related claims -especially if there is a catastrophe do not
count as much agains you
gabi: Roger - They’ve been
paying the utilities themselves so far but tend to run a couple of months
behind. That’s why the prop. manager thought it would be good to include it in
the rent to insure prompt payment. I don’t want to have to pay for WSG myself,
that would land me way into the negative.
Sandy: Roger…..how was
your seminar in HB last week?
Kerry: Roger_Dawson, that’s
now…do you think that will hold true after prices come down a bit?
Dean-nc: Ralph_Roberts How
are things in Alexander?
Doug_McKinney: Bruce if you
turn in claims for less than that it could jeopardize your coverage so get the
better rate with the higher ded
Kerry: I really do like the
people aspect of the preforeclosure market. Thanks, Roger, for your comment
Roger_Dawson: Sandy, it was
great, except for the weather. They delayed it from last fall when they were
scheduled in Boca Raton and a hurricane threatened. It California it rained for
five days.
ritchie: There is an empty
house in my own neighborhood. Apparently the owner had major financial problems,
but the house is not in foreclosure. Does anyone have tips how to find the owner
and how to persuade him to consider selling ( to me )?
Kerry: Look up the owner in
the assessor’s or recorder’s department at your county.
Roger_Dawson: Kerry, I think
that pre-foreclosure buys will be even better when the bubble bursts. I’ve
already started writing “The Weekend Millionaire Does Foreclosures.”
Kerry: Wait a sec, I was
going to write that book!
Roger_Dawson: Dance, Ralph,
dance!
Mike_Summey: ritchie, have
you checke the public records to see where the tax bills are being maile and to
whom?
ritchie: Kerry, that is
great, but the owner has moved (somewhere).
Ralph_Roberts: dance
Kerry: You can hire a skip
trace to look for them.
ritchie: Mike, last time I
checked it listed the address of the home. But you know I haven’t checked in
more than a month.
Ralph_Roberts: hi Dean…
things are great
Bruce: Kerry, what is a skip
trace?
Kerry: They are people who
are like private investigators, and who find people who are “lost” for
a fee.
Kerry: It is a good way to
track down property owners in the situation you describe.
Mike_Summey: ritchie, you
just have to do you due dilligence and keep looking. You will find the owner in
time.
Bruce: such as evicted
tenants?
Mike_Summey: Good point
Kerry! Thanks!
Sandy: I’m about 5 miles
from HB….the weather is weird, but I won’t complain considering…..I’m glad
it went well…..sounds like the White House could use some of your skills right
now.
Dean-nc: Doug What are other
ways to save besides higher deductibles?
ritchie: Mike, just checked
the website. Same address. Should I try mailing a letter? Would the post office
forward it?
Kerry: That’s my specialty,
working with distressed homeowners…and sometimes finding them.
ritchie: I thought about a
detective, but that feels creepy. I wouldn’t want to scare away the owner.
Kerry: ritchie, sometimes
they have a forwarding order for a long period of time. Try it.
Doug_McKinney: Dean just
keep claims down to a minimum and insure all properties on one policy for
discounts. Obviously check carriers rates occasionally
Kerry: I used to mail dozens
of letters to those in default, and the ones that came back to me were more like
gold. They’d already given up, if I could only find them.
Roger_Dawson: I need to run
folks, still time to hit the neighbors up for some candy. Thanks Doug!
Kim-OH: Goodnight Roger
Mike_Summey: Goodnight Roger
Doug_McKinney: You are
welcom Goodnight
gabi: Bye Roger
Kerry: Bye Roger. Thanks!
Bruce: Doug, do you handle
umberlla policies? If yes, how do you determine the proper amount of coverage?
Is it a percentage of what you own? Or is it 1M …
Mike_Summey: Doug, what is a
clue report?
Doug_McKinney: Bruce it
actually depends on how much you want to spend to limit your liability. I write
10-20 million on large apartment complexes and at 350-500 per million that is a
deal
Doug_McKinney: Mike clue
report shows claims reported on a property or by an individual
Bruce: Doug, large apts.
would be in excess of 100 units?
Doug_McKinney: Bruce correct
The umbrella rates are determined by number of units
Dean-nc: Doug Do write
mobile homes? How do you value them for writing and for a claim?
Mike_Summey: Doug, how does
this effect a situation like mine where I have many properties, but not many
claims on any one property.
gabi: I have to say
goodnight also, bye everyone
Kerry: Goodnight!
Mike_Summey: goodnight gabi
Kim-OH: goodnight Gabi
Bruce: Doug, If I owned 100
units with a market value of 5M, the simple math is 5 times 350 or 500 per mil.
correct?
Doug_McKinney: Dean We put
in a serial # make and model as well as size and a program tells us the amount
ritchie: Mike, how do you
like having one big policy rather than one for each property? Are there
significant savings?
Mike_Summey: ritchie, I
think it is much better. The coverage on any one property is the full amount of
the blanket policy. (Doug, correct me on that if I’m wrong.)
Doug_McKinney: Bruce the
market value has nothing to do with the umbrella The umbrella is for liability
not property so a 5million 100 unit property is same as a 100 unit 1 million
property
Dean-nc: Doug My insurer has
me name a value and I’ve heard if I have a claim they then determine what to
pay.
Bruce: Doug, to follow up on
Dean_nc’s question, would the same rules apply for owning mobile home parks? 350
- 500 per Million? Or is the risk much greater for mobile home parks versus apt.
bldgs.? thanks for the above answer as well
Doug_McKinney: Mike that is
correct when we write blanket limits it covers up to the fiull amount of
property on the policy at any one location
Mike_Summey: Doug, would you
give everyone you email address and any other contact information you would like
to give in case someone wants to get in touch with you?
ritchie: Dean, my insurer
told me they will defend you against any liability claim.
ritchie: and then pay if the
legal system determines you are indeed liable
Dean-nc: Thanks I need to
meet with my agent.
Doug_McKinney: Bruce mobile
home parks are somewhat different and some more expensive but not much
ritchie: Mike, have you ever
been sued?
Doug_McKinney: The insurer
will defend you until they prove no negligence or pay
Mike_Summey: ritchie, not by
a tenant. I have been in business litigation, but never by a tenant.
Doug_McKinney: my email
address is mckinnd@nationwide.com Thanks
Mike_Summey: Anyone who
needs coverage in NC, SC, GA or Tn I can’t recommend Doug enough. He is a true
professional and really knows his business. He has kept me safe for many years.
ritchie: Doug, thanks for
coming tonight
Doug_McKinney: Dean for
correct property coverages we use a replacement cost system based on square
footage etc to determine proper coverage
ritchie: Mike, thanks for
hosting
Bruce: Kerry, what does a
skip trace usually charge? How are they different from a collection agency?
Mike_Summey: Kerry, I would
not buy sight unseen…no matter how good my team was.
Kerry: Bruce, it depends on
the tracer and part of country…basically how much time it takes to find the
person. Can be cheap $35, to higher…
Doug_McKinney: Thanks Hope I
answered your questions Good night
Kerry: Mike_Summey, thanks
for that. I’m in God’s Waiting Room for houses…
Bruce: Doug, thanks,
Mike_Summey: I’m going to
have to go also. Goodnight everyone.
Dean-nc: Thanks Doug
Kerry: Thanks, Doug!!
Kerry: Night all!
Kim-OH: Oops, night all and
thanks
Ralph_Roberts: good night
all
Kim-OH: Ralph, thanks to you
especially
Ralph_Roberts: chat will be
posted shortly
ritchie: Good night all
Peter: Good Night
» Filed Under Chat Transcripts
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