July 29, 2025 • 37 mins
Dale Cooper welcomes back Don Wilson, owner of Capital Insurance Group, for a deep dive into insurance strategies for landlords, Airbnb hosts, and real estate investors. Don breaks down the difference between builder’s risk and landlord policies, the risks of underinsuring short-term rentals, and the importance of structuring ownership through LLCs. Whether you own a duplex, inherited property, or a vacation rental, this episode is a must-listen for protecting your investments.
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Episode Transcript
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Speaker 1 (00:00):
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Speaker 2 (00:15):
The views and opinions expressed on this program do not
necessarily reflect the views and opinions of five ADWCHS it's
employees or WVRC Media.
Speaker 3 (00:39):
Hey, welcome in. You're listening to the Voice of Charleston PAVEDWHS.
Thank you so much for tuning in on this What
do we want? We're on a Tuesday morning, it's not
quite midway through the week yet, but we have a
great show for you this morning. I am pleased to
welcome back into the studio for the first time in
a little while over a year, maybe year and a
half or so, Don Wilson, the owner of Capital Insurance
Group here in Charleston, and we're going to find out
(00:59):
more or if you've listened to this station anytime at all.
Don's been a fixture off and on on the on
the air for years now, and I always appreciate the
shows we're able to put together because Don really has
the inside lane when it comes to insurance of all sorts,
and you want to learn about that this morning, because
if you think all insurance is the same, it's not
the case, especially what company you go through to help
insure you. But Don, how you doing this morning, man,
(01:20):
Good to see you.
Speaker 4 (01:20):
Hey doing great, man, Glad to be back.
Speaker 3 (01:22):
Yeah, man, it's I've always enjoyed the shows that we
do because I learned so much when when I do
these shows with you, because you have such an insight
into the business. And I mean you have we'll get
into that a little bit later, but you have kind
of the point person to be able to put together
a perfect type of insurance plan. And I learned so much,
and I've done these shows with you before stuff I
didn't know. I worked in real estate for a long time, man,
(01:42):
I didn't know half the stuff that you that you've
basically taught me when it comes to like real estate
insurance and things. I like that stuff.
Speaker 4 (01:47):
Yeah, it's important. I'm glad to be here, Glad to
get the show back started and teach some people some things.
And if they need me to, we'll let them know.
Where to reach me.
Speaker 3 (01:55):
Let's let's give people a brief kind of a reintro
into Capital Insurance Group, because number one, it's a it's
a proud company that we have here in Charleston. I mean,
it's something that you started. It's a large business and
we like for our folks to stay homegrown. So I
mean you've just taken that to meet it huge.
Speaker 4 (02:08):
Yeah. Yeah, So it's been a fun ride.
Speaker 3 (02:10):
We started.
Speaker 4 (02:10):
I started the agency February twenty seventeen. We were downtown
and then we moved over into the Westside business district
next door to Bully Trap Barbershop. Our buddies over there.
We love them in that business district and we've been
there for the last since twenty nineteen. And a new development.
Just about six weeks ago. I purchased six oh seven
(02:32):
Pennsylvania Avenue. He used the former Roberts running shoe store.
Speaker 3 (02:35):
Nice.
Speaker 4 (02:36):
I purchased that building, another building and those two parking lots,
and you know, my real estate company purchased that and
Capitol Insurance Group is moving their headquarters once the remodeling
and all the construction is all done. That's great six months.
Speaker 3 (02:52):
Well, great access, that's easy to get to Yeah, that's
great access man, that's a free parking four o'clock. Yeah, right,
that's good, tough man, always on the up. I really
love that about Capital Insurance Group and what you've done
here for the area. And just to remind folks before
because we're going to talk a lot about landlord liability,
airbnb risk, and insurances you can't afford to miss. That's
going to be kind of our topic this morning. But
I want folks to remember exactly what's so unique about
(03:15):
Capital Insurance Group because you might wonder what is it progressive?
Is it all state?
Speaker 4 (03:19):
Who is it? Yes?
Speaker 3 (03:21):
Is the answer to that question, and that's what makes
it special.
Speaker 4 (03:24):
Yeah. So we're a true independent I say true, you know,
real infherantis on the word true capitalize every letter t
ruether because we don't have an allegiance or an alliance
with any one carrier.
Speaker 5 (03:36):
Right.
Speaker 4 (03:36):
You see, some agencies have independent, right, and they have
a lot of logos on the door, but they're really
having an alliance or an allegiance to one or two carriers.
Where you see sixty seventy eighty percent market share in
an agency with one, maybe two carriers. That's not true independence.
That's a captive agency with access to other carriers. In
our agency, typical largest market shares like eight ten, twelve
(04:00):
percent because we spread the wealth across every carrier, because
that's what our clients needs, say to do. Right, So
we work for you, not an insurance company. That's what
a true independent agency does. And we're wanted a few
within West Virginia. That's a true independent agency.
Speaker 3 (04:18):
I really enjoy that. And like things that I learned
from you in the past. For example, is not everybody
or not nobody is actually typical like I always thought before.
Like you, if you live a typical life, you have
a typical single family resident, have a typical house, typical dog, typical,
you know whatever. Then if you go to a major
carrier that only has one insurance, as long as you
like that carrier, you're probably fine. I found out from
(04:39):
you doing these shows before that's not necessarily true because
nobody is actually that typical. You might need a little help,
and not the same carrier can necessarily help you with
all of your things.
Speaker 5 (04:46):
Right.
Speaker 4 (04:46):
It's like walking into the doctor. We always did a
doctor analogy. You know, in your ear hurts and he
gives you the same medication. Then you need her same medication.
Your foot hurt, your arm hurts, you know, you can't sleep.
It's all one medication when you go to a CAP
agency because they only have one option. And that's why
you want a true independent agency like Capital Insurance Group,
because we look at you with every need that you
(05:09):
may have and we place you with a particular carrier
with an expertise in that area. Yeah, I absolutely love that.
Speaker 3 (05:15):
If you have any questions this morning for Don, you're
welcome to gives a call three zero four three four
five fifty fifty eight three four five fifty to fifty eight.
Remember us an auto Q, so you'll go and hold
as soon as you call in and then we'll put
you on the air and get your name when you're
ready to go. Once it, give us a call if
you'd like three zero four three four five fifty to
fifty eight. You can text over questions. Threes are A
four nine three five five zeros zero eight. Threes are
A four nine three five five zero zero eight. Don
Wilson is here the owner of Capital Insurance Group. More
information online at CIGWV dot com, CIGWV dot com and
(05:40):
much of what Don was just talking about, and many
examples you've given in the past. If you're if you
have a typical home and a car, and you also
have a boat or a motorcycle, you know, your typical
insurance company may not be the best for your boat
or your motorcycle. If you have a giant baseball card
collection or something, your typical homeowners policy or rider may
not be great for that. There people have things in
(06:00):
their life that's not typical, and most people have things
that aren't typical.
Speaker 4 (06:03):
Yeah, the perfect example, we just helped the client with
a large collection of jewelry. Right, and you know when
you know we wrote that policy with jewelers mutual right, yeah, right,
it's like, you know, they specialize in this sort of thing,
so it sounds like it matches you have a claim. Right,
We don't do that. We could have wrote written it
with Progressive.
Speaker 5 (06:21):
Right.
Speaker 4 (06:21):
Progressive does a great job on it. But there's carriers
just specializing these things and going to a true independent
agency like Capital Insurance Group helps you get the best coverage.
And the big thing with insurance that I've seen is
we see clients say I want the best price possible.
Run the best price possible is always the goal, right,
But at the same time, when you have a claim,
no one thinks about the savings. They think about the coverage,
(06:44):
and we want to be there for you when there's
a claim.
Speaker 3 (06:47):
Just as This is not the advanced level that DOWN
deals with. But I know that at a relatively young
age and my mid thirty somewhere I learned that even
when I pay a car off, I can't carry full
coverage on it because if you don't, man, if you
get into an actually sure your liability is covered, you'll
take care of the other person, but you're out a car, right, Yeah,
I mean, And the relatively small amount of money you
have to pay a month for a paidoff vehicle really does,
(07:09):
and it has in the past saved my bacon.
Speaker 4 (07:11):
Yeah roll was twelve to fourteen years old. Yeah, and
paid off, right, And then the last stressed test is
and you could afford to buy new and if that
car was total in it now right now right, So
if all three of those boxes are not checked, you
probably need to have what we call physical damage coverage,
which is what most people refer to as full coverage. Right,
that's your comp your collision, your rental car reimbursement, and
(07:34):
you're a roadside assistance coverage.
Speaker 3 (07:36):
Yeah, it is just to have to and somebody late
don can really help you walk through those types of things.
And in future shows we can talk about any none
of those things, or if you have a question this morning,
you're welcome to give us a call. But much to
what we were talking about that, you know, not everybody's
typical and not every mainline carrier does everything perfectly. We're
gonna talk about investment properties this morning quite a bit.
And I know that because we've had a little bit
(07:57):
of discussion about that before. That falls within that category.
So investment in this I did mortgages for years back
in the early two thousands, late nineties and early two thousands.
Investment properties have really taken on a new meaning now
because not only do you have your traditional like I
bought this other house and I rented out to somebody,
or your duplex that you bought and you rent it
out to somewhere maybe you live in one and run
out the other side, or whatever it might be. Now
(08:18):
you got the airbnbs and you've got all these different things.
So what is an investment property?
Speaker 4 (08:22):
Yeah, an investment property is any property that you don't
occupy as your primary residents, right, So you don't live
in this property full time. It could be part time
even and it's not your primary residence. It's a secondary location.
It could be generating income, it could have been inherited, right,
and we want to make sure that you have adequate
coverage on things like that. You know, these properties could
(08:44):
be duplexus, triplexis, quid plexus, it could be single family homes.
You know, we've seen people inherit or buy you know,
six ten, twelve unit apartment buildings. We just had a
client in Cleveland by eighteen unit and it's an investment property, right,
there's ticular things that you should do to establish and
to protect your assets when you do purchase an investment property.
(09:06):
You know myself, I started an investment property company about
two and a half years ago. Right, So not only
do I know from an insurance standpoint, I know from
an owner's standpoint the dues that don't in the details
of what you should do when purchasing one of these
properties that you don't live in primarily.
Speaker 3 (09:22):
Yeah, yeah, and that's and it could be any number
of reasons. Like you said that you don't live in primarily.
And I think and you'll you'll be the expert on this.
But a lot of people get into the investment real
estate space from reading books, from from watching YouTube videos. Right,
Not that there's anything wrong with that, but there's a
certain level of expertise that you don't necessarily get from
(09:42):
watching these things, from reading these things and stuff like that.
So there are some pitfalls that folks can make.
Speaker 4 (09:47):
Yeah for sure, Yeah you can get in over your head.
Some people pay cash for these properties, and you know,
you know, more power to you, But that doesn't mean
you don't need insurance, you know, so do your research.
We just had you know, a client call in yesterday
with some flood questions. Right, they pay cash for a property.
You know, it had some questions about flood because the
bank does protect you in some of these things. Like
(10:08):
you said, you were in the mortgage world, and you know,
banks do give you some of these indications of what
coverages you may need. You know, replacement costs is still
important even though it's an investment property. Right. Another big
coverage could be, you know, the amount of liability that
you have, and then you have to consider what type
of tenants you're going to do and use and utilize. Right,
(10:31):
Because you may want to have pets right allowed on
your property, and if you do, your incurrent liability from
your now tenants pet right. And the last thing you
want is your tenants pet to breach one of your assets. Right.
So having these things in writing and making sure that
the underlying policy that your tenant has right that you
(10:51):
require your tenant to have covers all of those bases
is very important.
Speaker 3 (10:56):
And that's a really important point too. And just to
take a step out for just a moment, for people
that like break their rental agreement by hiding animals and
stuff along those lines. You might think that it's, you know,
it's a victimless crime or whatever, but the problem is
if that dog goes and bite somebody and you're renting
that problem. I mean there's no coverage. I mean that
the reason that the owner of your property does add
is because he doesn't pay to have those things covering.
Speaker 4 (11:16):
And a reasonable you know what I've seen in these
claim situations. Did the tenant or did the landlord the
property owner act reasonably right? Could they reasonably expect the
dog to be there? Right? And if there's been documentation
that the that the landlord, even if the lease says
that the landlord doesn't allow dogs, right, Interesting, but the
landlord has seen the dogs or been around the dog,
(11:38):
or you know, it's obvious that there's a dog there,
there's a leash, or you know, food on the whatever
it may be. Right. We've seen these issues arise in
a claim situation or where the landlord goes, we don't
allow pets, but the tenant goes, you know, he's seen
my dog, you're ten, twelve, fifteen times and is you
know we have a verbal agreement, right, right, So there
can be some gray areas and some issues, right, and
(12:00):
so you want to make sure that you put everything
in writing. You know, we see a lot of these
things to underlining runners policies and they're like, hey, we
want to make sure they have three hundred thousand dollars
of liability right, which is important. Right, that's the main
part you want to focus on. Right, You're not really
worried about your tenants belongings right on a required policy,
but three hundred or five hundred thousand dollars of liability
(12:22):
being required for your tenant, right and then having that
pet policy clearly stated and the lease is a very
important component.
Speaker 3 (12:30):
Yeah, I can see where you could really get into
some confusing space there if you're not used to this
type of investments and you're just trying to make things work,
you're trying to find ways to save money or whatever
it might be. But that's the one thing you don't
want to under You don't want to cut corners one
because you don't know where you're going to leave yourself exposed.
And if you're counting on this as an investment as income,
you don't want to interrupt that income stream. You have
(12:50):
to protect that as much as you can, right and
you can.
Speaker 4 (12:53):
Do that with your insurance. You know, you know, on
a homeowner's policy, coverage D is loss of use because
your primary residence and you could lose the ability to
use that right. So what that coverage does on a
homeowners policy is it provides you with the temporary living
situation why your home is rebuilt or repaired. But on
a landlord policy, a dwelling fire DP three, whatever you
(13:16):
want to call it, that coverage D is loss of income.
So you want to accurately detail that to your insurance
agent right during the review. And here's a question if
you ask yourself right now, if you're listening and you
have investment properties and you've never detailed or told your
current insurance agent, or your current insurance agent has never
(13:37):
asked you what is your rental income from this property?
You can better believe you're probably under insured or not
insured correctly. And what we've seen from some of the
larger insurance careers that don't understand this particular product is
they put it, they write it on a traditional homeowners policy,
and then the tenant can't occupy the home as a
result of a claim, right, and then there's no loss
(14:00):
of income on the policy because it's been written incorrectly.
Speaker 3 (14:03):
Ah man, you could you could think of that you're
that you're covered well, you know that hey, I did
everything right, and then you come to find out that
it's just and it's that gap of lack of expertise.
I mean, that's really and that's why we do this
show because when you when you suffer that gap of expertise,
even if everybody had the best intentions in mind, you
could still leave yourself exposed.
Speaker 4 (14:20):
Yeah, you want to make sure that you've detailed everything
to your agent, right, and did your agent ask you,
you know, twenty questions before the policy was written, or
did he just did he or she just you know,
take the information with the address. Have they inspected the property?
You know, because you don't want to be caught off
guard in a claim situation and find out that you
don't have the correct coverage, because that's not the time
(14:40):
to find that out.
Speaker 3 (14:41):
Yeah, there's no doubt about that. We'll take a break
here in just a couple of minutes. I did want
to talk about before we've been on the program and
we've talked about, uh, we've talked about a builder's policy
and you mentioned the landlord's policy a minute ago. What's
the difference between those and uh, when should one go
for one or the others?
Speaker 4 (14:55):
So a landlord policy means you're not the builders risks.
Let's start with builders risk. Builders risk means you're maine
major modifications or upgrades to the property. So new kitchen,
and this is before it's going to be occupied. So
you buy property property a you know, you buy it
and it needs a new kitchen, new roof, new flooring,
you know, paint it. All these things are going to
happen prior to to you having a tenant in the building. Now,
(15:17):
you may either list this property for sale right to
flip it, or you may list it for rent, or
you may put in the air bnbvrbo vacation rental in that property.
But if you're planning on doing major modifications to the
building prior to listing it on whatever site or you know,
for rent or for sale, that's when you need a
builder's risk policy, and you also need what's called premises
(15:41):
liability in addition to the builder's risk because typically builders
risk policies don't include liability like someone getting hurt on
the property. You know, and it's a vacant property, right
In ninety percent of these cases, it's a vacant property,
so you're not there every day, and now you know,
the neighbor's kid is on the porch, jumps off the porch,
extant ankle, and now you're named in a lawsuit as
(16:02):
a result of you having tools on the porch, right
that led to the kids slipping and falling or something.
So you want to make sure that you're if you're
in a builder's risk situation, if you guys are out
here flipping homes or you're investing in properties that need
you know, remodeled prior to you listing them or putting
them on you know, a vacation rental site or with
a tenant, you want to make sure that you talk
(16:23):
to your agent, really call us because we're experts in
this area, and get a quote for builders risk insurance.
These are typically three, six, nine, twelve month policies and
they come with a minimum earned premium. So you're going
to also want to have an agent that understands minimum
learned premium because you could cancel the policy but still
owe money for it, right, So you want to make
sure that you get an adequate policy that you can
(16:44):
either pay month to month on and cancel when the
when the remodeling is done, the rehabit is finished without it,
and you get out of there clean without owing any
money to the agency or carrier.
Speaker 3 (16:54):
It seems to me, and I'm inferring from the conversation anyway,
that there's no like code or guideline that you start
doing this. It's going to force you to get that insurance.
So if you don't have it and something happens, that's
that's you.
Speaker 4 (17:05):
Right, right, and it's up to you to disclose that right.
No agent, no agent's gonna go, oh, this must be
a rehab you know, you know they're gonna. It's gonna
be your word versus the age.
Speaker 3 (17:14):
Could you imagine? I mean, I know you could imagine
because you try to tell your clients about it, but
I can't imagine. As a business owner, you can get
into a situation like that, happy go lucky, Da Da
da dada. I have insurance or I think I have
insurance or whatever else, and then something happens that's really unfortunate,
something you never intended to. You know, like you said,
somebody gets hurt on your property, whatever might happen. I
have insurance. I'll take care of whatever happened. I'm so sorry,
and then you find out you don't have the insurance.
Speaker 4 (17:34):
I would say the stress test is this if if
your carrier has a bunch of commercials and you're in
the landlord space or the builder's risk space, you may
want to give us a call, right because the carriers
that specialize in this thing are much larger than those carriers,
and they specialize in this particular area. You may have
heard of them, but they're not on they're not advertising
(17:55):
every day.
Speaker 3 (17:55):
Those big TV guys are trying to put you into
their cookie box, which is fine for on people and
in certain situations. Yeah.
Speaker 4 (18:02):
Yeah, but when you're investing in properties and things of
that nature, you know you're probably if you're if your
carrier has a lot of commercials, and we write for
carriers that have a lot of commercials, but we don't
write hardly any of our builders, risk or landlord policies
with those care.
Speaker 3 (18:17):
Match up specialties with what you need and that's going
to get you a lot farther. And that's where Don
Wilson can help you out more information about Capital Insurance
Group on line at CIGWV dot com. CIGWV dot com
located right now to sixteen West Washington Street and Charleston.
The phone number three zero four six zero six twenty
nine sixty nine six zero six twenty nine sixty nine
is the phone number. We're going to go ahead and
take a break. We'll come back. We'll answer any text
questions you have, any phone calls that you have three
(18:38):
zero four three four five fifty eight fifty eight. Otherwise,
we're going to continue our discussion. We're talking more about
investment properties, the risk and Don's going to go through
some tips. If that's some space that you're looking into
that that you should be aware of. So all of
that and more. When we come back. You're listening to
ask the expert. Don Wilson is here from Capital Insurance Group.
We'll be back right after this.
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Speaker 3 (21:06):
Sixteen minutes to the top of the hour, it's eight
forty four. You're listening to five ADWCHS. We are the
Voice of Charleston giving voice to folks like Don Wilson.
He is the owner of Capital Insurance Group. I always
have a massively good time when I talked to Don
and learn so much about the real estate business. We're
talking about investment properties primarily this morning, but if you
have a conversation, if you have a question to our
conversation and give us a call three zero four three
four five fifty eight fifty eight. You can text threes
(21:28):
or a four non three five fives years or eight.
We were talking about builders, risk and landlord policy before
we left. So let's get into the actual property and
property types that we have now I mentioned earlier, more traditional,
So let's talk about like a duplex or something like that.
So you have a duplex that's your investment property. What
kind of insurance situation should it have?
Speaker 4 (21:45):
Yeah, so it depends on the tenant. It's all based
on the occupancy. Right. So if you have a traditional
landlord situation, you got twelve month leases, you know, regarless
to the pet policy that you have or whatever. If
you have traditional twelve month lease, you're talking about it
dwelling fire policy. Right, And what's that cover?
Speaker 2 (22:02):
Right?
Speaker 4 (22:02):
It covers the structure itself, right, everything that you're responsible for,
everything that you have what we call legally and ensurable
interest in right, you cover so the structure itself, the
liability of the property you're still responsible for. Right, your
rental income, so you need to disclose that if each
unit is charging you, you're paying let's call it one
thousand dollars a month for each unit. Hypothetically you need
(22:24):
to put twenty four thousand dollars of rental income on
the policy right to make sure that you're adequately and
properly covered, right, medical payments to others. And then you
want to get into some deeper coverages. Right, and you
want to look at one water back up, you want
to look at you know, sinkhole coverage. All these different things,
these and different endorsements that you could possibly put on
(22:45):
a policy. Right. You want to make sure that you
have those sorts of things. It could be very utility line,
it could be water backup, could be equipment breakdown, it
could be a number of things that you want to
make sure that you're covered with. And then the big
thing is making sure that you have some sort of
policy uh in place from your tenant right and making
sure that they're properly inadequately covered for for liability whether
(23:09):
they have a pet or no not no pet right.
They could have a party at the property, right, you're
not there, right, so you don't know what's happening, and
so they could be doing anything inside of your property
and you could be liable for it if there's no
underlying coverage.
Speaker 3 (23:23):
And that's something that that people are going to live
their lives and so I mean and so you have
to have a property that allows people to have their
normal lives and stuff like that. But also people's lives
can be a little messy sometimes they can be. So
you need to make sure that you're you're protected when
you're investment and that only that only makes sense. But again,
people can find themselves uninsured with the wrong policies, with
the wrong amounts right, and what the policies might be.
(23:45):
You need to make sure you're going to an expert
that knows what these things are.
Speaker 4 (23:48):
Make sure you have replacement costs coverage right on on
the structure. Right. If there's other structures on the property,
like a detached shd or garage, is that covered properly inadequately? Uh?
You know, you know, have you upgraded the kitchen or
baths or stuff like that. And then you want to
make sure that the liability that your tenant is covered with, right,
(24:08):
is adequately covered. I'd say for me, five hundred thousand
dollars just not going to cost them, but an extra
dollar maybe two dollars a month to go from one
hundred thousand or three hundred thousand of liability up to
five hundred thousand dollars of liability. That may sound extreme, right,
but you're making sure that they have their coverage. And
then here's the big one that a lot of the
landlords don't do. They get all right, so they signed
(24:31):
the lease in twenty twenty four, right, twenty twenty five,
the lease comes back around, they don't get proof of insurance.
Oh yeah, on that tenant, right, they had it in
twenty twenty four. I saw it. He showed me the policy,
then it lapsed four months in right, are you making
sure that you're named as an additional insured right on
those policies and that simply means that your name is
(24:53):
on the policy, no different than a bank right making
sure that you're also named on the policy so that
you can kind of know that policies lapsed or something
that's went wrong or there's been an issue, uh, you know,
because your tenant may change carriers or change coverage or
drop the coverage, you know, just to satisfy you know,
that one month of coverage that they had to show
it to you, and then when it comes back around
(25:14):
for renewal, you don't get that policy on faul you.
Speaker 3 (25:17):
I didn't even realize you could do that as as
a property owner, that you could be notified of the
lapse of coverage, just like a bank of I.
Speaker 4 (25:22):
Don't know how much you get notified per se, but
you can at least be named on the policy. I
didn't give you policy rights, right, right, they got that
typically right, but.
Speaker 3 (25:31):
If they have a loss that you're in line for,
at least you're on the policy for loss exactly.
Speaker 4 (25:35):
Yeah, you're you're you're involved and you know what's happening. Uh,
it's it's not the most common thing, but it should
be something that you're at least asking for at least
every year. Get that proof of insurance, you know, because
typically they're probably not gonna go every year. And if
you do that twice, right, they're gonna keep that policy
in force because they know you're holding them accountable.
Speaker 3 (25:55):
I want to get to some more of the modern
things that are out there, like airbnb's and verbos, But
one question that I have that's more along lines of
the more traditional thing, because you see this happen all
the time, and in West Virginia happens a lot, something
like mother in law apartments. Like you build something over
your garage or something along those lines, and then maybe
later on you end up renting it out, you know,
maybe mom moves into somewhere else or something happens and
you end up renting it out as a little piece
(26:16):
of investment property. Is the insurance that you carry when
when mother in law is living there different than the
insurance that you're carrying when you're running it out to
just a person off the street. And what is that coverage?
Speaker 4 (26:27):
Yes, and you're probably not charging mother in law.
Speaker 3 (26:29):
Right, right, yeah, probably yeah, right, yeah, yeah, that's what
we're selling here, right, Yeah, that's what you have your
mother in law suite.
Speaker 4 (26:33):
Don't charge it a don't charge mom in law any
any rent? Yeah right, while she's there. So if you're
not charging any rent, right, which I hope you're not doing,
and if you are, I don't know what to say,
same shame right tis. But if you if you're not
charging a rent in your traditional homeowners policy, is all
you need? Okay, Because that's another structure on the property
(26:57):
it's covered. You may want to increase the other structure's coverage.
You may even want mother in law to grab reventer's
policy or something like that for her personal belongings because
it may be more above and beyond what you currently
have on your policy. Let's say mother in law has
a nice jewelry collection or whatever she has, or a
ton of shoes or whatever it is, Right, she's got
(27:17):
a large amount of personal property. Now, if that address
is like it has a half right, Let's say you
live at one eighteen and a half a one eighteen
Main Street. That address is one eighteen and a half
Main Street, right, and you move a tenant in after
mother in law moves out or moves the Florida retires,
or whatever she's doing. You may you need to consult
(27:37):
us and say, hey, here's what I'm doing. This hasn't
a half address. I'm collecting rent now and the person
living there is not related to me. I'm using this
for rental income, and here's my lease and all that stuff.
And then you may want to look at potentially separating
that off the policy, right, and be up to the
carrier at that point to look at separating that particular
(27:59):
price property off on its own policy if it has
its own address.
Speaker 3 (28:03):
Yeah, that makes a lot of sense. I wondered about that. Now,
don't charge mother in law. Yeah, but don't charge my
mother at all. Right, So let's talk about things like airbnbs.
It seems like that the big, the big flip where
people were doing investment properties and flipping them back in
the you know, two thousands, when when the interest rates
dropped and all of that stuff started happening. It's kind
of matriculated itself into this into gig work at a
(28:23):
lot of times, and so that comes manifests itself into
vacation properties, airbnbs, different things like that. Has that been.
That's had to be a unique space that that you
guys have had to to to go into.
Speaker 4 (28:35):
I guess yeah, And that's the space I'm in as
a property in real estate investor. I have a few
Airbnbs and a few different states. And it's uh, it
is a different insurance situation because think about it, right,
how much liability does one couple for twelve straight months
(28:55):
posed to me and as a landlord, right versus fifty one? Right,
Let's each person books for a week fifty two tenants
over the course of one week. Right, And it's that
old adage, right. It's the rental car situation, right, How
does someone drive a rental car versus their own car?
Speaker 2 (29:15):
Right?
Speaker 3 (29:15):
Yeah?
Speaker 4 (29:15):
Not well, right, I did that for a while too.
Not well, drive a harder, yes, they do right now.
And it's the same with an airbnb property. I don't
have to wake up here every morning. I'm here for
four days. Right, I may throw a party, I may
do something that I ordinarily wouldn't do because it's I'm
I'm help more accountable because I have to be here
for twelve months. Right, I've signed the lease. Right, So
(29:38):
you want to make sure that if you're having an
Airbnb property that you have Airbnb coverage, right, which is different? Right,
here's the big difference. One, the liability is greater because
you have fifty two potential families or even more than
that because they could each book for two days. Right,
So the liability is a lot greater. Right. The other
part that that's a lot greater typically, and this is
(29:59):
good news for real estate investors, is your income can
be a lot greater. You could collect three, four or
five thousand dollars in a month, where you can't not
in my world in West Virginia, you know, charge anyone
four thousand dollars a month for rent, right, yeah, right,
So the income level needs to be different, So you
have to increase and change your rental income coverage on
(30:21):
your insurance policy. Have you talked to your agent about that.
You may have had a rental that you had in
the family for four or five six years that you've
now changed to a VRBO or vacation rental, Right, have
you done the modification to that policy to make sure
it's keeping up with the adequate coverage that you may
need as a result of the income change.
Speaker 3 (30:41):
Man, that it can get quite complicated. Pretty quick. And
a lot of people are you know, they're taking their
former vacation properties and make extra money money when I'm
not there. I mean, there's no reason not to do it.
I mean it's great if you set yourself up for it,
but you don't just want to flip a switch and
be like, Okay, let's get people in my house, because
you're really going to mess yourself out if something happens.
Speaker 4 (30:58):
And you see this, Here's one thing we haven't talked about.
Some people air being be a vacation rental their own home.
Have you disclosed that right? That happens here locally? I mean, uh,
you'd be surprised at how many you know, people are
coming and visiting Charleston. I mean, we've done really well
with our investment properties and keeping them booked. Right. But
what if you're using your primary residence right, and you're
(31:20):
you're snowbird, right, you you spend four or five months
in Florida, and while you're in Florida you put your
home on a vacation rental site. Have you disclosed that
to your insurance company? That could get bad? Right? Because
if if a tenant, right, who is if someone who's
not at the property, no different than someone who's not
(31:41):
in your car policy wrecks your car. Right, If someone's
occupying the home that the insurance company doesn't know about,
you're going to have you could have a world of
trouble on your hands. And you don't want your primary
residence at risk of having a claim denied that that
someone that's you know, a vacation rental tenant, you know
for two nights, has calls this ag or issue or
major leak or a fire even to your primary residence.
(32:04):
But you haven't disclosed this to your agent, right, you
don't want that. You don't want that to be the
time that you find out that the cover. So that
doesn't provide that.
Speaker 3 (32:11):
Well, what if you invert that and you have like
a like a lake house that you rent out, but
only a couple couple weekends a year, Like you don't
it's not like a main piece of your income party,
but you do rent it out every once in a while, right.
Speaker 4 (32:22):
Right, Yeah, And if it's on a short term basis,
that's no different than a vacation rental. Right, And if
you lease it, you know four or six months out
of the year, is still a little different. You need
to make sure that you have disclosed these things to
your insurance agent. Whatever's happening at the property, your insurance
agent should know about it because that could prompt a
nee for a different type of coverage.
Speaker 3 (32:41):
And this is and we use the doctor analogy, like
you said all the time, but this is like going
to your doctrine not telling about some of your symptoms.
You know, it's like you got to tell your doctor
that your your knees hurting or that you're your pen
blood er. I mean, honestly, whatever it is, it is
because they got to be able to tell, they got
to be okay. Well that that, in the spectrum of
everything else you told me, means something completely different.
Speaker 4 (32:58):
First thing the doctor says is what's going on, man?
Speaker 3 (33:00):
Right?
Speaker 4 (33:00):
What's going on?
Speaker 6 (33:02):
How?
Speaker 4 (33:02):
How are things going right? Your insurance agents and asks
the same question, what's changed at this property in last year.
Speaker 3 (33:07):
It's not like you're going to try to shame anybody
in their lifetile choices or whatever. You're just trying to
help you. I want you to close your eyes.
Speaker 4 (33:13):
And if you see your your insurance company on TV
ever right, vacation rentals and short term and builders risks,
they are probably not the right carrier for this particular issue.
Speaker 3 (33:24):
Capital Insurance Group threes are of four six zero six
twenty nine sixty nine threes or four sixty zero six
twenty nine sixty nine CIGWV dot Com one line. Get
ready get out of here in just a couple of
minutes before we go, though, don three big don'ts? What
are the what your big tips on folks when there
it comes to this type of investment properties, whether they
need to avoid, Yeah, you want to You want to
avoid renting to someone without a lease right, You want
(33:45):
to make sure that you have if the property is changed, right,
you want to make sure that you've disclosed to your
agent what's happening. And then for me, I recommend the
consideration of putting the properties and and incorporating allc or
as corporate whatever you want to do. We did an
LLC for our properties because you don't want your personal
(34:07):
assets being breached as a result of a claim that
happens at a secondary property, and you also don't want
your insurance record being affected by something that happens at
an investment property. So we encourage people to at least
talk to us about doing an LLC. And I'm open
to phone calls and text or anything like that that
(34:27):
you guys may have with questions. But yeah, make sure
that you have a twelve month lease, right, make sure
that you sit down with your agent and discuss the properties.
And then the last thing is you want to consider
at least consider buying the properties in an LLC. I
know that I've had some experience in the past and
some fellow small business owners that I knew talking about
(34:48):
opening up a corporation or I they want to incorporate
or not, and their concern was, well, it's going to
make my taxes so much more complicated, et cetera. Now
that I've lived both sides of that, and it's the
exact opposite. Actually, once you incorporate and you're able to
silo off your personal finances and what you're doing for
your business and stuff like that. Yeah, it's a different
type of return that you're doing, but it's actually a
lot easier than trying to make all that stuff fit
within like just your normal ten forty or whatever. Yeah,
(35:10):
it really is.
Speaker 4 (35:11):
The last thing you want is a tenant owned a
tenant occupied property to keep you from buying insurance on
your personal home. Yeah, yeah, right, Let's say you had
a big fire or huge water leak or whatever it
may be, and it's one hundred thousand dollars claim, and
now at one hundred thousand dollars claim is on your
personal record for the next five years, and it makes
your personal homeowners insurance go up by twenty thirty forty percent.
Speaker 3 (35:31):
I remember us talking about that now. And that's another
great tip because if you have an investment pry, that's
likely to happen, or at least it's more likely to happen,
or it's a multiplier to happen over right.
Speaker 4 (35:40):
You know, that's why you have the property.
Speaker 3 (35:42):
You're not there, that's right, you want to make money
off it. Just protect yourself.
Speaker 4 (35:44):
And also the last tip is don't don't charge mother.
Speaker 3 (35:47):
Don't charge mother and law for that apartment. Man. All
kinds of great information and tips from Don Wilson this morning,
including that. One more information you can find online CIGWV
dot com is the phone number or I'm sorry, the
webs address sewv dot com. Also the phone numbers three
zer of four six zero six twenty nine sixty nine.
Three zer of four six zero six twenty nine to
sixty nine is the number that you can call located
(36:08):
two sixteen West Washington Street here in Charleston, and Donny
will be back here next month as well.
Speaker 4 (36:13):
Right, yeah, I'm coming back man, I'm locked in. Well
I think I'm locked and loaded for the rest of you,
that's right.
Speaker 3 (36:17):
So yeah, so don will be back here. Get your
questions ready for the next time Don's on the radio
and you can ask those questions. Then. Thank you so
much for listening to the program. If you only caught
up the last portion of it, you can get to
w CHS network dot com slash Podcasting you can listen
to it from there. Dave Allen N five eight Live
is up next, followed by talk Line. I'll be back
this afternoon hosting for Dave weekly at three oh six
one Hotline this afternoon. Thanks for listening everyone, have a
(36:40):
great day listening to five AD w CHS. We are
the voice of Charleston, w CHS A W two four
three d r F M Charleston W two A T
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Speaker 2 (37:02):
We're proud to live here too.
Unlock your dream property with Meek's Realty Group, where Rich
the realtor makes real estate dreams a reality, whether it's
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Speaker 2 (00:15):
The views and opinions expressed on this program do not
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employees or WVRC Media.
Speaker 3 (00:39):
Hey, welcome in. You're listening to the Voice of Charleston PAVEDWHS.
Thank you so much for tuning in on this What
do we want? We're on a Tuesday morning, it's not
quite midway through the week yet, but we have a
great show for you this morning. I am pleased to
welcome back into the studio for the first time in
a little while over a year, maybe year and a
half or so, Don Wilson, the owner of Capital Insurance
Group here in Charleston, and we're going to find out
(00:59):
more or if you've listened to this station anytime at all.
Don's been a fixture off and on on the on
the air for years now, and I always appreciate the
shows we're able to put together because Don really has
the inside lane when it comes to insurance of all sorts,
and you want to learn about that this morning, because
if you think all insurance is the same, it's not
the case, especially what company you go through to help
insure you. But Don, how you doing this morning, man,
(01:20):
Good to see you.
Speaker 4 (01:20):
Hey doing great, man, Glad to be back.
Speaker 3 (01:22):
Yeah, man, it's I've always enjoyed the shows that we
do because I learned so much when when I do
these shows with you, because you have such an insight
into the business. And I mean you have we'll get
into that a little bit later, but you have kind
of the point person to be able to put together
a perfect type of insurance plan. And I learned so much,
and I've done these shows with you before stuff I
didn't know. I worked in real estate for a long time, man,
(01:42):
I didn't know half the stuff that you that you've
basically taught me when it comes to like real estate
insurance and things. I like that stuff.
Speaker 4 (01:47):
Yeah, it's important. I'm glad to be here, Glad to
get the show back started and teach some people some things.
And if they need me to, we'll let them know.
Where to reach me.
Speaker 3 (01:55):
Let's let's give people a brief kind of a reintro
into Capital Insurance Group, because number one, it's a it's
a proud company that we have here in Charleston. I mean,
it's something that you started. It's a large business and
we like for our folks to stay homegrown. So I
mean you've just taken that to meet it huge.
Speaker 4 (02:08):
Yeah. Yeah, So it's been a fun ride.
Speaker 3 (02:10):
We started.
Speaker 4 (02:10):
I started the agency February twenty seventeen. We were downtown
and then we moved over into the Westside business district
next door to Bully Trap Barbershop. Our buddies over there.
We love them in that business district and we've been
there for the last since twenty nineteen. And a new development.
Just about six weeks ago. I purchased six oh seven
(02:32):
Pennsylvania Avenue. He used the former Roberts running shoe store.
Speaker 3 (02:35):
Nice.
Speaker 4 (02:36):
I purchased that building, another building and those two parking lots,
and you know, my real estate company purchased that and
Capitol Insurance Group is moving their headquarters once the remodeling
and all the construction is all done. That's great six months.
Speaker 3 (02:52):
Well, great access, that's easy to get to Yeah, that's
great access man, that's a free parking four o'clock. Yeah, right,
that's good, tough man, always on the up. I really
love that about Capital Insurance Group and what you've done
here for the area. And just to remind folks before
because we're going to talk a lot about landlord liability,
airbnb risk, and insurances you can't afford to miss. That's
going to be kind of our topic this morning. But
I want folks to remember exactly what's so unique about
(03:15):
Capital Insurance Group because you might wonder what is it progressive?
Is it all state?
Speaker 4 (03:19):
Who is it? Yes?
Speaker 3 (03:21):
Is the answer to that question, and that's what makes
it special.
Speaker 4 (03:24):
Yeah. So we're a true independent I say true, you know,
real infherantis on the word true capitalize every letter t
ruether because we don't have an allegiance or an alliance
with any one carrier.
Speaker 5 (03:36):
Right.
Speaker 4 (03:36):
You see, some agencies have independent, right, and they have
a lot of logos on the door, but they're really
having an alliance or an allegiance to one or two carriers.
Where you see sixty seventy eighty percent market share in
an agency with one, maybe two carriers. That's not true independence.
That's a captive agency with access to other carriers. In
our agency, typical largest market shares like eight ten, twelve
(04:00):
percent because we spread the wealth across every carrier, because
that's what our clients needs, say to do. Right, So
we work for you, not an insurance company. That's what
a true independent agency does. And we're wanted a few
within West Virginia. That's a true independent agency.
Speaker 3 (04:18):
I really enjoy that. And like things that I learned
from you in the past. For example, is not everybody
or not nobody is actually typical like I always thought before.
Like you, if you live a typical life, you have
a typical single family resident, have a typical house, typical dog, typical,
you know whatever. Then if you go to a major
carrier that only has one insurance, as long as you
like that carrier, you're probably fine. I found out from
(04:39):
you doing these shows before that's not necessarily true because
nobody is actually that typical. You might need a little help,
and not the same carrier can necessarily help you with
all of your things.
Speaker 5 (04:46):
Right.
Speaker 4 (04:46):
It's like walking into the doctor. We always did a
doctor analogy. You know, in your ear hurts and he
gives you the same medication. Then you need her same medication.
Your foot hurt, your arm hurts, you know, you can't sleep.
It's all one medication when you go to a CAP
agency because they only have one option. And that's why
you want a true independent agency like Capital Insurance Group,
because we look at you with every need that you
(05:09):
may have and we place you with a particular carrier
with an expertise in that area. Yeah, I absolutely love that.
Speaker 3 (05:15):
If you have any questions this morning for Don, you're
welcome to gives a call three zero four three four
five fifty fifty eight three four five fifty to fifty eight.
Remember us an auto Q, so you'll go and hold
as soon as you call in and then we'll put
you on the air and get your name when you're
ready to go. Once it, give us a call if
you'd like three zero four three four five fifty to
fifty eight. You can text over questions. Threes are A
four nine three five five zeros zero eight. Threes are
A four nine three five five zero zero eight. Don
Wilson is here the owner of Capital Insurance Group. More
information online at CIGWV dot com, CIGWV dot com and
(05:40):
much of what Don was just talking about, and many
examples you've given in the past. If you're if you
have a typical home and a car, and you also
have a boat or a motorcycle, you know, your typical
insurance company may not be the best for your boat
or your motorcycle. If you have a giant baseball card
collection or something, your typical homeowners policy or rider may
not be great for that. There people have things in
(06:00):
their life that's not typical, and most people have things
that aren't typical.
Speaker 4 (06:03):
Yeah, the perfect example, we just helped the client with
a large collection of jewelry. Right, and you know when
you know we wrote that policy with jewelers mutual right, yeah, right,
it's like, you know, they specialize in this sort of thing,
so it sounds like it matches you have a claim. Right,
We don't do that. We could have wrote written it
with Progressive.
Speaker 5 (06:21):
Right.
Speaker 4 (06:21):
Progressive does a great job on it. But there's carriers
just specializing these things and going to a true independent
agency like Capital Insurance Group helps you get the best coverage.
And the big thing with insurance that I've seen is
we see clients say I want the best price possible.
Run the best price possible is always the goal, right,
But at the same time, when you have a claim,
no one thinks about the savings. They think about the coverage,
(06:44):
and we want to be there for you when there's
a claim.
Speaker 3 (06:47):
Just as This is not the advanced level that DOWN
deals with. But I know that at a relatively young
age and my mid thirty somewhere I learned that even
when I pay a car off, I can't carry full
coverage on it because if you don't, man, if you
get into an actually sure your liability is covered, you'll
take care of the other person, but you're out a car, right, Yeah,
I mean, And the relatively small amount of money you
have to pay a month for a paidoff vehicle really does,
(07:09):
and it has in the past saved my bacon.
Speaker 4 (07:11):
Yeah roll was twelve to fourteen years old. Yeah, and
paid off, right, And then the last stressed test is
and you could afford to buy new and if that
car was total in it now right now right, So
if all three of those boxes are not checked, you
probably need to have what we call physical damage coverage,
which is what most people refer to as full coverage. Right,
that's your comp your collision, your rental car reimbursement, and
(07:34):
you're a roadside assistance coverage.
Speaker 3 (07:36):
Yeah, it is just to have to and somebody late
don can really help you walk through those types of things.
And in future shows we can talk about any none
of those things, or if you have a question this morning,
you're welcome to give us a call. But much to
what we were talking about that, you know, not everybody's
typical and not every mainline carrier does everything perfectly. We're
gonna talk about investment properties this morning quite a bit.
And I know that because we've had a little bit
(07:57):
of discussion about that before. That falls within that category.
So investment in this I did mortgages for years back
in the early two thousands, late nineties and early two thousands.
Investment properties have really taken on a new meaning now
because not only do you have your traditional like I
bought this other house and I rented out to somebody,
or your duplex that you bought and you rent it
out to somewhere maybe you live in one and run
out the other side, or whatever it might be. Now
(08:18):
you got the airbnbs and you've got all these different things.
So what is an investment property?
Speaker 4 (08:22):
Yeah, an investment property is any property that you don't
occupy as your primary residents, right, So you don't live
in this property full time. It could be part time
even and it's not your primary residence. It's a secondary location.
It could be generating income, it could have been inherited, right,
and we want to make sure that you have adequate
coverage on things like that. You know, these properties could
(08:44):
be duplexus, triplexis, quid plexus, it could be single family homes.
You know, we've seen people inherit or buy you know,
six ten, twelve unit apartment buildings. We just had a
client in Cleveland by eighteen unit and it's an investment property, right,
there's ticular things that you should do to establish and
to protect your assets when you do purchase an investment property.
(09:06):
You know myself, I started an investment property company about
two and a half years ago. Right, So not only
do I know from an insurance standpoint, I know from
an owner's standpoint the dues that don't in the details
of what you should do when purchasing one of these
properties that you don't live in primarily.
Speaker 3 (09:22):
Yeah, yeah, and that's and it could be any number
of reasons. Like you said that you don't live in primarily.
And I think and you'll you'll be the expert on this.
But a lot of people get into the investment real
estate space from reading books, from from watching YouTube videos. Right,
Not that there's anything wrong with that, but there's a
certain level of expertise that you don't necessarily get from
(09:42):
watching these things, from reading these things and stuff like that.
So there are some pitfalls that folks can make.
Speaker 4 (09:47):
Yeah for sure, Yeah you can get in over your head.
Some people pay cash for these properties, and you know,
you know, more power to you, But that doesn't mean
you don't need insurance, you know, so do your research.
We just had you know, a client call in yesterday
with some flood questions. Right, they pay cash for a property.
You know, it had some questions about flood because the
bank does protect you in some of these things. Like
(10:08):
you said, you were in the mortgage world, and you know,
banks do give you some of these indications of what
coverages you may need. You know, replacement costs is still
important even though it's an investment property. Right. Another big
coverage could be, you know, the amount of liability that
you have, and then you have to consider what type
of tenants you're going to do and use and utilize. Right,
(10:31):
Because you may want to have pets right allowed on
your property, and if you do, your incurrent liability from
your now tenants pet right. And the last thing you
want is your tenants pet to breach one of your assets. Right.
So having these things in writing and making sure that
the underlying policy that your tenant has right that you
(10:51):
require your tenant to have covers all of those bases
is very important.
Speaker 3 (10:56):
And that's a really important point too. And just to
take a step out for just a moment, for people
that like break their rental agreement by hiding animals and
stuff along those lines. You might think that it's, you know,
it's a victimless crime or whatever, but the problem is
if that dog goes and bite somebody and you're renting
that problem. I mean there's no coverage. I mean that
the reason that the owner of your property does add
is because he doesn't pay to have those things covering.
Speaker 4 (11:16):
And a reasonable you know what I've seen in these
claim situations. Did the tenant or did the landlord the
property owner act reasonably right? Could they reasonably expect the
dog to be there? Right? And if there's been documentation
that the that the landlord, even if the lease says
that the landlord doesn't allow dogs, right, Interesting, but the
landlord has seen the dogs or been around the dog,
(11:38):
or you know, it's obvious that there's a dog there,
there's a leash, or you know, food on the whatever
it may be. Right. We've seen these issues arise in
a claim situation or where the landlord goes, we don't
allow pets, but the tenant goes, you know, he's seen
my dog, you're ten, twelve, fifteen times and is you
know we have a verbal agreement, right, right, So there
can be some gray areas and some issues, right, and
(12:00):
so you want to make sure that you put everything
in writing. You know, we see a lot of these
things to underlining runners policies and they're like, hey, we
want to make sure they have three hundred thousand dollars
of liability right, which is important. Right, that's the main
part you want to focus on. Right, You're not really
worried about your tenants belongings right on a required policy,
but three hundred or five hundred thousand dollars of liability
(12:22):
being required for your tenant, right and then having that
pet policy clearly stated and the lease is a very
important component.
Speaker 3 (12:30):
Yeah, I can see where you could really get into
some confusing space there if you're not used to this
type of investments and you're just trying to make things work,
you're trying to find ways to save money or whatever
it might be. But that's the one thing you don't
want to under You don't want to cut corners one
because you don't know where you're going to leave yourself exposed.
And if you're counting on this as an investment as income,
you don't want to interrupt that income stream. You have
(12:50):
to protect that as much as you can, right and
you can.
Speaker 4 (12:53):
Do that with your insurance. You know, you know, on
a homeowner's policy, coverage D is loss of use because
your primary residence and you could lose the ability to
use that right. So what that coverage does on a
homeowners policy is it provides you with the temporary living
situation why your home is rebuilt or repaired. But on
a landlord policy, a dwelling fire DP three, whatever you
(13:16):
want to call it, that coverage D is loss of income.
So you want to accurately detail that to your insurance
agent right during the review. And here's a question if
you ask yourself right now, if you're listening and you
have investment properties and you've never detailed or told your
current insurance agent, or your current insurance agent has never
(13:37):
asked you what is your rental income from this property?
You can better believe you're probably under insured or not
insured correctly. And what we've seen from some of the
larger insurance careers that don't understand this particular product is
they put it, they write it on a traditional homeowners policy,
and then the tenant can't occupy the home as a
result of a claim, right, and then there's no loss
(14:00):
of income on the policy because it's been written incorrectly.
Speaker 3 (14:03):
Ah man, you could you could think of that you're
that you're covered well, you know that hey, I did
everything right, and then you come to find out that
it's just and it's that gap of lack of expertise.
I mean, that's really and that's why we do this
show because when you when you suffer that gap of expertise,
even if everybody had the best intentions in mind, you
could still leave yourself exposed.
Speaker 4 (14:20):
Yeah, you want to make sure that you've detailed everything
to your agent, right, and did your agent ask you,
you know, twenty questions before the policy was written, or
did he just did he or she just you know,
take the information with the address. Have they inspected the property?
You know, because you don't want to be caught off
guard in a claim situation and find out that you
don't have the correct coverage, because that's not the time
(14:40):
to find that out.
Speaker 3 (14:41):
Yeah, there's no doubt about that. We'll take a break
here in just a couple of minutes. I did want
to talk about before we've been on the program and
we've talked about, uh, we've talked about a builder's policy
and you mentioned the landlord's policy a minute ago. What's
the difference between those and uh, when should one go
for one or the others?
Speaker 4 (14:55):
So a landlord policy means you're not the builders risks.
Let's start with builders risk. Builders risk means you're maine
major modifications or upgrades to the property. So new kitchen,
and this is before it's going to be occupied. So
you buy property property a you know, you buy it
and it needs a new kitchen, new roof, new flooring,
you know, paint it. All these things are going to
happen prior to to you having a tenant in the building. Now,
(15:17):
you may either list this property for sale right to
flip it, or you may list it for rent, or
you may put in the air bnbvrbo vacation rental in that property.
But if you're planning on doing major modifications to the
building prior to listing it on whatever site or you know,
for rent or for sale, that's when you need a
builder's risk policy, and you also need what's called premises
(15:41):
liability in addition to the builder's risk because typically builders
risk policies don't include liability like someone getting hurt on
the property. You know, and it's a vacant property, right
In ninety percent of these cases, it's a vacant property,
so you're not there every day, and now you know,
the neighbor's kid is on the porch, jumps off the porch,
extant ankle, and now you're named in a lawsuit as
(16:02):
a result of you having tools on the porch, right
that led to the kids slipping and falling or something.
So you want to make sure that you're if you're
in a builder's risk situation, if you guys are out
here flipping homes or you're investing in properties that need
you know, remodeled prior to you listing them or putting
them on you know, a vacation rental site or with
a tenant, you want to make sure that you talk
(16:23):
to your agent, really call us because we're experts in
this area, and get a quote for builders risk insurance.
These are typically three, six, nine, twelve month policies and
they come with a minimum earned premium. So you're going
to also want to have an agent that understands minimum
learned premium because you could cancel the policy but still
owe money for it, right, So you want to make
sure that you get an adequate policy that you can
(16:44):
either pay month to month on and cancel when the
when the remodeling is done, the rehabit is finished without it,
and you get out of there clean without owing any
money to the agency or carrier.
Speaker 3 (16:54):
It seems to me, and I'm inferring from the conversation anyway,
that there's no like code or guideline that you start
doing this. It's going to force you to get that insurance.
So if you don't have it and something happens, that's
that's you.
Speaker 4 (17:05):
Right, right, and it's up to you to disclose that right.
No agent, no agent's gonna go, oh, this must be
a rehab you know, you know they're gonna. It's gonna
be your word versus the age.
Speaker 3 (17:14):
Could you imagine? I mean, I know you could imagine
because you try to tell your clients about it, but
I can't imagine. As a business owner, you can get
into a situation like that, happy go lucky, Da Da
da dada. I have insurance or I think I have
insurance or whatever else, and then something happens that's really unfortunate,
something you never intended to. You know, like you said,
somebody gets hurt on your property, whatever might happen. I
have insurance. I'll take care of whatever happened. I'm so sorry,
and then you find out you don't have the insurance.
Speaker 4 (17:34):
I would say the stress test is this if if
your carrier has a bunch of commercials and you're in
the landlord space or the builder's risk space, you may
want to give us a call, right because the carriers
that specialize in this thing are much larger than those carriers,
and they specialize in this particular area. You may have
heard of them, but they're not on they're not advertising
(17:55):
every day.
Speaker 3 (17:55):
Those big TV guys are trying to put you into
their cookie box, which is fine for on people and
in certain situations. Yeah.
Speaker 4 (18:02):
Yeah, but when you're investing in properties and things of
that nature, you know you're probably if you're if your
carrier has a lot of commercials, and we write for
carriers that have a lot of commercials, but we don't
write hardly any of our builders, risk or landlord policies
with those care.
Speaker 3 (18:17):
Match up specialties with what you need and that's going
to get you a lot farther. And that's where Don
Wilson can help you out more information about Capital Insurance
Group on line at CIGWV dot com. CIGWV dot com
located right now to sixteen West Washington Street and Charleston.
The phone number three zero four six zero six twenty
nine sixty nine six zero six twenty nine sixty nine
is the phone number. We're going to go ahead and
take a break. We'll come back. We'll answer any text
questions you have, any phone calls that you have three
(18:38):
zero four three four five fifty eight fifty eight. Otherwise,
we're going to continue our discussion. We're talking more about
investment properties, the risk and Don's going to go through
some tips. If that's some space that you're looking into
that that you should be aware of. So all of
that and more. When we come back. You're listening to
ask the expert. Don Wilson is here from Capital Insurance Group.
We'll be back right after this.
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(20:17):
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Speaker 3 (21:06):
Sixteen minutes to the top of the hour, it's eight
forty four. You're listening to five ADWCHS. We are the
Voice of Charleston giving voice to folks like Don Wilson.
He is the owner of Capital Insurance Group. I always
have a massively good time when I talked to Don
and learn so much about the real estate business. We're
talking about investment properties primarily this morning, but if you
have a conversation, if you have a question to our
conversation and give us a call three zero four three
four five fifty eight fifty eight. You can text threes
(21:28):
or a four non three five fives years or eight.
We were talking about builders, risk and landlord policy before
we left. So let's get into the actual property and
property types that we have now I mentioned earlier, more traditional,
So let's talk about like a duplex or something like that.
So you have a duplex that's your investment property. What
kind of insurance situation should it have?
Speaker 4 (21:45):
Yeah, so it depends on the tenant. It's all based
on the occupancy. Right. So if you have a traditional
landlord situation, you got twelve month leases, you know, regarless
to the pet policy that you have or whatever. If
you have traditional twelve month lease, you're talking about it
dwelling fire policy. Right, And what's that cover?
Speaker 2 (22:02):
Right?
Speaker 4 (22:02):
It covers the structure itself, right, everything that you're responsible for,
everything that you have what we call legally and ensurable
interest in right, you cover so the structure itself, the
liability of the property you're still responsible for. Right, your
rental income, so you need to disclose that if each
unit is charging you, you're paying let's call it one
thousand dollars a month for each unit. Hypothetically you need
(22:24):
to put twenty four thousand dollars of rental income on
the policy right to make sure that you're adequately and
properly covered, right, medical payments to others. And then you
want to get into some deeper coverages. Right, and you
want to look at one water back up, you want
to look at you know, sinkhole coverage. All these different things,
these and different endorsements that you could possibly put on
(22:45):
a policy. Right. You want to make sure that you
have those sorts of things. It could be very utility line,
it could be water backup, could be equipment breakdown, it
could be a number of things that you want to
make sure that you're covered with. And then the big
thing is making sure that you have some sort of
policy uh in place from your tenant right and making
sure that they're properly inadequately covered for for liability whether
(23:09):
they have a pet or no not no pet right.
They could have a party at the property, right, you're
not there, right, so you don't know what's happening, and
so they could be doing anything inside of your property
and you could be liable for it if there's no
underlying coverage.
Speaker 3 (23:23):
And that's something that that people are going to live
their lives and so I mean and so you have
to have a property that allows people to have their
normal lives and stuff like that. But also people's lives
can be a little messy sometimes they can be. So
you need to make sure that you're you're protected when
you're investment and that only that only makes sense. But again,
people can find themselves uninsured with the wrong policies, with
the wrong amounts right, and what the policies might be.
(23:45):
You need to make sure you're going to an expert
that knows what these things are.
Speaker 4 (23:48):
Make sure you have replacement costs coverage right on on
the structure. Right. If there's other structures on the property,
like a detached shd or garage, is that covered properly inadequately? Uh?
You know, you know, have you upgraded the kitchen or
baths or stuff like that. And then you want to
make sure that the liability that your tenant is covered with, right,
(24:08):
is adequately covered. I'd say for me, five hundred thousand
dollars just not going to cost them, but an extra
dollar maybe two dollars a month to go from one
hundred thousand or three hundred thousand of liability up to
five hundred thousand dollars of liability. That may sound extreme, right,
but you're making sure that they have their coverage. And
then here's the big one that a lot of the
landlords don't do. They get all right, so they signed
(24:31):
the lease in twenty twenty four, right, twenty twenty five,
the lease comes back around, they don't get proof of insurance.
Oh yeah, on that tenant, right, they had it in
twenty twenty four. I saw it. He showed me the policy,
then it lapsed four months in right, are you making
sure that you're named as an additional insured right on
those policies and that simply means that your name is
(24:53):
on the policy, no different than a bank right making
sure that you're also named on the policy so that
you can kind of know that policies lapsed or something
that's went wrong or there's been an issue, uh, you know,
because your tenant may change carriers or change coverage or
drop the coverage, you know, just to satisfy you know,
that one month of coverage that they had to show
it to you, and then when it comes back around
(25:14):
for renewal, you don't get that policy on faul you.
Speaker 3 (25:17):
I didn't even realize you could do that as as
a property owner, that you could be notified of the
lapse of coverage, just like a bank of I.
Speaker 4 (25:22):
Don't know how much you get notified per se, but
you can at least be named on the policy. I
didn't give you policy rights, right, right, they got that
typically right, but.
Speaker 3 (25:31):
If they have a loss that you're in line for,
at least you're on the policy for loss exactly.
Speaker 4 (25:35):
Yeah, you're you're you're involved and you know what's happening. Uh,
it's it's not the most common thing, but it should
be something that you're at least asking for at least
every year. Get that proof of insurance, you know, because
typically they're probably not gonna go every year. And if
you do that twice, right, they're gonna keep that policy
in force because they know you're holding them accountable.
Speaker 3 (25:55):
I want to get to some more of the modern
things that are out there, like airbnb's and verbos, But
one question that I have that's more along lines of
the more traditional thing, because you see this happen all
the time, and in West Virginia happens a lot, something
like mother in law apartments. Like you build something over
your garage or something along those lines, and then maybe
later on you end up renting it out, you know,
maybe mom moves into somewhere else or something happens and
you end up renting it out as a little piece
(26:16):
of investment property. Is the insurance that you carry when
when mother in law is living there different than the
insurance that you're carrying when you're running it out to
just a person off the street. And what is that coverage?
Speaker 4 (26:27):
Yes, and you're probably not charging mother in law.
Speaker 3 (26:29):
Right, right, yeah, probably yeah, right, yeah, yeah, that's what
we're selling here, right, Yeah, that's what you have your
mother in law suite.
Speaker 4 (26:33):
Don't charge it a don't charge mom in law any
any rent? Yeah right, while she's there. So if you're
not charging any rent, right, which I hope you're not doing,
and if you are, I don't know what to say,
same shame right tis. But if you if you're not
charging a rent in your traditional homeowners policy, is all
you need? Okay, Because that's another structure on the property
(26:57):
it's covered. You may want to increase the other structure's coverage.
You may even want mother in law to grab reventer's
policy or something like that for her personal belongings because
it may be more above and beyond what you currently
have on your policy. Let's say mother in law has
a nice jewelry collection or whatever she has, or a
ton of shoes or whatever it is, Right, she's got
(27:17):
a large amount of personal property. Now, if that address
is like it has a half right, Let's say you
live at one eighteen and a half a one eighteen
Main Street. That address is one eighteen and a half
Main Street, right, and you move a tenant in after
mother in law moves out or moves the Florida retires,
or whatever she's doing. You may you need to consult
(27:37):
us and say, hey, here's what I'm doing. This hasn't
a half address. I'm collecting rent now and the person
living there is not related to me. I'm using this
for rental income, and here's my lease and all that stuff.
And then you may want to look at potentially separating
that off the policy, right, and be up to the
carrier at that point to look at separating that particular
(27:59):
price property off on its own policy if it has
its own address.
Speaker 3 (28:03):
Yeah, that makes a lot of sense. I wondered about that. Now,
don't charge mother in law. Yeah, but don't charge my
mother at all. Right, So let's talk about things like airbnbs.
It seems like that the big, the big flip where
people were doing investment properties and flipping them back in
the you know, two thousands, when when the interest rates
dropped and all of that stuff started happening. It's kind
of matriculated itself into this into gig work at a
(28:23):
lot of times, and so that comes manifests itself into
vacation properties, airbnbs, different things like that. Has that been.
That's had to be a unique space that that you
guys have had to to to go into.
Speaker 4 (28:35):
I guess yeah, And that's the space I'm in as
a property in real estate investor. I have a few
Airbnbs and a few different states. And it's uh, it
is a different insurance situation because think about it, right,
how much liability does one couple for twelve straight months
(28:55):
posed to me and as a landlord, right versus fifty one? Right,
Let's each person books for a week fifty two tenants
over the course of one week. Right, And it's that
old adage, right. It's the rental car situation, right, How
does someone drive a rental car versus their own car?
Speaker 2 (29:15):
Right?
Speaker 3 (29:15):
Yeah?
Speaker 4 (29:15):
Not well, right, I did that for a while too.
Not well, drive a harder, yes, they do right now.
And it's the same with an airbnb property. I don't
have to wake up here every morning. I'm here for
four days. Right, I may throw a party, I may
do something that I ordinarily wouldn't do because it's I'm
I'm help more accountable because I have to be here
for twelve months. Right, I've signed the lease. Right, So
(29:38):
you want to make sure that if you're having an
Airbnb property that you have Airbnb coverage, right, which is different? Right,
here's the big difference. One, the liability is greater because
you have fifty two potential families or even more than
that because they could each book for two days. Right,
So the liability is a lot greater. Right. The other
part that that's a lot greater typically, and this is
(29:59):
good news for real estate investors, is your income can
be a lot greater. You could collect three, four or
five thousand dollars in a month, where you can't not
in my world in West Virginia, you know, charge anyone
four thousand dollars a month for rent, right, yeah, right,
So the income level needs to be different, So you
have to increase and change your rental income coverage on
(30:21):
your insurance policy. Have you talked to your agent about that.
You may have had a rental that you had in
the family for four or five six years that you've
now changed to a VRBO or vacation rental, Right, have
you done the modification to that policy to make sure
it's keeping up with the adequate coverage that you may
need as a result of the income change.
Speaker 3 (30:41):
Man, that it can get quite complicated. Pretty quick. And
a lot of people are you know, they're taking their
former vacation properties and make extra money money when I'm
not there. I mean, there's no reason not to do it.
I mean it's great if you set yourself up for it,
but you don't just want to flip a switch and
be like, Okay, let's get people in my house, because
you're really going to mess yourself out if something happens.
Speaker 4 (30:58):
And you see this, Here's one thing we haven't talked about.
Some people air being be a vacation rental their own home.
Have you disclosed that right? That happens here locally? I mean, uh,
you'd be surprised at how many you know, people are
coming and visiting Charleston. I mean, we've done really well
with our investment properties and keeping them booked. Right. But
what if you're using your primary residence right, and you're
(31:20):
you're snowbird, right, you you spend four or five months
in Florida, and while you're in Florida you put your
home on a vacation rental site. Have you disclosed that
to your insurance company? That could get bad? Right? Because
if if a tenant, right, who is if someone who's
not at the property, no different than someone who's not
(31:41):
in your car policy wrecks your car. Right, If someone's
occupying the home that the insurance company doesn't know about,
you're going to have you could have a world of
trouble on your hands. And you don't want your primary
residence at risk of having a claim denied that that
someone that's you know, a vacation rental tenant, you know
for two nights, has calls this ag or issue or
major leak or a fire even to your primary residence.
(32:04):
But you haven't disclosed this to your agent, right, you
don't want that. You don't want that to be the
time that you find out that the cover. So that
doesn't provide that.
Speaker 3 (32:11):
Well, what if you invert that and you have like
a like a lake house that you rent out, but
only a couple couple weekends a year, Like you don't
it's not like a main piece of your income party,
but you do rent it out every once in a while, right.
Speaker 4 (32:22):
Right, Yeah, And if it's on a short term basis,
that's no different than a vacation rental. Right, And if
you lease it, you know four or six months out
of the year, is still a little different. You need
to make sure that you have disclosed these things to
your insurance agent. Whatever's happening at the property, your insurance
agent should know about it because that could prompt a
nee for a different type of coverage.
Speaker 3 (32:41):
And this is and we use the doctor analogy, like
you said all the time, but this is like going
to your doctrine not telling about some of your symptoms.
You know, it's like you got to tell your doctor
that your your knees hurting or that you're your pen
blood er. I mean, honestly, whatever it is, it is
because they got to be able to tell, they got
to be okay. Well that that, in the spectrum of
everything else you told me, means something completely different.
Speaker 4 (32:58):
First thing the doctor says is what's going on, man?
Speaker 3 (33:00):
Right?
Speaker 4 (33:00):
What's going on?
Speaker 6 (33:02):
How?
Speaker 4 (33:02):
How are things going right? Your insurance agents and asks
the same question, what's changed at this property in last year.
Speaker 3 (33:07):
It's not like you're going to try to shame anybody
in their lifetile choices or whatever. You're just trying to
help you. I want you to close your eyes.
Speaker 4 (33:13):
And if you see your your insurance company on TV
ever right, vacation rentals and short term and builders risks,
they are probably not the right carrier for this particular issue.
Speaker 3 (33:24):
Capital Insurance Group threes are of four six zero six
twenty nine sixty nine threes or four sixty zero six
twenty nine sixty nine CIGWV dot Com one line. Get
ready get out of here in just a couple of
minutes before we go, though, don three big don'ts? What
are the what your big tips on folks when there
it comes to this type of investment properties, whether they
need to avoid, Yeah, you want to You want to
avoid renting to someone without a lease right, You want
(33:45):
to make sure that you have if the property is changed, right,
you want to make sure that you've disclosed to your
agent what's happening. And then for me, I recommend the
consideration of putting the properties and and incorporating allc or
as corporate whatever you want to do. We did an
LLC for our properties because you don't want your personal
(34:07):
assets being breached as a result of a claim that
happens at a secondary property, and you also don't want
your insurance record being affected by something that happens at
an investment property. So we encourage people to at least
talk to us about doing an LLC. And I'm open
to phone calls and text or anything like that that
(34:27):
you guys may have with questions. But yeah, make sure
that you have a twelve month lease, right, make sure
that you sit down with your agent and discuss the properties.
And then the last thing is you want to consider
at least consider buying the properties in an LLC. I
know that I've had some experience in the past and
some fellow small business owners that I knew talking about
(34:48):
opening up a corporation or I they want to incorporate
or not, and their concern was, well, it's going to
make my taxes so much more complicated, et cetera. Now
that I've lived both sides of that, and it's the
exact opposite. Actually, once you incorporate and you're able to
silo off your personal finances and what you're doing for
your business and stuff like that. Yeah, it's a different
type of return that you're doing, but it's actually a
lot easier than trying to make all that stuff fit
within like just your normal ten forty or whatever. Yeah,
(35:10):
it really is.
Speaker 4 (35:11):
The last thing you want is a tenant owned a
tenant occupied property to keep you from buying insurance on
your personal home. Yeah, yeah, right, Let's say you had
a big fire or huge water leak or whatever it
may be, and it's one hundred thousand dollars claim, and
now at one hundred thousand dollars claim is on your
personal record for the next five years, and it makes
your personal homeowners insurance go up by twenty thirty forty percent.
Speaker 3 (35:31):
I remember us talking about that now. And that's another
great tip because if you have an investment pry, that's
likely to happen, or at least it's more likely to happen,
or it's a multiplier to happen over right.
Speaker 4 (35:40):
You know, that's why you have the property.
Speaker 3 (35:42):
You're not there, that's right, you want to make money
off it. Just protect yourself.
Speaker 4 (35:44):
And also the last tip is don't don't charge mother.
Speaker 3 (35:47):
Don't charge mother and law for that apartment. Man. All
kinds of great information and tips from Don Wilson this morning,
including that. One more information you can find online CIGWV
dot com is the phone number or I'm sorry, the
webs address sewv dot com. Also the phone numbers three
zer of four six zero six twenty nine sixty nine.
Three zer of four six zero six twenty nine to
sixty nine is the number that you can call located
(36:08):
two sixteen West Washington Street here in Charleston, and Donny
will be back here next month as well.
Speaker 4 (36:13):
Right, yeah, I'm coming back man, I'm locked in. Well
I think I'm locked and loaded for the rest of you,
that's right.
Speaker 3 (36:17):
So yeah, so don will be back here. Get your
questions ready for the next time Don's on the radio
and you can ask those questions. Then. Thank you so
much for listening to the program. If you only caught
up the last portion of it, you can get to
w CHS network dot com slash Podcasting you can listen
to it from there. Dave Allen N five eight Live
is up next, followed by talk Line. I'll be back
this afternoon hosting for Dave weekly at three oh six
one Hotline this afternoon. Thanks for listening everyone, have a
(36:40):
great day listening to five AD w CHS. We are
the voice of Charleston, w CHS A W two four
three d r F M Charleston W two A T
E HQ cost Lanes a wvrc ME distinction.
Speaker 2 (37:02):
We're proud to live here too.
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