Latest / WCHS Network Podcasts / 07/29/2025 Smart Insurance for Smart Investors: ATE with Don Wilson

Transcript

07/29/2025 Smart Insurance for Smart Investors: ATE with Don Wilson · WCHS Network Podcasts

0:00
Speaker 1: Unlock your dream property with Meek's Realty Group, where Rich
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Speaker 1: the realtor makes real estate dreams a reality, whether it's
0:05
Speaker 1: residential or commercial. We've got Charleston to Huntington covered. Your
0:09
Speaker 1: key to exceptional real estate experience is start here Meeks
0:12
Speaker 1: Realty Group. Contact us at Meeks dot us.
0:15
Speaker 2: The views and opinions expressed on this program do not
0:18
Speaker 2: necessarily reflect the views and opinions of five ADWCHS it's
0:22
Speaker 2: employees or WVRC Media.
0:39
Speaker 3: Hey, welcome in. You're listening to the Voice of Charleston PAVEDWHS.
0:43
Speaker 3: Thank you so much for tuning in on this What
0:45
Speaker 3: do we want? We're on a Tuesday morning, it's not
0:47
Speaker 3: quite midway through the week yet, but we have a
0:49
Speaker 3: great show for you this morning. I am pleased to
0:51
Speaker 3: welcome back into the studio for the first time in
0:52
Speaker 3: a little while over a year, maybe year and a
0:54
Speaker 3: half or so, Don Wilson, the owner of Capital Insurance
0:57
Speaker 3: Group here in Charleston, and we're going to find out
0:59
Speaker 3: more or if you've listened to this station anytime at all.
1:02
Speaker 3: Don's been a fixture off and on on the on
1:04
Speaker 3: the air for years now, and I always appreciate the
1:07
Speaker 3: shows we're able to put together because Don really has
1:09
Speaker 3: the inside lane when it comes to insurance of all sorts,
1:12
Speaker 3: and you want to learn about that this morning, because
1:14
Speaker 3: if you think all insurance is the same, it's not
1:16
Speaker 3: the case, especially what company you go through to help
1:18
Speaker 3: insure you. But Don, how you doing this morning, man,
1:20
Speaker 3: Good to see you.
1:20
Speaker 4: Hey doing great, man, Glad to be back.
1:22
Speaker 3: Yeah, man, it's I've always enjoyed the shows that we
1:24
Speaker 3: do because I learned so much when when I do
1:26
Speaker 3: these shows with you, because you have such an insight
1:28
Speaker 3: into the business. And I mean you have we'll get
1:31
Speaker 3: into that a little bit later, but you have kind
1:34
Speaker 3: of the point person to be able to put together
1:36
Speaker 3: a perfect type of insurance plan. And I learned so much,
1:38
Speaker 3: and I've done these shows with you before stuff I
1:40
Speaker 3: didn't know. I worked in real estate for a long time, man,
1:42
Speaker 3: I didn't know half the stuff that you that you've
1:43
Speaker 3: basically taught me when it comes to like real estate
1:46
Speaker 3: insurance and things. I like that stuff.
1:47
Speaker 4: Yeah, it's important. I'm glad to be here, Glad to
1:49
Speaker 4: get the show back started and teach some people some things.
1:52
Speaker 4: And if they need me to, we'll let them know.
1:54
Speaker 4: Where to reach me.
1:55
Speaker 3: Let's let's give people a brief kind of a reintro
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Speaker 3: into Capital Insurance Group, because number one, it's a it's
2:00
Speaker 3: a proud company that we have here in Charleston. I mean,
2:02
Speaker 3: it's something that you started. It's a large business and
2:04
Speaker 3: we like for our folks to stay homegrown. So I
2:06
Speaker 3: mean you've just taken that to meet it huge.
2:08
Speaker 4: Yeah. Yeah, So it's been a fun ride.
2:10
Speaker 3: We started.
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Speaker 4: I started the agency February twenty seventeen. We were downtown
2:15
Speaker 4: and then we moved over into the Westside business district
2:18
Speaker 4: next door to Bully Trap Barbershop. Our buddies over there.
2:22
Speaker 4: We love them in that business district and we've been
2:25
Speaker 4: there for the last since twenty nineteen. And a new development.
2:29
Speaker 4: Just about six weeks ago. I purchased six oh seven
2:32
Speaker 4: Pennsylvania Avenue. He used the former Roberts running shoe store.
2:35
Speaker 3: Nice.
2:36
Speaker 4: I purchased that building, another building and those two parking lots,
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Speaker 4: and you know, my real estate company purchased that and
2:44
Speaker 4: Capitol Insurance Group is moving their headquarters once the remodeling
2:48
Speaker 4: and all the construction is all done. That's great six months.
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Speaker 3: Well, great access, that's easy to get to Yeah, that's
2:54
Speaker 3: great access man, that's a free parking four o'clock. Yeah, right,
2:57
Speaker 3: that's good, tough man, always on the up. I really
2:59
Speaker 3: love that about Capital Insurance Group and what you've done
3:01
Speaker 3: here for the area. And just to remind folks before
3:04
Speaker 3: because we're going to talk a lot about landlord liability,
3:06
Speaker 3: airbnb risk, and insurances you can't afford to miss. That's
3:10
Speaker 3: going to be kind of our topic this morning. But
3:11
Speaker 3: I want folks to remember exactly what's so unique about
3:15
Speaker 3: Capital Insurance Group because you might wonder what is it progressive?
3:18
Speaker 3: Is it all state?
3:19
Speaker 4: Who is it? Yes?
3:21
Speaker 3: Is the answer to that question, and that's what makes
3:23
Speaker 3: it special.
3:24
Speaker 4: Yeah. So we're a true independent I say true, you know,
3:27
Speaker 4: real infherantis on the word true capitalize every letter t
3:31
Speaker 4: ruether because we don't have an allegiance or an alliance
3:34
Speaker 4: with any one carrier.
3:36
Speaker 5: Right.
3:36
Speaker 4: You see, some agencies have independent, right, and they have
3:40
Speaker 4: a lot of logos on the door, but they're really
3:42
Speaker 4: having an alliance or an allegiance to one or two carriers.
3:45
Speaker 4: Where you see sixty seventy eighty percent market share in
3:48
Speaker 4: an agency with one, maybe two carriers. That's not true independence.
3:52
Speaker 4: That's a captive agency with access to other carriers. In
3:56
Speaker 4: our agency, typical largest market shares like eight ten, twelve
4:00
Speaker 4: percent because we spread the wealth across every carrier, because
4:05
Speaker 4: that's what our clients needs, say to do. Right, So
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Speaker 4: we work for you, not an insurance company. That's what
4:11
Speaker 4: a true independent agency does. And we're wanted a few
4:15
Speaker 4: within West Virginia. That's a true independent agency.
4:18
Speaker 3: I really enjoy that. And like things that I learned
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Speaker 3: from you in the past. For example, is not everybody
4:24
Speaker 3: or not nobody is actually typical like I always thought before.
4:27
Speaker 3: Like you, if you live a typical life, you have
4:29
Speaker 3: a typical single family resident, have a typical house, typical dog, typical,
4:32
Speaker 3: you know whatever. Then if you go to a major
4:35
Speaker 3: carrier that only has one insurance, as long as you
4:36
Speaker 3: like that carrier, you're probably fine. I found out from
4:39
Speaker 3: you doing these shows before that's not necessarily true because
4:41
Speaker 3: nobody is actually that typical. You might need a little help,
4:43
Speaker 3: and not the same carrier can necessarily help you with
4:45
Speaker 3: all of your things.
4:46
Speaker 5: Right.
4:46
Speaker 4: It's like walking into the doctor. We always did a
4:48
Speaker 4: doctor analogy. You know, in your ear hurts and he
4:51
Speaker 4: gives you the same medication. Then you need her same medication.
4:54
Speaker 4: Your foot hurt, your arm hurts, you know, you can't sleep.
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Speaker 4: It's all one medication when you go to a CAP
5:00
Speaker 4: agency because they only have one option. And that's why
5:02
Speaker 4: you want a true independent agency like Capital Insurance Group,
5:05
Speaker 4: because we look at you with every need that you
5:09
Speaker 4: may have and we place you with a particular carrier
5:12
Speaker 4: with an expertise in that area. Yeah, I absolutely love that.
5:15
Speaker 3: If you have any questions this morning for Don, you're
5:16
Speaker 3: welcome to gives a call three zero four three four
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Speaker 3: five fifty fifty eight three four five fifty to fifty eight.
5:20
Speaker 3: Remember us an auto Q, so you'll go and hold
5:21
Speaker 3: as soon as you call in and then we'll put
5:23
Speaker 3: you on the air and get your name when you're
5:24
Speaker 3: ready to go. Once it, give us a call if
5:26
Speaker 3: you'd like three zero four three four five fifty to
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Speaker 3: fifty eight. You can text over questions. Threes are A
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Speaker 3: four nine three five five zeros zero eight. Threes are
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Speaker 3: A four nine three five five zero zero eight. Don
5:33
Speaker 3: Wilson is here the owner of Capital Insurance Group. More
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Speaker 3: information online at CIGWV dot com, CIGWV dot com and
5:40
Speaker 3: much of what Don was just talking about, and many
5:42
Speaker 3: examples you've given in the past. If you're if you
5:44
Speaker 3: have a typical home and a car, and you also
5:47
Speaker 3: have a boat or a motorcycle, you know, your typical
5:49
Speaker 3: insurance company may not be the best for your boat
5:51
Speaker 3: or your motorcycle. If you have a giant baseball card
5:55
Speaker 3: collection or something, your typical homeowners policy or rider may
5:58
Speaker 3: not be great for that. There people have things in
6:00
Speaker 3: their life that's not typical, and most people have things
6:02
Speaker 3: that aren't typical.
6:03
Speaker 4: Yeah, the perfect example, we just helped the client with
6:05
Speaker 4: a large collection of jewelry. Right, and you know when
6:09
Speaker 4: you know we wrote that policy with jewelers mutual right, yeah, right,
6:13
Speaker 4: it's like, you know, they specialize in this sort of thing,
6:15
Speaker 4: so it sounds like it matches you have a claim. Right,
6:18
Speaker 4: We don't do that. We could have wrote written it
6:20
Speaker 4: with Progressive.
6:21
Speaker 5: Right.
6:21
Speaker 4: Progressive does a great job on it. But there's carriers
6:24
Speaker 4: just specializing these things and going to a true independent
6:27
Speaker 4: agency like Capital Insurance Group helps you get the best coverage.
6:30
Speaker 4: And the big thing with insurance that I've seen is
6:32
Speaker 4: we see clients say I want the best price possible.
6:35
Speaker 4: Run the best price possible is always the goal, right,
6:39
Speaker 4: But at the same time, when you have a claim,
6:41
Speaker 4: no one thinks about the savings. They think about the coverage,
6:44
Speaker 4: and we want to be there for you when there's
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Speaker 4: a claim.
6:47
Speaker 3: Just as This is not the advanced level that DOWN
6:50
Speaker 3: deals with. But I know that at a relatively young
6:52
Speaker 3: age and my mid thirty somewhere I learned that even
6:55
Speaker 3: when I pay a car off, I can't carry full
6:57
Speaker 3: coverage on it because if you don't, man, if you
6:59
Speaker 3: get into an actually sure your liability is covered, you'll
7:01
Speaker 3: take care of the other person, but you're out a car, right, Yeah,
7:04
Speaker 3: I mean, And the relatively small amount of money you
7:06
Speaker 3: have to pay a month for a paidoff vehicle really does,
7:09
Speaker 3: and it has in the past saved my bacon.
7:11
Speaker 4: Yeah roll was twelve to fourteen years old. Yeah, and
7:14
Speaker 4: paid off, right, And then the last stressed test is
7:17
Speaker 4: and you could afford to buy new and if that
7:19
Speaker 4: car was total in it now right now right, So
7:21
Speaker 4: if all three of those boxes are not checked, you
7:24
Speaker 4: probably need to have what we call physical damage coverage,
7:27
Speaker 4: which is what most people refer to as full coverage. Right,
7:31
Speaker 4: that's your comp your collision, your rental car reimbursement, and
7:34
Speaker 4: you're a roadside assistance coverage.
7:36
Speaker 3: Yeah, it is just to have to and somebody late
7:39
Speaker 3: don can really help you walk through those types of things.
7:41
Speaker 3: And in future shows we can talk about any none
7:43
Speaker 3: of those things, or if you have a question this morning,
7:44
Speaker 3: you're welcome to give us a call. But much to
7:46
Speaker 3: what we were talking about that, you know, not everybody's
7:48
Speaker 3: typical and not every mainline carrier does everything perfectly. We're
7:52
Speaker 3: gonna talk about investment properties this morning quite a bit.
7:55
Speaker 3: And I know that because we've had a little bit
7:57
Speaker 3: of discussion about that before. That falls within that category.
7:59
Speaker 3: So investment in this I did mortgages for years back
8:03
Speaker 3: in the early two thousands, late nineties and early two thousands.
8:06
Speaker 3: Investment properties have really taken on a new meaning now
8:08
Speaker 3: because not only do you have your traditional like I
8:11
Speaker 3: bought this other house and I rented out to somebody,
8:13
Speaker 3: or your duplex that you bought and you rent it
8:15
Speaker 3: out to somewhere maybe you live in one and run
8:16
Speaker 3: out the other side, or whatever it might be. Now
8:18
Speaker 3: you got the airbnbs and you've got all these different things.
8:20
Speaker 3: So what is an investment property?
8:22
Speaker 4: Yeah, an investment property is any property that you don't
8:25
Speaker 4: occupy as your primary residents, right, So you don't live
8:28
Speaker 4: in this property full time. It could be part time
8:31
Speaker 4: even and it's not your primary residence. It's a secondary location.
8:35
Speaker 4: It could be generating income, it could have been inherited, right,
8:39
Speaker 4: and we want to make sure that you have adequate
8:42
Speaker 4: coverage on things like that. You know, these properties could
8:44
Speaker 4: be duplexus, triplexis, quid plexus, it could be single family homes.
8:48
Speaker 4: You know, we've seen people inherit or buy you know,
8:52
Speaker 4: six ten, twelve unit apartment buildings. We just had a
8:54
Speaker 4: client in Cleveland by eighteen unit and it's an investment property, right,
8:59
Speaker 4: there's ticular things that you should do to establish and
9:03
Speaker 4: to protect your assets when you do purchase an investment property.
9:06
Speaker 4: You know myself, I started an investment property company about
9:09
Speaker 4: two and a half years ago. Right, So not only
9:11
Speaker 4: do I know from an insurance standpoint, I know from
9:14
Speaker 4: an owner's standpoint the dues that don't in the details
9:17
Speaker 4: of what you should do when purchasing one of these
9:20
Speaker 4: properties that you don't live in primarily.
9:22
Speaker 3: Yeah, yeah, and that's and it could be any number
9:24
Speaker 3: of reasons. Like you said that you don't live in primarily.
9:26
Speaker 3: And I think and you'll you'll be the expert on this.
9:29
Speaker 3: But a lot of people get into the investment real
9:32
Speaker 3: estate space from reading books, from from watching YouTube videos. Right,
9:37
Speaker 3: Not that there's anything wrong with that, but there's a
9:39
Speaker 3: certain level of expertise that you don't necessarily get from
9:42
Speaker 3: watching these things, from reading these things and stuff like that.
9:45
Speaker 3: So there are some pitfalls that folks can make.
9:47
Speaker 4: Yeah for sure, Yeah you can get in over your head.
9:49
Speaker 4: Some people pay cash for these properties, and you know,
9:52
Speaker 4: you know, more power to you, But that doesn't mean
9:54
Speaker 4: you don't need insurance, you know, so do your research.
9:58
Speaker 4: We just had you know, a client call in yesterday
10:01
Speaker 4: with some flood questions. Right, they pay cash for a property.
10:04
Speaker 4: You know, it had some questions about flood because the
10:06
Speaker 4: bank does protect you in some of these things. Like
10:08
Speaker 4: you said, you were in the mortgage world, and you know,
10:11
Speaker 4: banks do give you some of these indications of what
10:15
Speaker 4: coverages you may need. You know, replacement costs is still
10:17
Speaker 4: important even though it's an investment property. Right. Another big
10:21
Speaker 4: coverage could be, you know, the amount of liability that
10:24
Speaker 4: you have, and then you have to consider what type
10:26
Speaker 4: of tenants you're going to do and use and utilize. Right,
10:31
Speaker 4: Because you may want to have pets right allowed on
10:35
Speaker 4: your property, and if you do, your incurrent liability from
10:38
Speaker 4: your now tenants pet right. And the last thing you
10:41
Speaker 4: want is your tenants pet to breach one of your assets. Right.
10:45
Speaker 4: So having these things in writing and making sure that
10:48
Speaker 4: the underlying policy that your tenant has right that you
10:51
Speaker 4: require your tenant to have covers all of those bases
10:55
Speaker 4: is very important.
10:56
Speaker 3: And that's a really important point too. And just to
10:59
Speaker 3: take a step out for just a moment, for people
11:01
Speaker 3: that like break their rental agreement by hiding animals and
11:03
Speaker 3: stuff along those lines. You might think that it's, you know,
11:06
Speaker 3: it's a victimless crime or whatever, but the problem is
11:08
Speaker 3: if that dog goes and bite somebody and you're renting
11:10
Speaker 3: that problem. I mean there's no coverage. I mean that
11:11
Speaker 3: the reason that the owner of your property does add
11:14
Speaker 3: is because he doesn't pay to have those things covering.
11:16
Speaker 4: And a reasonable you know what I've seen in these
11:19
Speaker 4: claim situations. Did the tenant or did the landlord the
11:22
Speaker 4: property owner act reasonably right? Could they reasonably expect the
11:26
Speaker 4: dog to be there? Right? And if there's been documentation
11:29
Speaker 4: that the that the landlord, even if the lease says
11:32
Speaker 4: that the landlord doesn't allow dogs, right, Interesting, but the
11:35
Speaker 4: landlord has seen the dogs or been around the dog,
11:38
Speaker 4: or you know, it's obvious that there's a dog there,
11:40
Speaker 4: there's a leash, or you know, food on the whatever
11:43
Speaker 4: it may be. Right. We've seen these issues arise in
11:47
Speaker 4: a claim situation or where the landlord goes, we don't
11:49
Speaker 4: allow pets, but the tenant goes, you know, he's seen
11:52
Speaker 4: my dog, you're ten, twelve, fifteen times and is you
11:55
Speaker 4: know we have a verbal agreement, right, right, So there
11:57
Speaker 4: can be some gray areas and some issues, right, and
12:00
Speaker 4: so you want to make sure that you put everything
12:01
Speaker 4: in writing. You know, we see a lot of these
12:04
Speaker 4: things to underlining runners policies and they're like, hey, we
12:07
Speaker 4: want to make sure they have three hundred thousand dollars
12:09
Speaker 4: of liability right, which is important. Right, that's the main
12:12
Speaker 4: part you want to focus on. Right, You're not really
12:14
Speaker 4: worried about your tenants belongings right on a required policy,
12:19
Speaker 4: but three hundred or five hundred thousand dollars of liability
12:22
Speaker 4: being required for your tenant, right and then having that
12:26
Speaker 4: pet policy clearly stated and the lease is a very
12:29
Speaker 4: important component.
12:30
Speaker 3: Yeah, I can see where you could really get into
12:32
Speaker 3: some confusing space there if you're not used to this
12:34
Speaker 3: type of investments and you're just trying to make things work,
12:37
Speaker 3: you're trying to find ways to save money or whatever
12:39
Speaker 3: it might be. But that's the one thing you don't
12:40
Speaker 3: want to under You don't want to cut corners one
12:43
Speaker 3: because you don't know where you're going to leave yourself exposed.
12:45
Speaker 3: And if you're counting on this as an investment as income,
12:48
Speaker 3: you don't want to interrupt that income stream. You have
12:50
Speaker 3: to protect that as much as you can, right and
12:52
Speaker 3: you can.
12:53
Speaker 4: Do that with your insurance. You know, you know, on
12:55
Speaker 4: a homeowner's policy, coverage D is loss of use because
12:59
Speaker 4: your primary residence and you could lose the ability to
13:03
Speaker 4: use that right. So what that coverage does on a
13:05
Speaker 4: homeowners policy is it provides you with the temporary living
13:08
Speaker 4: situation why your home is rebuilt or repaired. But on
13:12
Speaker 4: a landlord policy, a dwelling fire DP three, whatever you
13:16
Speaker 4: want to call it, that coverage D is loss of income.
13:20
Speaker 4: So you want to accurately detail that to your insurance
13:23
Speaker 4: agent right during the review. And here's a question if
13:27
Speaker 4: you ask yourself right now, if you're listening and you
13:29
Speaker 4: have investment properties and you've never detailed or told your
13:34
Speaker 4: current insurance agent, or your current insurance agent has never
13:37
Speaker 4: asked you what is your rental income from this property?
13:41
Speaker 4: You can better believe you're probably under insured or not
13:44
Speaker 4: insured correctly. And what we've seen from some of the
13:47
Speaker 4: larger insurance careers that don't understand this particular product is
13:51
Speaker 4: they put it, they write it on a traditional homeowners policy,
13:54
Speaker 4: and then the tenant can't occupy the home as a
13:57
Speaker 4: result of a claim, right, and then there's no loss
14:00
Speaker 4: of income on the policy because it's been written incorrectly.
14:03
Speaker 3: Ah man, you could you could think of that you're
14:05
Speaker 3: that you're covered well, you know that hey, I did
14:07
Speaker 3: everything right, and then you come to find out that
14:09
Speaker 3: it's just and it's that gap of lack of expertise.
14:12
Speaker 3: I mean, that's really and that's why we do this
14:13
Speaker 3: show because when you when you suffer that gap of expertise,
14:15
Speaker 3: even if everybody had the best intentions in mind, you
14:18
Speaker 3: could still leave yourself exposed.
14:20
Speaker 4: Yeah, you want to make sure that you've detailed everything
14:22
Speaker 4: to your agent, right, and did your agent ask you,
14:24
Speaker 4: you know, twenty questions before the policy was written, or
14:28
Speaker 4: did he just did he or she just you know,
14:30
Speaker 4: take the information with the address. Have they inspected the property?
14:33
Speaker 4: You know, because you don't want to be caught off
14:36
Speaker 4: guard in a claim situation and find out that you
14:38
Speaker 4: don't have the correct coverage, because that's not the time
14:40
Speaker 4: to find that out.
14:41
Speaker 3: Yeah, there's no doubt about that. We'll take a break
14:43
Speaker 3: here in just a couple of minutes. I did want
14:44
Speaker 3: to talk about before we've been on the program and
14:46
Speaker 3: we've talked about, uh, we've talked about a builder's policy
14:50
Speaker 3: and you mentioned the landlord's policy a minute ago. What's
14:52
Speaker 3: the difference between those and uh, when should one go
14:54
Speaker 3: for one or the others?
14:55
Speaker 4: So a landlord policy means you're not the builders risks.
14:58
Speaker 4: Let's start with builders risk. Builders risk means you're maine
15:00
Speaker 4: major modifications or upgrades to the property. So new kitchen,
15:04
Speaker 4: and this is before it's going to be occupied. So
15:06
Speaker 4: you buy property property a you know, you buy it
15:09
Speaker 4: and it needs a new kitchen, new roof, new flooring,
15:12
Speaker 4: you know, paint it. All these things are going to
15:14
Speaker 4: happen prior to to you having a tenant in the building. Now,
15:17
Speaker 4: you may either list this property for sale right to
15:21
Speaker 4: flip it, or you may list it for rent, or
15:23
Speaker 4: you may put in the air bnbvrbo vacation rental in that property.
15:27
Speaker 4: But if you're planning on doing major modifications to the
15:30
Speaker 4: building prior to listing it on whatever site or you know,
15:35
Speaker 4: for rent or for sale, that's when you need a
15:37
Speaker 4: builder's risk policy, and you also need what's called premises
15:41
Speaker 4: liability in addition to the builder's risk because typically builders
15:45
Speaker 4: risk policies don't include liability like someone getting hurt on
15:48
Speaker 4: the property. You know, and it's a vacant property, right
15:51
Speaker 4: In ninety percent of these cases, it's a vacant property,
15:54
Speaker 4: so you're not there every day, and now you know,
15:56
Speaker 4: the neighbor's kid is on the porch, jumps off the porch,
16:00
Speaker 4: extant ankle, and now you're named in a lawsuit as
16:02
Speaker 4: a result of you having tools on the porch, right
16:05
Speaker 4: that led to the kids slipping and falling or something.
16:07
Speaker 4: So you want to make sure that you're if you're
16:09
Speaker 4: in a builder's risk situation, if you guys are out
16:11
Speaker 4: here flipping homes or you're investing in properties that need
16:15
Speaker 4: you know, remodeled prior to you listing them or putting
16:18
Speaker 4: them on you know, a vacation rental site or with
16:21
Speaker 4: a tenant, you want to make sure that you talk
16:23
Speaker 4: to your agent, really call us because we're experts in
16:25
Speaker 4: this area, and get a quote for builders risk insurance.
16:29
Speaker 4: These are typically three, six, nine, twelve month policies and
16:33
Speaker 4: they come with a minimum earned premium. So you're going
16:35
Speaker 4: to also want to have an agent that understands minimum
16:38
Speaker 4: learned premium because you could cancel the policy but still
16:41
Speaker 4: owe money for it, right, So you want to make
16:43
Speaker 4: sure that you get an adequate policy that you can
16:44
Speaker 4: either pay month to month on and cancel when the
16:47
Speaker 4: when the remodeling is done, the rehabit is finished without it,
16:50
Speaker 4: and you get out of there clean without owing any
16:52
Speaker 4: money to the agency or carrier.
16:54
Speaker 3: It seems to me, and I'm inferring from the conversation anyway,
16:57
Speaker 3: that there's no like code or guideline that you start
17:00
Speaker 3: doing this. It's going to force you to get that insurance.
17:02
Speaker 3: So if you don't have it and something happens, that's
17:05
Speaker 3: that's you.
17:05
Speaker 4: Right, right, and it's up to you to disclose that right.
17:07
Speaker 4: No agent, no agent's gonna go, oh, this must be
17:10
Speaker 4: a rehab you know, you know they're gonna. It's gonna
17:13
Speaker 4: be your word versus the age.
17:14
Speaker 3: Could you imagine? I mean, I know you could imagine
17:16
Speaker 3: because you try to tell your clients about it, but
17:17
Speaker 3: I can't imagine. As a business owner, you can get
17:19
Speaker 3: into a situation like that, happy go lucky, Da Da
17:21
Speaker 3: da dada. I have insurance or I think I have
17:23
Speaker 3: insurance or whatever else, and then something happens that's really unfortunate,
17:26
Speaker 3: something you never intended to. You know, like you said,
17:28
Speaker 3: somebody gets hurt on your property, whatever might happen. I
17:30
Speaker 3: have insurance. I'll take care of whatever happened. I'm so sorry,
17:32
Speaker 3: and then you find out you don't have the insurance.
17:34
Speaker 4: I would say the stress test is this if if
17:36
Speaker 4: your carrier has a bunch of commercials and you're in
17:39
Speaker 4: the landlord space or the builder's risk space, you may
17:42
Speaker 4: want to give us a call, right because the carriers
17:45
Speaker 4: that specialize in this thing are much larger than those carriers,
17:48
Speaker 4: and they specialize in this particular area. You may have
17:52
Speaker 4: heard of them, but they're not on they're not advertising
17:55
Speaker 4: every day.
17:55
Speaker 3: Those big TV guys are trying to put you into
17:57
Speaker 3: their cookie box, which is fine for on people and
18:00
Speaker 3: in certain situations. Yeah.
18:02
Speaker 4: Yeah, but when you're investing in properties and things of
18:05
Speaker 4: that nature, you know you're probably if you're if your
18:08
Speaker 4: carrier has a lot of commercials, and we write for
18:10
Speaker 4: carriers that have a lot of commercials, but we don't
18:13
Speaker 4: write hardly any of our builders, risk or landlord policies
18:16
Speaker 4: with those care.
18:17
Speaker 3: Match up specialties with what you need and that's going
18:19
Speaker 3: to get you a lot farther. And that's where Don
18:20
Speaker 3: Wilson can help you out more information about Capital Insurance
18:23
Speaker 3: Group on line at CIGWV dot com. CIGWV dot com
18:26
Speaker 3: located right now to sixteen West Washington Street and Charleston.
18:29
Speaker 3: The phone number three zero four six zero six twenty
18:30
Speaker 3: nine sixty nine six zero six twenty nine sixty nine
18:33
Speaker 3: is the phone number. We're going to go ahead and
18:34
Speaker 3: take a break. We'll come back. We'll answer any text
18:36
Speaker 3: questions you have, any phone calls that you have three
18:38
Speaker 3: zero four three four five fifty eight fifty eight. Otherwise,
18:40
Speaker 3: we're going to continue our discussion. We're talking more about
18:42
Speaker 3: investment properties, the risk and Don's going to go through
18:44
Speaker 3: some tips. If that's some space that you're looking into
18:47
Speaker 3: that that you should be aware of. So all of
18:49
Speaker 3: that and more. When we come back. You're listening to
18:51
Speaker 3: ask the expert. Don Wilson is here from Capital Insurance Group.
18:54
Speaker 3: We'll be back right after this.
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21:06
Speaker 3: Sixteen minutes to the top of the hour, it's eight
21:08
Speaker 3: forty four. You're listening to five ADWCHS. We are the
21:11
Speaker 3: Voice of Charleston giving voice to folks like Don Wilson.
21:14
Speaker 3: He is the owner of Capital Insurance Group. I always
21:16
Speaker 3: have a massively good time when I talked to Don
21:18
Speaker 3: and learn so much about the real estate business. We're
21:20
Speaker 3: talking about investment properties primarily this morning, but if you
21:22
Speaker 3: have a conversation, if you have a question to our
21:24
Speaker 3: conversation and give us a call three zero four three
21:26
Speaker 3: four five fifty eight fifty eight. You can text threes
21:28
Speaker 3: or a four non three five fives years or eight.
21:30
Speaker 3: We were talking about builders, risk and landlord policy before
21:34
Speaker 3: we left. So let's get into the actual property and
21:36
Speaker 3: property types that we have now I mentioned earlier, more traditional,
21:39
Speaker 3: So let's talk about like a duplex or something like that.
21:41
Speaker 3: So you have a duplex that's your investment property. What
21:43
Speaker 3: kind of insurance situation should it have?
21:45
Speaker 4: Yeah, so it depends on the tenant. It's all based
21:48
Speaker 4: on the occupancy. Right. So if you have a traditional
21:50
Speaker 4: landlord situation, you got twelve month leases, you know, regarless
21:54
Speaker 4: to the pet policy that you have or whatever. If
21:57
Speaker 4: you have traditional twelve month lease, you're talking about it
22:00
Speaker 4: dwelling fire policy. Right, And what's that cover?
22:02
Speaker 2: Right?
22:02
Speaker 4: It covers the structure itself, right, everything that you're responsible for,
22:06
Speaker 4: everything that you have what we call legally and ensurable
22:09
Speaker 4: interest in right, you cover so the structure itself, the
22:13
Speaker 4: liability of the property you're still responsible for. Right, your
22:16
Speaker 4: rental income, so you need to disclose that if each
22:18
Speaker 4: unit is charging you, you're paying let's call it one
22:21
Speaker 4: thousand dollars a month for each unit. Hypothetically you need
22:24
Speaker 4: to put twenty four thousand dollars of rental income on
22:28
Speaker 4: the policy right to make sure that you're adequately and
22:30
Speaker 4: properly covered, right, medical payments to others. And then you
22:34
Speaker 4: want to get into some deeper coverages. Right, and you
22:37
Speaker 4: want to look at one water back up, you want
22:40
Speaker 4: to look at you know, sinkhole coverage. All these different things,
22:42
Speaker 4: these and different endorsements that you could possibly put on
22:45
Speaker 4: a policy. Right. You want to make sure that you
22:47
Speaker 4: have those sorts of things. It could be very utility line,
22:50
Speaker 4: it could be water backup, could be equipment breakdown, it
22:53
Speaker 4: could be a number of things that you want to
22:54
Speaker 4: make sure that you're covered with. And then the big
22:57
Speaker 4: thing is making sure that you have some sort of
23:00
Speaker 4: policy uh in place from your tenant right and making
23:05
Speaker 4: sure that they're properly inadequately covered for for liability whether
23:09
Speaker 4: they have a pet or no not no pet right.
23:11
Speaker 4: They could have a party at the property, right, you're
23:14
Speaker 4: not there, right, so you don't know what's happening, and
23:17
Speaker 4: so they could be doing anything inside of your property
23:20
Speaker 4: and you could be liable for it if there's no
23:22
Speaker 4: underlying coverage.
23:23
Speaker 3: And that's something that that people are going to live
23:27
Speaker 3: their lives and so I mean and so you have
23:28
Speaker 3: to have a property that allows people to have their
23:30
Speaker 3: normal lives and stuff like that. But also people's lives
23:33
Speaker 3: can be a little messy sometimes they can be. So
23:35
Speaker 3: you need to make sure that you're you're protected when
23:36
Speaker 3: you're investment and that only that only makes sense. But again,
23:39
Speaker 3: people can find themselves uninsured with the wrong policies, with
23:42
Speaker 3: the wrong amounts right, and what the policies might be.
23:45
Speaker 3: You need to make sure you're going to an expert
23:46
Speaker 3: that knows what these things are.
23:48
Speaker 4: Make sure you have replacement costs coverage right on on
23:50
Speaker 4: the structure. Right. If there's other structures on the property,
23:52
Speaker 4: like a detached shd or garage, is that covered properly inadequately? Uh?
23:57
Speaker 4: You know, you know, have you upgraded the kitchen or
24:00
Speaker 4: baths or stuff like that. And then you want to
24:03
Speaker 4: make sure that the liability that your tenant is covered with, right,
24:08
Speaker 4: is adequately covered. I'd say for me, five hundred thousand
24:12
Speaker 4: dollars just not going to cost them, but an extra
24:14
Speaker 4: dollar maybe two dollars a month to go from one
24:17
Speaker 4: hundred thousand or three hundred thousand of liability up to
24:20
Speaker 4: five hundred thousand dollars of liability. That may sound extreme, right,
24:24
Speaker 4: but you're making sure that they have their coverage. And
24:26
Speaker 4: then here's the big one that a lot of the
24:28
Speaker 4: landlords don't do. They get all right, so they signed
24:31
Speaker 4: the lease in twenty twenty four, right, twenty twenty five,
24:34
Speaker 4: the lease comes back around, they don't get proof of insurance.
24:37
Speaker 4: Oh yeah, on that tenant, right, they had it in
24:39
Speaker 4: twenty twenty four. I saw it. He showed me the policy,
24:43
Speaker 4: then it lapsed four months in right, are you making
24:47
Speaker 4: sure that you're named as an additional insured right on
24:50
Speaker 4: those policies and that simply means that your name is
24:53
Speaker 4: on the policy, no different than a bank right making
24:56
Speaker 4: sure that you're also named on the policy so that
24:58
Speaker 4: you can kind of know that policies lapsed or something
25:01
Speaker 4: that's went wrong or there's been an issue, uh, you know,
25:04
Speaker 4: because your tenant may change carriers or change coverage or
25:07
Speaker 4: drop the coverage, you know, just to satisfy you know,
25:10
Speaker 4: that one month of coverage that they had to show
25:13
Speaker 4: it to you, and then when it comes back around
25:14
Speaker 4: for renewal, you don't get that policy on faul you.
25:17
Speaker 3: I didn't even realize you could do that as as
25:19
Speaker 3: a property owner, that you could be notified of the
25:21
Speaker 3: lapse of coverage, just like a bank of I.
25:22
Speaker 4: Don't know how much you get notified per se, but
25:25
Speaker 4: you can at least be named on the policy. I
25:27
Speaker 4: didn't give you policy rights, right, right, they got that
25:30
Speaker 4: typically right, but.
25:31
Speaker 3: If they have a loss that you're in line for,
25:33
Speaker 3: at least you're on the policy for loss exactly.
25:35
Speaker 4: Yeah, you're you're you're involved and you know what's happening. Uh,
25:39
Speaker 4: it's it's not the most common thing, but it should
25:42
Speaker 4: be something that you're at least asking for at least
25:45
Speaker 4: every year. Get that proof of insurance, you know, because
25:48
Speaker 4: typically they're probably not gonna go every year. And if
25:50
Speaker 4: you do that twice, right, they're gonna keep that policy
25:52
Speaker 4: in force because they know you're holding them accountable.
25:55
Speaker 3: I want to get to some more of the modern
25:56
Speaker 3: things that are out there, like airbnb's and verbos, But
26:00
Speaker 3: one question that I have that's more along lines of
26:02
Speaker 3: the more traditional thing, because you see this happen all
26:03
Speaker 3: the time, and in West Virginia happens a lot, something
26:05
Speaker 3: like mother in law apartments. Like you build something over
26:07
Speaker 3: your garage or something along those lines, and then maybe
26:10
Speaker 3: later on you end up renting it out, you know,
26:12
Speaker 3: maybe mom moves into somewhere else or something happens and
26:15
Speaker 3: you end up renting it out as a little piece
26:16
Speaker 3: of investment property. Is the insurance that you carry when
26:20
Speaker 3: when mother in law is living there different than the
26:21
Speaker 3: insurance that you're carrying when you're running it out to
26:24
Speaker 3: just a person off the street. And what is that coverage?
26:27
Speaker 4: Yes, and you're probably not charging mother in law.
26:29
Speaker 3: Right, right, yeah, probably yeah, right, yeah, yeah, that's what
26:30
Speaker 3: we're selling here, right, Yeah, that's what you have your
26:32
Speaker 3: mother in law suite.
26:33
Speaker 4: Don't charge it a don't charge mom in law any
26:37
Speaker 4: any rent? Yeah right, while she's there. So if you're
26:40
Speaker 4: not charging any rent, right, which I hope you're not doing,
26:42
Speaker 4: and if you are, I don't know what to say,
26:46
Speaker 4: same shame right tis. But if you if you're not
26:50
Speaker 4: charging a rent in your traditional homeowners policy, is all
26:53
Speaker 4: you need? Okay, Because that's another structure on the property
26:57
Speaker 4: it's covered. You may want to increase the other structure's coverage.
27:00
Speaker 4: You may even want mother in law to grab reventer's
27:02
Speaker 4: policy or something like that for her personal belongings because
27:05
Speaker 4: it may be more above and beyond what you currently
27:09
Speaker 4: have on your policy. Let's say mother in law has
27:11
Speaker 4: a nice jewelry collection or whatever she has, or a
27:15
Speaker 4: ton of shoes or whatever it is, Right, she's got
27:17
Speaker 4: a large amount of personal property. Now, if that address
27:21
Speaker 4: is like it has a half right, Let's say you
27:23
Speaker 4: live at one eighteen and a half a one eighteen
27:26
Speaker 4: Main Street. That address is one eighteen and a half
27:28
Speaker 4: Main Street, right, and you move a tenant in after
27:31
Speaker 4: mother in law moves out or moves the Florida retires,
27:34
Speaker 4: or whatever she's doing. You may you need to consult
27:37
Speaker 4: us and say, hey, here's what I'm doing. This hasn't
27:40
Speaker 4: a half address. I'm collecting rent now and the person
27:43
Speaker 4: living there is not related to me. I'm using this
27:47
Speaker 4: for rental income, and here's my lease and all that stuff.
27:50
Speaker 4: And then you may want to look at potentially separating
27:53
Speaker 4: that off the policy, right, and be up to the
27:55
Speaker 4: carrier at that point to look at separating that particular
27:59
Speaker 4: price property off on its own policy if it has
28:02
Speaker 4: its own address.
28:03
Speaker 3: Yeah, that makes a lot of sense. I wondered about that. Now,
28:05
Speaker 3: don't charge mother in law. Yeah, but don't charge my
28:07
Speaker 3: mother at all. Right, So let's talk about things like airbnbs.
28:10
Speaker 3: It seems like that the big, the big flip where
28:14
Speaker 3: people were doing investment properties and flipping them back in
28:17
Speaker 3: the you know, two thousands, when when the interest rates
28:18
Speaker 3: dropped and all of that stuff started happening. It's kind
28:20
Speaker 3: of matriculated itself into this into gig work at a
28:23
Speaker 3: lot of times, and so that comes manifests itself into
28:26
Speaker 3: vacation properties, airbnbs, different things like that. Has that been.
28:31
Speaker 3: That's had to be a unique space that that you
28:33
Speaker 3: guys have had to to to go into.
28:35
Speaker 4: I guess yeah, And that's the space I'm in as
28:37
Speaker 4: a property in real estate investor. I have a few
28:40
Speaker 4: Airbnbs and a few different states. And it's uh, it
28:43
Speaker 4: is a different insurance situation because think about it, right,
28:48
Speaker 4: how much liability does one couple for twelve straight months
28:55
Speaker 4: posed to me and as a landlord, right versus fifty one? Right,
29:01
Speaker 4: Let's each person books for a week fifty two tenants
29:04
Speaker 4: over the course of one week. Right, And it's that
29:07
Speaker 4: old adage, right. It's the rental car situation, right, How
29:12
Speaker 4: does someone drive a rental car versus their own car?
29:15
Speaker 2: Right?
29:15
Speaker 3: Yeah?
29:15
Speaker 4: Not well, right, I did that for a while too.
29:17
Speaker 4: Not well, drive a harder, yes, they do right now.
29:20
Speaker 4: And it's the same with an airbnb property. I don't
29:22
Speaker 4: have to wake up here every morning. I'm here for
29:25
Speaker 4: four days. Right, I may throw a party, I may
29:28
Speaker 4: do something that I ordinarily wouldn't do because it's I'm
29:32
Speaker 4: I'm help more accountable because I have to be here
29:34
Speaker 4: for twelve months. Right, I've signed the lease. Right, So
29:38
Speaker 4: you want to make sure that if you're having an
29:40
Speaker 4: Airbnb property that you have Airbnb coverage, right, which is different? Right,
29:45
Speaker 4: here's the big difference. One, the liability is greater because
29:48
Speaker 4: you have fifty two potential families or even more than
29:51
Speaker 4: that because they could each book for two days. Right,
29:54
Speaker 4: So the liability is a lot greater. Right. The other
29:57
Speaker 4: part that that's a lot greater typically, and this is
29:59
Speaker 4: good news for real estate investors, is your income can
30:03
Speaker 4: be a lot greater. You could collect three, four or
30:05
Speaker 4: five thousand dollars in a month, where you can't not
30:08
Speaker 4: in my world in West Virginia, you know, charge anyone
30:11
Speaker 4: four thousand dollars a month for rent, right, yeah, right,
30:14
Speaker 4: So the income level needs to be different, So you
30:16
Speaker 4: have to increase and change your rental income coverage on
30:21
Speaker 4: your insurance policy. Have you talked to your agent about that.
30:25
Speaker 4: You may have had a rental that you had in
30:27
Speaker 4: the family for four or five six years that you've
30:29
Speaker 4: now changed to a VRBO or vacation rental, Right, have
30:33
Speaker 4: you done the modification to that policy to make sure
30:36
Speaker 4: it's keeping up with the adequate coverage that you may
30:39
Speaker 4: need as a result of the income change.
30:41
Speaker 3: Man, that it can get quite complicated. Pretty quick. And
30:44
Speaker 3: a lot of people are you know, they're taking their
30:46
Speaker 3: former vacation properties and make extra money money when I'm
30:49
Speaker 3: not there. I mean, there's no reason not to do it.
30:51
Speaker 3: I mean it's great if you set yourself up for it,
30:53
Speaker 3: but you don't just want to flip a switch and
30:54
Speaker 3: be like, Okay, let's get people in my house, because
30:56
Speaker 3: you're really going to mess yourself out if something happens.
30:58
Speaker 4: And you see this, Here's one thing we haven't talked about.
31:01
Speaker 4: Some people air being be a vacation rental their own home.
31:04
Speaker 4: Have you disclosed that right? That happens here locally? I mean, uh,
31:08
Speaker 4: you'd be surprised at how many you know, people are
31:11
Speaker 4: coming and visiting Charleston. I mean, we've done really well
31:13
Speaker 4: with our investment properties and keeping them booked. Right. But
31:17
Speaker 4: what if you're using your primary residence right, and you're
31:20
Speaker 4: you're snowbird, right, you you spend four or five months
31:23
Speaker 4: in Florida, and while you're in Florida you put your
31:27
Speaker 4: home on a vacation rental site. Have you disclosed that
31:31
Speaker 4: to your insurance company? That could get bad? Right? Because
31:35
Speaker 4: if if a tenant, right, who is if someone who's
31:39
Speaker 4: not at the property, no different than someone who's not
31:41
Speaker 4: in your car policy wrecks your car. Right, If someone's
31:44
Speaker 4: occupying the home that the insurance company doesn't know about,
31:47
Speaker 4: you're going to have you could have a world of
31:49
Speaker 4: trouble on your hands. And you don't want your primary
31:51
Speaker 4: residence at risk of having a claim denied that that
31:54
Speaker 4: someone that's you know, a vacation rental tenant, you know
31:58
Speaker 4: for two nights, has calls this ag or issue or
32:00
Speaker 4: major leak or a fire even to your primary residence.
32:04
Speaker 4: But you haven't disclosed this to your agent, right, you
32:06
Speaker 4: don't want that. You don't want that to be the
32:08
Speaker 4: time that you find out that the cover. So that
32:10
Speaker 4: doesn't provide that.
32:11
Speaker 3: Well, what if you invert that and you have like
32:13
Speaker 3: a like a lake house that you rent out, but
32:16
Speaker 3: only a couple couple weekends a year, Like you don't
32:18
Speaker 3: it's not like a main piece of your income party,
32:20
Speaker 3: but you do rent it out every once in a while, right.
32:22
Speaker 4: Right, Yeah, And if it's on a short term basis,
32:24
Speaker 4: that's no different than a vacation rental. Right, And if
32:26
Speaker 4: you lease it, you know four or six months out
32:29
Speaker 4: of the year, is still a little different. You need
32:30
Speaker 4: to make sure that you have disclosed these things to
32:33
Speaker 4: your insurance agent. Whatever's happening at the property, your insurance
32:37
Speaker 4: agent should know about it because that could prompt a
32:39
Speaker 4: nee for a different type of coverage.
32:41
Speaker 3: And this is and we use the doctor analogy, like
32:43
Speaker 3: you said all the time, but this is like going
32:44
Speaker 3: to your doctrine not telling about some of your symptoms.
32:46
Speaker 3: You know, it's like you got to tell your doctor
32:48
Speaker 3: that your your knees hurting or that you're your pen
32:50
Speaker 3: blood er. I mean, honestly, whatever it is, it is
32:52
Speaker 3: because they got to be able to tell, they got
32:54
Speaker 3: to be okay. Well that that, in the spectrum of
32:56
Speaker 3: everything else you told me, means something completely different.
32:58
Speaker 4: First thing the doctor says is what's going on, man?
33:00
Speaker 3: Right?
33:00
Speaker 4: What's going on?
33:02
Speaker 6: How?
33:02
Speaker 4: How are things going right? Your insurance agents and asks
33:04
Speaker 4: the same question, what's changed at this property in last year.
33:07
Speaker 3: It's not like you're going to try to shame anybody
33:09
Speaker 3: in their lifetile choices or whatever. You're just trying to
33:10
Speaker 3: help you. I want you to close your eyes.
33:13
Speaker 4: And if you see your your insurance company on TV
33:16
Speaker 4: ever right, vacation rentals and short term and builders risks,
33:20
Speaker 4: they are probably not the right carrier for this particular issue.
33:24
Speaker 3: Capital Insurance Group threes are of four six zero six
33:26
Speaker 3: twenty nine sixty nine threes or four sixty zero six
33:28
Speaker 3: twenty nine sixty nine CIGWV dot Com one line. Get
33:31
Speaker 3: ready get out of here in just a couple of
33:32
Speaker 3: minutes before we go, though, don three big don'ts? What
33:35
Speaker 3: are the what your big tips on folks when there
33:37
Speaker 3: it comes to this type of investment properties, whether they
33:39
Speaker 3: need to avoid, Yeah, you want to You want to
33:41
Speaker 3: avoid renting to someone without a lease right, You want
33:45
Speaker 3: to make sure that you have if the property is changed, right,
33:48
Speaker 3: you want to make sure that you've disclosed to your
33:51
Speaker 3: agent what's happening. And then for me, I recommend the
33:55
Speaker 3: consideration of putting the properties and and incorporating allc or
34:00
Speaker 3: as corporate whatever you want to do. We did an
34:03
Speaker 3: LLC for our properties because you don't want your personal
34:07
Speaker 3: assets being breached as a result of a claim that
34:10
Speaker 3: happens at a secondary property, and you also don't want
34:13
Speaker 3: your insurance record being affected by something that happens at
34:17
Speaker 3: an investment property. So we encourage people to at least
34:21
Speaker 3: talk to us about doing an LLC. And I'm open
34:25
Speaker 3: to phone calls and text or anything like that that
34:27
Speaker 3: you guys may have with questions. But yeah, make sure
34:30
Speaker 3: that you have a twelve month lease, right, make sure
34:32
Speaker 3: that you sit down with your agent and discuss the properties.
34:35
Speaker 3: And then the last thing is you want to consider
34:37
Speaker 3: at least consider buying the properties in an LLC. I
34:41
Speaker 3: know that I've had some experience in the past and
34:44
Speaker 3: some fellow small business owners that I knew talking about
34:48
Speaker 3: opening up a corporation or I they want to incorporate
34:50
Speaker 3: or not, and their concern was, well, it's going to
34:51
Speaker 3: make my taxes so much more complicated, et cetera. Now
34:54
Speaker 3: that I've lived both sides of that, and it's the
34:55
Speaker 3: exact opposite. Actually, once you incorporate and you're able to
34:58
Speaker 3: silo off your personal finances and what you're doing for
35:01
Speaker 3: your business and stuff like that. Yeah, it's a different
35:03
Speaker 3: type of return that you're doing, but it's actually a
35:05
Speaker 3: lot easier than trying to make all that stuff fit
35:07
Speaker 3: within like just your normal ten forty or whatever. Yeah,
35:10
Speaker 3: it really is.
35:11
Speaker 4: The last thing you want is a tenant owned a
35:14
Speaker 4: tenant occupied property to keep you from buying insurance on
35:17
Speaker 4: your personal home. Yeah, yeah, right, Let's say you had
35:20
Speaker 4: a big fire or huge water leak or whatever it
35:22
Speaker 4: may be, and it's one hundred thousand dollars claim, and
35:24
Speaker 4: now at one hundred thousand dollars claim is on your
35:26
Speaker 4: personal record for the next five years, and it makes
35:28
Speaker 4: your personal homeowners insurance go up by twenty thirty forty percent.
35:31
Speaker 3: I remember us talking about that now. And that's another
35:33
Speaker 3: great tip because if you have an investment pry, that's
35:35
Speaker 3: likely to happen, or at least it's more likely to happen,
35:37
Speaker 3: or it's a multiplier to happen over right.
35:40
Speaker 4: You know, that's why you have the property.
35:42
Speaker 3: You're not there, that's right, you want to make money
35:43
Speaker 3: off it. Just protect yourself.
35:44
Speaker 4: And also the last tip is don't don't charge mother.
35:47
Speaker 3: Don't charge mother and law for that apartment. Man. All
35:50
Speaker 3: kinds of great information and tips from Don Wilson this morning,
35:52
Speaker 3: including that. One more information you can find online CIGWV
35:56
Speaker 3: dot com is the phone number or I'm sorry, the
35:58
Speaker 3: webs address sewv dot com. Also the phone numbers three
36:02
Speaker 3: zer of four six zero six twenty nine sixty nine.
36:04
Speaker 3: Three zer of four six zero six twenty nine to
36:06
Speaker 3: sixty nine is the number that you can call located
36:08
Speaker 3: two sixteen West Washington Street here in Charleston, and Donny
36:12
Speaker 3: will be back here next month as well.
36:13
Speaker 4: Right, yeah, I'm coming back man, I'm locked in. Well
36:15
Speaker 4: I think I'm locked and loaded for the rest of you,
36:17
Speaker 4: that's right.
36:17
Speaker 3: So yeah, so don will be back here. Get your
36:20
Speaker 3: questions ready for the next time Don's on the radio
36:22
Speaker 3: and you can ask those questions. Then. Thank you so
36:24
Speaker 3: much for listening to the program. If you only caught
36:26
Speaker 3: up the last portion of it, you can get to
36:28
Speaker 3: w CHS network dot com slash Podcasting you can listen
36:31
Speaker 3: to it from there. Dave Allen N five eight Live
36:33
Speaker 3: is up next, followed by talk Line. I'll be back
36:34
Speaker 3: this afternoon hosting for Dave weekly at three oh six
36:37
Speaker 3: one Hotline this afternoon. Thanks for listening everyone, have a
36:40
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