After work yesterday, I had a couple of errands to run. One was to talk with my insurance agent about my homeowners policy. Long story short, I negotiated the annual premium down about $58 the week after Christmas and paid it on the spot. Shortly afterward, they kept saying I still owed $38. So, I just wanted to clear the whole matter up.
I met with my agent and he tried to resolve the problem. After about 10 mins., he finally figured out the problem. It seems my insurance company has a discount attached to the age of a home. After five years, the dicount decreases a few percentage points. It just so happens my home turned five years old on January 9th, and that was the cause of the additional $38 fee. It should have been caught when I talked with my agent's assistance after Christmas, but its just one of those things.
But that's not the reason for this post.
After settling that matter, I asked my agent if he had time to discuss RE investment matters as it relates to insurance coverage. We talked for almost an hour. He used to be a CPA, but doesn't practice any longer (insurance takes all his time). However, he does know some very competent CPA's who deal with investors. I gave him an idea of what I wanted to do (buy-n-hold, buy-fix-sell, etc.), and asked about coverages in each particular circumstance. He gave me some good information, but said each circumstance is different in regards to coverage, in most circumstances. I told him I'd touch base again once I actually get a property that requires coverage.
The good thing is I now have some solid leads on REI-savvy CPA's. Not to mention, he also gave me some leads on some other investors (big time investors) and some other RE agents who do investing on the side.
It just goes to show you that networking does pay off. Also, the echo of "you can't do everything yourself in this industry" is also becoming more prominant.
Yet another milestone has been overcome.
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