George I carry a 3 mill liability policy so I am not low balling in the basement. You really need to work at insurance.
I was along time customer of Farm Bureau. I noticed my premiums had climbed over 30% in two years with zero losses. Looked back over ten years and the cost had doubled. I questioned the local agent. He had me insured for everything short of the sky falling. Everything added to my cost and his pay check. I went price shopping and kept the main amounts of coverage the same but with higher deductibles and less frills. I can cover a $5000 roof myself. The saved premiums from just a year or two will have that back and more. Then I am banking saved money.
If you don't want any risk then you had better dump all of the rentals and commercial properties. There is risk with them all.
I would rather hold money in reserve and pay myself over PAYING an insurance company to do the same thing for me less their cut.
As for the commercial property. SELL IT NOW!!!! The economy is better now so dump that turkey. Even at a slight loss you will be better off in the long run. You can take that same amount of money and put it into residential property an make a much better return. Plus liquidation down the road is much easier. A house can sell to several type of buyers.
A commercial property is just too confined to really make good money unless your in a large urban area. Even then you had better be in a "hot" area or you can still lose your shirt. Several lower priced residential properties will return more on your investment of a like amount in one commercial property.
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Today's Featured Article - Grain Threshing in the Early 40's - by Jerry D. Coleman. How many of you can sit there and say that you have plowed with a mule? Well I would say not many, but maybe a few. This story is about the day my Grandfather Brown (true name) decided along with my parents to purchase a new Ford tractor. It wasn't really new except to us. The year was about 1967 and my father found a good used Ford 601 tractor to use on the farm instead of "Bob", our old mule. Now my grandfather had had this mule since the mid 40's and he was getting some age on him. S
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