Simple Lesson In Insurance

By
Real Estate Broker with Daytona Condo Realty, 386-405-4408

On June 30, my client closed on a 2 bdr/2 bath absolutely stunning unit on the 24th floor of ocean Walk Wyndham Resort. The minute I received the executed HUD from out-of-town Title Company, I scanned and e-mailed it to the Resort and asked them to expedite putting the unit into rental pool. The unit was an REO and was not on rental for a long time.

I then received the e-mail from the Manager, forwarded the requirements to the new owner, waited till he got the Insurance policy for the unit (Liability & Content), and on Friday afternoon I met the owner in the resort and took him to the manager. 4th of July weekend was coming, the resort was very busy, and the manager had to stay Ocean Walk Resortlate to make sure the unit was ready to go on rental.

And on Tuesday I have received the following e-mail:

Hello Mr. Xxxxxxxxxxx,

After a little scrambling we were able to put your unit into the rental rotation.  Thank you again for allowing Extra Holidays to manage your unit.

On Sunday, July 4, 2010, Xxxxxxx, the guest staying in your unit, slipped and fell in the tub.  Paramedics responded to the call and Ms. Xxxxx was transported to Halifax Hospital.  I attached a copy of the resort’s incident report for your records.  I will be forwarding your insurance information to Ms. Xxxxx.  Ms. Xxxxx’s contact information is located on the incident report.

Feel free to contact me with any questions or concerns.

Regards,
Kathy Xxxxxx
Wyndham Ocean Walk Resort

How many times in other condo-hotels we had the situation where there was a gap after the new owner obtained the insurance, and the management company kept renting the unit.

My client is a serious  businessman, not just a lucky guy. He knew that chances of him getting in trouble were close to 0, but he did not risk, he got the insurance. Close to 0% risk of trouble on the first day the unit was rented and 0% could easily be a few thousand dollars.

A good lesson for me

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  1. Dan Edward Phillips 07/12/2010 07:57 AM
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Topic:
Real Estate General Information
Location:
Florida Volusia County Daytona Beach Ocean Walk
Groups:
Advice for Buyers
Condo Benefits
Condo Specialists
Realtors®
Silent Majority
Tags:
condo insurance
daytona condos
daytona condohotels
buying a condohotel in daytona beach
cheap daytona condos

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Jon Zolsky
Selling Daytona paradise for heavenly good prices
Daytona Condo Realty, 386-405-4408

Actually, the e-mail was a copy of the e-mail sent to my client as when he set his account with the resort, he asked them to copy me on everythig they send him, as he is often not in town, and he wants me to figure where it need his personal attention, or when I can simply take care of things.

I sat quiet, and he did not even call me or send me an e-mail.

And I imagine what the reaction would be if there was not insurance, and the e-mail would state that "we have provided the guest;s attorney with your contact information, and you will hear from this attorney shortly"

WHat a world of difference

July 08, 2010 11:06 PM
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Andrea Swiedler
Realtor, Southern Litchfield County CT
Berkshire Hathaway HomeServices New England Properties

Jon, that wasn't fun. Good thing your client dotted all his I's and crossed all his T's...

July 08, 2010 11:32 PM
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1,305,410
Jon Zolsky
Selling Daytona paradise for heavenly good prices
Daytona Condo Realty, 386-405-4408

Andrea - it was sure a shock to get on your first day of renting.

July 09, 2010 12:36 AM
Rainmaker
570,726
Dan Edward Phillips
Realtor and Broker/Owner
Dan Edward Phillips

Hi Jon, that is a very good lesson for everyone!  Thank you for sharing it.

July 09, 2010 12:46 AM
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1,305,410
Jon Zolsky
Selling Daytona paradise for heavenly good prices
Daytona Condo Realty, 386-405-4408

thank you, Dan. It was a serious call for us, as we have customers who would be very lenient... Well, we won't any more.

July 09, 2010 01:06 AM
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