Tenant Liability Insurance, Drug Operations, Airbnb And Student Rental Insurance With Kyle Melko

Tenant Liability Insurance, Drug Operations, Airbnb And Student Rental Insurance With Kyle Melko
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Table of Contents - Tenant Liability Insurance, Drug Operations, Airbnb And Student Rental Insurance With Kyle Melko 

Podcast Transcription

George El Masri [00:00:00] Thanks for tuning in, this is George El Masri, and you're listening to the Well Off podcast. It's the first time I mispronounced my name ever. But today I interviewed Kyle Melko from Ackerman Insurance Group. I have interviewed him before. So this was the second time. But we actually discussed a lot of a lot of important things, especially with the way things are today. So we talked about the importance of tennants insurance. Why is why do you need your tenants to have it? How does it benefit you? What are some of the risks associated with not having it? We talk about rental income replacement programs for nonpaying tenants. We talk about insurance coverage for drugs, drug operations from your tenants, Narbonne to aluminum wiring coverage. We talked about Airbnb insurance and then also we talked about student rental and rooming house rooming house insurance. I'm having a hard time speaking today. So if you're interested in finding out a little bit more, I know insurance isn't always the best topic to listen to or get information about, but it is really important. It's important for you guys to understand it and know the risks associated with it. So I hope you will benefit from listening to this podcast. And if you do, I ask you to share it with somebody, a friend, a family member, and also leave us a review, especially on the Apple podcast platform. So you could do that on your iPhone, you could do it on your MacBook or on your iPad. And finally, if you are interested in learning a little bit more about real estate investing, I encourage you to go to well-off Dossie. There are some free reports that you could download there, and there's a whole bunch of other information so you could check it out and contact me if you'd like to chat. Always working on new opportunities, four to six unit buildings, well, in St. Catherine's and Hamilton. So there's always something brewing there and I'm sure it would be great to connect with you. So I look forward to it and enjoy the episode. Welcome to the podcast, where the goal is to motivate, inspire and share success principles. I'm here with Kyle Melko with Acumen Insurance Group. For those that don't know this actually the second time I speak to Kyle. He was also on a lot earlier when the podcast first started. So Kyle is has been an insurance broker for about seven years now, and he's been asked with argument for seven years and he's been working in the insurance industry for over ten years. So, Kyle, for the second time, welcome to the show.

Kyle Melko [00:02:28] Thank you. It's a pleasure to be here. So glad to be back.

George El Masri [00:02:31] Always great to have. Always great to have you. So why don't we get right into it? I have a couple of questions for you that I think are going to be helpful to a lot of people. This is actually something that I asked about recently because this is stuff you hear about, but I didn't really know the reason why. So tennants insurance. Right. Why is it important for your tenants to get liability content insurance?

Kyle Melko [00:02:55] So I think the one reason that is always seems to be overlooked is when there's a claim and your tenant's going to be displaced for two weeks, a month, two months while repairs are being done, the cost of them to live elsewhere could be higher than what they are paying you and rent. So in the event of a claim, they're going to be displaced for a month. So they're not going to pay you that rent during that month because you can't provide them housing, they are going to have to live somewhere else. So you're going to reimburse them the rent. They're not going to pay you the rent that they normally pay you. But where they go to live, say it's an Airbnb or a hotel, it may be twice the cost of their normal living cost. So simple math will say they're paying a thousand dollars a month in rent and it's going to cost them two thousand dollars to live in a hotel for a month. That additional cost. We always hear about tenants going back to the landlord and saying, well, this is this is your fault that I can't live here. You should be picking up the additional costs. And it just causes tension between the landlord, the tenant that that can be in a void that can be avoided. So how you can avoid that is to make sure that tenants insurance in place because that additional living cost or additional living expenses we like to refer to it would be picked up by their tenants insurance policy. So the standard answer that we always get back or that the tenants are giving to landlords is, well, I don't own much, so I don't see the need for tenants insurance. Yeah. And then landlords typically don't tend to push the issue too much or they forget about it for one reason or another. It gets forgotten and then that situation arises and then landlords are saying, well, is this covered? Is it not? Well, yes. The the rent that you'd normally be collecting is covered. You'll be reimbursed for that, but not the additional costs that the tenant faces to live somewhere else, whether the repairs are being done here.

George El Masri [00:04:43] And on the flip side, what are the benefits to the tenants for getting that insurance?

Kyle Melko [00:04:49] Yeah, for the tenants have the benefit of having their additional living expenses covered. The landlord also mitigates their risk in regards to. To any sort of liability that the tenant may have and your policy, your insurance company may have the ability to go after the tenant in the event that their tenant is responsible for it and have the the cost of your claim reduced. But the advantages to the tenant are really that any additional living expenses for them would be covered. Any contents which can add up quicker than they think would be repaired or replaced. And they're really not really out of pocket for anything. Sure, those expenses can add up quickly.

George El Masri [00:05:30] So let's give an example. Tenants cooking something and it causes a fire and all of a sudden there is twenty five thousand dollars worth of damage. The insurance company, the landlord's insurance company might go after the tenants for that claim. And if the tenants don't have insurance, then they could be potentially liable to come up with that money out of pocket.

Kyle Melko [00:05:55] Yeah, typically when there's nothing typically if there's an insurance policy there and it goes to court or there is a way to segregate back against the tenant, it can be done by your insurance company, which is all taken care of behind the scenes. You don't really hear you don't get to see much of that as the landlord. But if there's nothing there, it's typically just becomes while there's there's not much there's no assets. So there's no sort of financial aspect for the landlord's insurance company to go after. So it just usually becomes nothing at that point. But when there is tenants insurance policy in place and the tenant is fully responsible or partially responsible for what happened, it can alleviate the total cost of your claim, which helps you in the long run. In the event you know, you need to shop your insurance or you need to move your insurance claim on your record is much better than seeing a larger claim on their OK from an underwriting standpoint.

George El Masri [00:06:51] Sure. And there are situations where a tenant might cancel their policy like they get an issue initially because you make it a requirement and then they cancel it soon after. Is there a way for a landlord to know if the policy has been canceled by the tenants?

Kyle Melko [00:07:06] So we always recommend to you check in on that on an annual basis, typically would be the move in date of when they moved in. So the nice part is, is you're probably renewing their lease or doing some sort of check up to that effect on an annual basis, whether it's the usual rent increases or things like that. So that's a good time to just verify that they have insurance if you're using the standard on your lease agreement. There is a clause in there that does require them to have at least liability insurance. The nice part is, is those packages aren't really sold as just liability. There will be some property insurance for them. So if you're using the standard lease agreement, you do have the ability to require the insurance portion. And checking in on that on an annual basis would be your best option without bothering them every month to make sure the policy is in place. Yeah, that's really kind of best practice would be once a year to check in to see if they have insurance.

George El Masri [00:08:03] So just call the company and ask them if the policy is still active.

Kyle Melko [00:08:06] Yeah, you can even just ask your tenant to provide proof of insurance and we can provide a confirmation of insurance so they don't have to worry about disclosing what they're paying, any other private information that they don't want to disclose. We can simply provide a certificate of insurance or a confirmation of insurance that they can provide to their landlord. That shows know I have liability insurance, I have some contents insurance. And those are those are provided at no additional charge. So no cost to the tenant. And they usually can be produced pretty quickly by any insurance office.

George El Masri [00:08:36] All right. So let's shift gears a little bit. Obviously, right now, as I'm sure you're aware, the nonpayment of rent is a huge issue, right? And I don't think a lot of people know whether or not there is an insurance policy out there that would cover that type of situation, and I don't even know if insurance companies are willing to take on that kind of risk right now. Are you aware of any policies that would cover just nonpayment of rent, like deliberate nonpayment or whatever, for whatever reason from tenants?

Kyle Melko [00:09:08] I know a while ago there was one company offering that coverage, I haven't heard much lately if it's still available or not. It is a very thorough process to obtain that policy. It involves credit checks on your and your tenants, different things like that. There is deductibles involved. So it seems I did explore it a couple times for a couple of clients and we didn't make it through the entire process because for one reason or another, there's tenants that don't want to provide the information or other factors where it just didn't make sense. For the time and energy and money involved to go forward with the policy. And I'm not sure if that policy is even available still, but from my experience, there is only one company offering in the past. But obviously it is becoming a big challenge for for landlords right now for one reason or another. So.

George El Masri [00:10:03] Yeah. So not really where our hands are tied. Not much that we can do at all.

Kyle Melko [00:10:10] It's it's an unfortunate situation and hopefully things are back to normal sooner than later. Yeah.

George El Masri [00:10:18] So that's it, Kyle, that's all we just got to take it, take the nonpayment.

Kyle Melko [00:10:22] Yeah, you got to make sure and you guys know better than better than the rest to just be diligent with delivering your eviction notices and everything like that. And obviously, the courts are are backed up or closed or any of those things are affecting how people can collect their rent. But as you know, the best thing and even just when it comes to the insurance portion, just communicate with your tenants as best as possible. Right. And try to come up with the best of a solution as you can.

George El Masri [00:10:47] Fair enough. OK, so again, switching gears here, what about drug operations? You own a rental property, your tenants got a grow up going marijuana grow up, even though you're allowed to have a couple of plans. But let's just say they have a basement full or something. What's the procedure there? What happens?

Kyle Melko [00:11:06] So a lot of policies will exclude any sort of illegal activity if it results in a claim, the biggest exposure I see when it comes to sort of especially when people are growing marijuana is the mold and things like that that develop in the house. Right. And mold would be excluded under any policy that you find in the market because it's something that occurs and develops over time. It's not something that's sudden and accidental, like a burst pipe or something like that. Right. So from that standpoint, we always recommend to be as proactive as possible, obviously make it as clear as possible that those things are not allowed, which it goes without saying that growing marijuana in a house is illegal. But regular physical inspections, if you can write every 30 days or 60 days, if you can get into the house, I know a couple landlords that I know. Their trick is to go into the house and to say they're performing regular inspections on the smoke detectors and carbon dioxide. That gives them the opportunity to to get in and make sure that there's nothing illegal going on. So it's something to be aware of. If they start a fire that might be might be covered. Really depends. Really consult with your broker to see if any sort of indirect losses from the illegal activities are covered. But it can be an area where you need to be cautious of and really be diligent in making sure that those things are going on in your property.

George El Masri [00:12:29] Sure. And what about damage to the property? The tenant is pissed off because you're evicting them the day before or a couple of days before they leave, they end up destroying your property. What happens there is that covered under an insurance policy?

Kyle Melko [00:12:41] Typically, yeah. So we have companies that do offer vandalism by tenants coverage, an additional charge. So it is available out there. Once again, something to definitely discuss with your broker to see what your options are. Typically, it's an optional coverage, so it's not going to be included automatically on those policies. So always check with your broker to see what the options are there. And if you suspect any sort of damage, make sure you just get it reported as soon as possible. Because what you want to avoid is if it's multiple occurrences of vandalism by tenants, it could be treated as multiple claims, even if you're reporting it all at the same time to the insurance company, which could be subject to multiple deductibles. So if you want to make sure that just gets reported as diligently as possible.

George El Masri [00:13:24] OK, so just to clarify that kind of let's say I go over today and I see that the tenant groups in the kitchen cabinets and then I go three weeks from now and I notice they put a hole in the ceiling and then I go another time. And there's something else that you're saying that could be potentially three separate claims.

Kyle Melko [00:13:39] Yeah, exactly. So what you want to do is any time that you notice any damage and you feel like it's worth putting in a claim. So keep in mind, typically your deductible would apply. But if they do substantial damage to walls in a house or maybe the AC unit, electrical box, things that could be quite costly, just get it reported right away. Don't say, well, they're getting evicted in a couple of months. Are they're going to be leaving in a few months. I'll just wait until it's all said and done and then get this all straightened out. We've seen where an adjuster goes in and treats that as separate occurrences and then each occurrence is subject to the zone deductible. And when you start to add all that, add all that up, it doesn't make sense at that point to claim because you are paying a deductible on each and each incident.

George El Masri [00:14:26] Yeah, OK. I would imagine there would be some cases where a person in that situation might just not keep a log and just say, hey, I just noticed that all of these things are screwed up.

Kyle Melko [00:14:39] Yeah, so in that case, you shall see an adjuster go in, if they have the opportunity, they're going to speak to the tenant to to get their take on it, which if they're doing that stuff to their property, I don't think they're going to be giving the answers that benefit you the most. And they also maybe interview other tenants of the building if it's a multi unit situation, to get the general idea of how the property was being treated or maintained. And then, of course, they're going to speak to you and you obviously have to be aware of not telling the truth and the consequences of that. So, yeah, for sure. Best case, best practices to just inspect the property regularly if you can. If you suspect any vandalism or damage, definitely document and report that stuff is possible.

George El Masri [00:15:24] Well, with the lockdown's, I'm sure that some people have not been able to do their their regular inspections. Right. This is our insurance companies taking that into our story, factoring that in at all, or is it just like, hey, no, you're supposed to do your inspections?

Kyle Melko [00:15:40] Some companies have conditions in regards to how often you have to inspect the property or have someone on your behalf inspect the property if you want it to be extremely diligent and you're not able to enter the property for one reason or another. Technology is a wonderful thing these days. So if you have a good relationship with your tenant or if you have the ability to do send photos of the property, it doesn't take a lot of effort to snap a picture of each room or snap a picture of the important areas, the roof or any sort of electrical mechanical situations. Just to give you an idea, it's not something that needs to be reported directly every 30 or 60 days to the insurance company. But at least if you have a log of there was no damage to the roof. There was you know, there's no signs of water damage in the house. Everything's in working order. It's it can work to your benefit to have that documented. Sure.

George El Masri [00:16:33] But smoke alarms can't really do do much about that. Right. You'd have to like I

Kyle Melko [00:16:38] guess you could get them to take a. For sure, you might be able to send you a quick video of them testing it, but you always would be in your best interest to have you there first hand, checking that kind of stuff to make sure it's working. OK, cool. A lot of companies go ahead,

George El Masri [00:16:58] oh, I was just going to say, what about cigarets like smoking in the unit, even though it might be against the rules of the building? And the reason I say that is because heavy smoking could cause damage to the property. It could stain a stain the walls. It could cause all sorts of different issues. So is there anything in the policy that would cover that kind of thing? Or in a typical I say,

Kyle Melko [00:17:21] yeah, I don't think you would be able to find coverage for that as sort of like damage by tenants because the vandalism is going to they're going to want to see it be some sort of malicious act against the property. I don't think they're going to deem smoking a malicious act. There's a perfect situation of if you can get in there on a regular basis or if you're. You are concerned that the tenant is smoking in your unit, obviously consult with your lease agreement or to see what your

George El Masri [00:17:54] options are there, but other options aside from from the insurance?

Kyle Melko [00:17:57] Yeah, if they start a fire, that would be covered. But any sort of smoke damage or the regular build up from that, I don't see where you'd have much luck with your insurance policy.

George El Masri [00:18:09] Fair enough. OK, now what about knobbing tube and aluminum wiring? I know that some insurance companies don't cover that kind of thing. Can you tell us a little bit about that coverage?

Kyle Melko [00:18:21] Yeah. So we have actually a few companies that have become a little more open minded when it comes to the Aluna wiring. If they know that it's been pigtailed, properly been inspected, if the FSA can provide some sort of satisfactory report, knob and tube is still kind of on the blacklist for insurance companies. And but they will we do have companies that will give you, say, 60 days, 30 days to have that replaced. If you have some sort of plan in place to have that repaired, it is not something that. Is overall good for the property, it will fail at some point, whether it's right away or in the long run. So not to it's not something that you can't get insurance for can be more costly and typically something that they don't want to insure long term. So, sure, there is options out there. Definitely speak to

George El Masri [00:19:14] some. But what if you're not aware like you assume that or like, let's say you buy placed in the listing says that the electrical is updated and then there is a fire in the property because of having to burn behind the walls that you weren't aware of. What can happen in that situation.

Kyle Melko [00:19:31] So in that case, there is the chance that the insurance company may deny the claim. It is a risk. As you know, there are there are risks associated with buying an older home. And obviously even a good home inspector or electrician may not be able to confirm if there is any knobbing to wiring in the house. Right. So that is there is a risk associated with buying a house that you may be concerned has since been to wiring, but definitely something to consult with an electrician, definitely something to consult with a home inspector, even to see what their take is on, if there is any dobbyn to. Typically, those things can be remediated cheaper than people think in small amounts. Right. But to be completely honest, it is there is a small chance that the insurance company would deny a claim in the event that there was some active knob and tube involved in starting a fire.

George El Masri [00:20:29] Sure, sure. I would be probably a case by case situation. And in that scenario, you would probably have to prove that you really weren't aware of it. And that, I don't know, like I'm just speaking hypothetically. I'm just kind of speaking out here. Right. That have to be some sort of proof and whatnot. I'm sure it's a whole process.

Kyle Melko [00:20:48] Yeah, these days, we we we don't see a ton of fire related claims, small stuff we see is water related. Yeah, but obviously when fires start, there can be much more damaging to the house than some water damage. Right. So like I said, when you're purchasing an older home, definitely do your due diligence when it comes to the electrical because, you know, as time goes by, the electrical gets much, much better, much more efficient on homes. But any sort of even a small amount of nopporn to can can be extremely dangerous for a home if it's not remediated or not addressed properly.

George El Masri [00:21:25] OK, and you touched on water damage. So clean sewers. I had a property that had sewers and it kept backing up into the furnace room right in that situation. And let's just say it got out of hand and the basement flooded with sewage. Right. Is that something that could be excluded? Because it's clay? Because the sewers clay.

Kyle Melko [00:21:47] So typically the damage would be covered in any insurance claim. What the cause of loss or what fails to cause the loss is typically not covered. So even if that's PVC piping or some sort of plastic, if it fails, the actual pipe itself is not covered in an insurance claim. The resulting damage is what's picked up by your policy. Sure. But what we're seeing, especially in some of these older cities, is it wasn't uncommon for every house to have that piping, right? Yeah. And now that stuff is reaching its expected life expectancy of 50, 60, 70 years. And it is starting to fail. So. Typically, you need some sort of additional coverage or need to ensure that your policy covers the lines that run from the House to the. To the street and to the municipal lines, some companies cover them, some companies don't. But generally speaking, the resulting damage, so a sewer backup or water damage claim as a result of those things failing would be covered by the policy. Just ensure that you have the appropriate sewer backup and water damage. You have to make sure that's not excluded, especially if it's a property under renovations or things like that.

George El Masri [00:23:06] So sure. And I think last time we spoke, you had suggested fifty thousand for a sewer backup limit, is that right?

Kyle Melko [00:23:14] I would say that's the minimum these days. That's kind of my starting point with with clients when talking to them. Anything less than that. What we're seeing is the the initial emergency services and mitigation to get that sort of under control. That stuff can be quite costly, especially with covid going on there. They're making some extra cleaning mandatory in regards to equipment and things like that, which obviously comes at a cost to the overall claim. So I would say on even a small home that if you have less than fifty thousand, you are at risk of having to pay out of pocket. If the claim goes over that amount, which is not unreasonable to sure happen.

George El Masri [00:23:55] OK, Airbnb home insurance for that right now. Obviously, Airbnb has been hit with a bit of like people who own Airbnb have been a bit unfortunate because of covid and whatnot, or it's been a bit unfortunate, I should say. Yeah. So what's what are you seeing on that end from an insurance perspective?

Kyle Melko [00:24:17] Yeah, the insurance markets tightened up pretty hard on that stuff for the same reasons, the same risks that we're seeing with any company or any business. Right. The the exposure of someone catching, potentially catching covid or some sort of disease while being in the property and the liability issues that surround that a lot of companies have in the past. There was quite a few markets that would write Airbnb is a lot of them. From what I can see in my understanding, they're just kind of putting a pause on that until everything settles. Their concern is that if someone is to be in your property and contract the virus, that there could be some liability issues or liability suits brought against the owner of the property. We do still have a couple of markets that are entertaining that stuff and then doing it quite competitively. I think they see the opportunity to maybe grow their market share in that space and knowing that at some point this has to come to an end. But yeah, there's definitely solutions out there. There's a lot more underwriting that goes into it. They want to see that people are doing their part to make sure that these properties are cleaned and inspected and things like that. But, yeah, we've definitely seen a shift in that market and. Really just seeing a lot of companies put paws on their their underwriting for that stuff,

George El Masri [00:25:37] and so are you saying you've seen an increase in the insurance premiums for Airbus? In the last year,

Kyle Melko [00:25:44] what we're seeing, we've seen property rates increase over all the last few years with the increase in weather events, with the increase of different. Events, different perils, as we like to call them, causing the cost of insurance go up. What we're really seeing lately now with the market in general is the cost to rebuild these homes has skyrocketed. Right. With materials becoming scarce so that that directly falls into communities as well as other properties. But what we're seeing, we're still seeing really competitive rates in relativity on the Airbnb side. But what people experience is a general increase to their property insurance rates for a variety of reasons, namely being recently that just the cost to rebuild some building supply.

George El Masri [00:26:35] Interesting. I never actually thought of that. So basically because of covid, there is the materials that become more scarce. Right. And for that reason, there's been an increase in the price of materials. So the cost to rebuild has increased and therefore insurance companies have had to adjust their policies to reflect that price as well.

Kyle Melko [00:26:56] Absolutely. So what we're seeing one area, any policy that has a coinsurance cost and not to get overly technical here, but there's some policies that require you to insure your building to its full resale value. If you don't, then you pay a penalty. So that clause might be the building must be insured for 80 percent of its value or 90 percent of its value or you pay a penalty. There is a little bit of wiggle room there. But what we're seeing is that say you were obligated to insure your home, say that home was one hundred thousand dollars to rebuild. You have it insured for one hundred thousand. And so you're not in violation of the clause or so you think. But now the price of lumber has doubled. So now really to rebuild this home, it's one hundred and fifty thousand say, yeah, now you're in violation of this clause. And even though you didn't do it intentionally and even though your insurance broker didn't do it intentionally and no one's really at fault, the house is in violation of the coinsurance clause now and now. You are not going to get the full amount it costs to rebuild the home. You're actually going to get less than even what you have been insured for because you pay a penalty for not insuring it to the full value. So something to be aware of. We're doing our best to to educate our clients on this and really take a look at rebuild values of homes and get those up to where they need to be. It's kind of a roller coaster with regards to building materials, right. So one day it could be fine. The next day we almost see the rebuild costs like gas costs. Right now, you know, one day you go to get gas at a dollar a liter. The next day at the dollar 30, it's it's very fluctuating. It's a roller coaster right now. Right. So hopefully this week, you know, hopefully this virus goes away sooner than later and all that stuff becomes a lot more stable as we've seen in the past. But it's something to be aware of, especially if you haven't seen your building limit increased or evaluated with your broker in the past couple of years. Definitely reach out to your insurance broker and make sure that your building limit is a very healthy number and not not cutting any corners to keep that value down.

George El Masri [00:28:59] Marico, that's that's a good piece of advice. So, yeah, just make sure to reach out to your broker and have them analyze their policy to see if your your rebuild costs are where they should be.

Kyle Melko [00:29:09] Right? Yeah, because that's kind of the biggest area where we see clients getting themselves in trouble right now. And it's not intentional by the broker or by them, but it's definitely causing some headaches and some challenges on our own for sure.

George El Masri [00:29:20] OK, good to know. And maybe last thing, we'll touch on student rental insurance or rooming houses. What are you seeing there? If you could just tell us a little bit about your perspective.

Kyle Melko [00:29:29] Yeah. So what we're seeing there is it's not as bad as people think. A lot of people still have students maybe at a reduced number, but there's still properties that are being filled. A lot of schools that have programs that require in class learning or labs or things like that, they're doing well. People have been converting their student rentals to just a regular family rental in the short term to get through this. But definitely contact your broker. If you've had a change in your occupancy, there might be a small amount of savings in regards to what you're paying to cover your rental income or what the overall use of the house is. If see people turn a portion of the house into Airbnb, as we've seen, people have a mix of professionals, students, maybe one unit is rented to a couple or a small family or something like that. The best thing to do is always just communicate with your with your broker just to make sure that everything's good to go. Typically, it's not an issue, but we're still seeing our regular regular inquiry as opposed to rentals. So I think there's a lot of people that see an opportunity long term to get in. Now, if maybe people are panicking and selling these rentals at a. At a discounted rate or a good deal, so, yeah, I haven't seen much change, I thought it was going to be much, much worse when this thing all started, but it seems to be doing OK.

George El Masri [00:31:00] Well, that's good to hear. Yeah, yeah. Yeah, definitely. And for those that are listening, just in case you're not aware for some reason, but it's very important to have the right policy in place. If you do have a student rental or a rooming house, don't just go for like standard home insurance. There's a specific policy for that type of property.

Kyle Melko [00:31:18] Right, yeah, any time you have unrelated individuals sharing any sort of space, common space, common elements definitely inquire with your insurance broker to make sure that you're insured properly. We've seen, especially these days, with people losing their jobs or trying to make their living as affordable as possible. We're even seeing situations where a couple has a roommate with them or a family has another roommate with them, and that can cause issues when it comes to a claim. So it's just a matter of speaking with someone to make sure that you're covered properly.

George El Masri [00:31:52] OK, perfect. Anything else you want to add before we move on to the next section?

Kyle Melko [00:31:56] No, I think like I say, like I've said, the key is just communication. So don't be afraid to contact your insurance broker even just to run some hypothetical situations by them. Anyone I know would be more than happy to to make sure that you're covered properly or put your mind at ease to make sure that you're still good to go.

George El Masri [00:32:16] Cool. Kyle, thank you. Let's go on to the random five. So you've done this before, round two for you. Question number one, if you were offered the position of mayor of your city, would you take it?

Kyle Melko [00:32:29] Yeah, so I live in Caledonia, Ontario, so some of you may know the ongoing land disputes and other issues that we face out there, so it could be a challenging job to take. And our mayor takes a lot of heat for various reasons. But, yeah, I think it'd be a great role. It's a great city to live in and be an honor to to be the mayor of that city for sure.

George El Masri [00:32:47] Cool. All right. Number two, if you inherited or won a million dollars, what's the very first thing you do with the money?

Kyle Melko [00:32:55] The first thing I would do with that money is probably just take a breath, make sure I don't make any rational decisions, but definitely put that money to work, whether it's to real estate, various other ways to invest that money. But just be smart with it and live off the proceeds of that million instead of spending directly into that million.

George El Masri [00:33:15] Awesome. That's a great, great thing to say and a great way to think. How old is your pet?

Kyle Melko [00:33:22] So I have a French bulldog named Louise, and she is four years old.

George El Masri [00:33:27] Nice. Yeah, I like French for sure, whether I like that she has a French name, too. Yeah, yeah, yeah. Cool. All right. And number four, what's your favorite smell?

Kyle Melko [00:33:40] My favorite smell, I guess is like like I like citrusy stuff. So whether it's a drink or like a freshly cleaned house, I love that citrus clean smell. Yeah. It's just nice and fresh. Right. Cool.

George El Masri [00:33:54] OK, and number five, what success principal do you live by?

Kyle Melko [00:34:00] Just don't live beyond your means, right, so there's nothing wrong with living an extravagant life and buying expensive things and in doing expensive things, just make sure you can afford it. So I think if you don't get yourself into financial trouble, that you can avoid a lot of stresses in life. So, you know, dream big and and, you know, work hard to make lots of money, but just don't live beyond those means. And I think I think that's a good way to live. How I try to live my life.

George El Masri [00:34:27] I like that. That sounds good. How do people reach you? And the services you provide are pretty obvious, but you can just share that anyway.

Kyle Melko [00:34:35] Sure. Yeah. So I like to think of myself as a full time real estate insurance broker. A couple of websites that people can check out if they're looking for coverage or advice is rental property. I Anastasiya, there's an option to fill out an application directly there. So that would be for any sort of general rental properties, buildings, things like that. I also have student rental insurance where if it's student rental related, any inquiries on that website come directly to me. And then, of course, they can reach out directly at Kyle and Kyle at Argument Insurance dot com. And I'd be more than happy to answer any questions they may have.

George El Masri [00:35:13] Sounds good, Kyle. Thank you for joining again. I appreciate you sharing all that stuff you did, and I hope you'll enjoy the rest of your day.

Kyle Melko [00:35:21] Thank you is a pleasure being here. And I look forward to our next chat, OK?

George El Masri [00:35:24] Take care.

Kyle Melko [00:35:25] All right. Take care.

George El Masri [00:35:27] Thanks once again for listening to another episode of the Well Off podcast, just want to remind you that if you do appreciate the content, all I ask is that you comment, maybe like it if you can, on the platform that you're listening to it on and finally share it with friends and family. I'd love to get the message out there and it would mean a lot if you can share it. And finally, I just wanted to offer you as a valued listener, a free copy to the roadmap to real estate investing, which is a document that I've put together which helps you identify what strategy would best suit your needs at this current time. You go over certain things that are included in this document step by step, and it'll hopefully provide you with some clarity. So have a look. You can go to w w w well off Dossie Forward Slash guide to download your free copy.

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