Insurance Costs
Hello,
I had a claim this year due to a tenant smoking that caused a small fire in one of my 8 units. It cost 15,000 to fix. The insurance co. raised my premium triple and now I can't afford it. Everyone one else I have checked won't take it because of the claim. Does anyone know of a website that I could go to look for ins. co's that would take me.
Thanks.
Jeff
Search for the WI Dept. of Insurance and see what they have by way of suggestion. Many states have "pools" to help your situation. Better yet, find a REI Agent that understands your situation...
New here ... wouldn't it be fair to raise that guy's rent? I mean, I know he can't cover the entire premium, but raise other rents slightly and put more brunt on him. I guess you'd have to worry about him simply moving out too. I don't know, just a thought. That would be my first instinct, which may be wrong, I have no experience yet. What is the usual reaction to this situation as far as rents go?
Nice to meet you krissimazon.
The lady/guy who started the fire I told them it would be too long to fix the apartment and to find something else. They were bad news. The rents right now are at the max for this area. The premium is around $5000 a year. I couldn't believe it, for a small claim that was an accident. I'm hoping there's something out there that will lower my premiums. Thanks for the replies! Jeff