Landlord Insurance
I have recently purchased 2 duplex's with one in the works. My questions: Looking to find a good insurance company that will insure multiple porperties - I have had a claim on my personnal house due to a huricane this year and 4 years ago when I filed a "renters" claim due to a military move. These claim I have found make it very tought to get landlord insurance. Secondly, many companies will not insure me because of problems with the property - ie siding loose etc. If you buy property "as-is" at a good price with the intention to fix it within the first month - why won't they insure you? and who will? All of my properties have great cash flow and are good houses with a few minor repairs. Looking for a little help.
thanks!
Try your friendly independent insurance agent. Some of the national "brands" tell me that they have quit writing new policies in certain areas. An independent agent should have a few sources he can tap into to get you the policy you need.
DaveT,
Thanks for the tip - the independent agent is my best bet. I have resolved the insurance issue and have coverage. I will be reviewing insurance at least yearly.
Quote:
On 2003-12-03 13:56, smills wrote:
DaveT,
Thanks for the tip - the independent agent is my best bet. I have resolved the insurance issue and have coverage. I will be reviewing insurance at least yearly.
I may be finding myself in much the same situation as you.
Could you tell us what company?
Thank you.
Mike
I have my 3 properties through FOREMOST. They will do an inspection within the first month and may even send a canx notice if you still need repairs. However, this is not uncommon and a few digital pictures will get you re-instated with little difficulity. It did for me. Also they do not have a cap.
FYI, Foremost can also be written by other than Independent Agents.
A local insurance agent that specializes in commercial insurance is my best route. They are most aware of your needs as an investor and can have a better market for placing you. Believe it or not, a good insurance agent was my most difficult member of my 'team' to find.
I'd even add that specialization in RE is better. FYI, not very many Agents like to cater to the REI market, for the simple fact it is difficult to find companies to place the type of coverages needed. Not impossible, as many will tell you, but difficult.[ Edited by norrist on Date 12/18/2003 ]
I have multiple properties with Erie Insurance out of Ohio. They are reasonable in pricing and easy to deal with.
Being a former indepedent insurance agency myself I can tell you that the underwriting practices of the companies that we use to work with (most of which were rated A or better) are more flexible then some of your so-called "standard" insurance carriers. Develop a good relationship with your independent. They can really get you out of a jam.
Being one of the few Agents that writes for a "captive" carrier and some others (long story, but I have an amended contract with one of the "captive" carriers that allows us to offer other carriers products, even for price), it really depends on the state, and sometimes even the area of the state. The captive carrier offers the best and usually most competitive package in about 8 of the 15 states we (our Agency) is licensed. In the others, we use the company that offers the best value in the respective area. Insurance is so "micormanaged" and analyzed today that it's tough to say one company is the best everywhere.
Additionally, it is best to work with an Agent who knows the RE business, regardless if they are independent or not. If a captive Agent has access to products (regardless of company, as some "captives" can broker if their main carrrier doesn't offer coverage), and really understands the proper way to protect you, don't discount his or her ability to do so because they aren't "independent". Check your local group for referrals, or to see if an Agent is active in helping members. Our local group has 2 indpendent Agents that are active RE Investors, but use our "captive" carrier to insure their own property(ies).
[ Edited by norrist on Date 12/19/2003 ][ Edited by norrist on Date 12/19/2003 ]