How do you deal with multi-state insurance
I am trying to evaluate an insurance for an out of state investment property.
My StateFarm agent connected me with another agent in OH who quoted me a $700.00+ per year for a $60,000.00 house. I have multiple investment properties in CA that are appraised at over $200,000.00 for which I am paying less than $300.00 per year. Even my primary residence that is valued at ~$800,000.00 is under $2,000.00/year. I cannot wrap my head around why should I pay for the same amount of insured property 7 times more (the crime rate in both areas are the same according to Trulia/Zillow). Why would people in OH are willing to put up with such high insurance rates?
The agent told me that they cannot give me a multi-policy discount because my 11+ policies (properties, cars, umbrella, etc.) are in CA.
Now I am facing the dilemma:
- should I look for another insurance provider just for that property in OH, or
- should I look for another insurance provider to replace ALL of policies since the effort would be practically the same.
What would you do in my case?