Updated over 3 years ago on . Most recent reply
Problems with Insurance company's wanting to cancel coverage
Good Morning BP,
I'm not a complete newbie but I am with owning multiple properties at the same time. I'm having major issues with Allstate. We have multiple SFH's, a duplex, and 2 more SFH under contract. Each property we have acquired w/ Allstate as the provider. After each closing Allstate has sent notices of cancellation for EVERY house. Wanting major improvements done to have re-inspected and so on..... The first property , I understood because it was in need of major repair so it didn't seem out of line. They recommended we use a partner of theirs that insure theses types of property's and even they are cancelling. Long and short, we closed on our latest property 3/15/22 and Allstate is at it again. I would personally live inside this house, or have a friend or relative rent from me . They have became a obstacle, a big one. If they can't insure this house, they wouldn't insure any that We would like going forward.
My question is, Is this normal? Anyone else had this issue and how did you resolve ? Drop and shop? Any references to companies that understand that every property is not going to be the Penthouse @ (insert casino) ?
Thank you for your time !!
Rick
Most Popular Reply
We have had this happen a couple times before with older properties. I would reach out to several independent agents and see what companies they work with that you can apply to. Make sure they are not applying to the same companies. I would also speak to other property owners/investors in your area with similar properties and ask them who they use for insurance. Referrals are always the best.