USAA Rental Property Insurance

21 Replies

Hello BP!

I've been doing some research for rental property insurance policies and see that USAA has some very competitive rates with good coverage. Has anyone had any experience with this policy or advice?

Thanks!

Not on the landlord insurance, but they've been extremely easy to work with on the other side of it with their renters insurance. Overall I think a lot of people have good interactions with their customer service.

I use them, they have always given me the best rates and service and I am in the insurance industry.  (But I don't work for USAA.)

do you have to have military affiliation or family to be able to use their insurance services

Had USAA for years because everyone on base says how amazing they are. so I used them.

It wasn't' until a few years went by they I called other companies to check prices, and found out I was paying 2x as much as I would anywhere else.

USAA was great when internet banking was new, now I don't see them having a single benefit, except a propaganda department.

Originally posted by @Alexander Felice :

Had USAA for years because everyone on base says how amazing they are. so I used them.

It wasn't' until a few years went by they I called other companies to check prices, and found out I was paying 2x as much as I would anywhere else.

USAA was great when internet banking was new, now I don't see them having a single benefit, except a propaganda department.

 I've noticed that their rates are TERRIBLE in some locations... I had the same issue when I quoted car insurance. The rates were insane compared to everyone else, then I moved and the rates were inline with others. They ended up being little cheaper because they'd give check back at end of the year.

@John Thedford   I'm a military vet....I have used USAA for personal policies...I currently have banking and homeowners insurance on my primary residence through them. 

@Alexander Felice   I too had the same issue...I had car insurance with them, but found better deals for that elsewhere.

I recently shopped around for rental property insurance (Landlord Insurance) and found they are a lot cheaper than NREIG and others.

@Michael Badin ...Just trying to find out if anyone has used USAA for their Rental Property Insurance.  Have you?

@David Hansen

Yes, I have them for both my personal property and my rental properties.  

@David Hansen we use USAA for both our primary residence and two rental properties, as well as car and umbrella insurance. They also have our primary mortgage. Here in NJ they are either competitive or just about equal on most products that I've investigated, so I would just prefer to bundle everything with them. I will admit that I don't have time to call each and every insurance firm here, and I could probably find better deals, but consolidating all our insurance products in one place saves time. If you've got multiple properties, I would suggest an umbrella policy. Since we have all our insurance with them, it was pretty easy, all we had to do was raise certain limits on our car insurance policy. I think it amounted to an extra $40 or $50 a year.  

I use USAA for all of my insurance, both properties and car (as well as umbrella). I absolutely love them and wouldn't trade them for the world. They aren't the cheapest insurance out there, but I've never had them fight me on any claims and they pay out very quickly and generously. 

As far as the properties, they only have replacement cost options, rather than just cash value (or whatever that one is called). So it forces more expensive rates, but again, I'll stick with them all day long. It's almost sad, I love when I have to call them. They are so friendly and easy to talk to! Haha.

Had USAA for pretty much everything since my first car at 16 years old. I have 14 separate policies with them right now for vehicles, umbrella, personal and business insurance. Wouldn’t change them for the world. Have covered many claims quickly and professionally, and with the discounts I get bundling I can’t imagine anyone being cheaper. Never been given a single reason to look anywhere else to be honest. Reading back it sounds like I’m a rep for them LOL, but just sharing my personal experience.

I used them recently for my first rental property and found them to very fair with prices. I plan to use them on future deals.

I’m looking to use USAA’s rental property insurance as well for a property in Nebraska, but I just got quoted today higher than I expected. Being forced into a replacement cost policy by them is kind of a hassle as the property I’m looking to purchase is listed at $55K and the replacement cost is somehow $194K. A cash value policy would put air more money back into my pocket in the form of cash flow, but what’s worth it at the end of the day?

More specific on the numbers, I was quoted at $1,400 for an annual premium on a small duplex. That’s about $115/mo!

@David Hansen , I have had USAA since 1999. There are pros and cons. The pros: They are really easy to work with, very professional and accommodating, simple to bundle many different services in one place. I have homeowner's insurance, rental property insurance, IRA, checking, etc.... all in one place with them.

Cons:  Their rates are not competitive in the rental property market.  I have moved on from them with respect to my rental properties.  I kept my first with them, but no longer use them for rentals.  

If you shop around, you will absolutely find better rates.  However, you have to weigh convenience and customer service, versus cost.  I have a number of properties now that I am not willing to pay more for ease of use, etc.. because it just costs too much.  

All that being said, I love USAA and will be a customer of theirs forever.

Good luck!

Several companies.  Most recent I have used is a company called Foremost.   If you PM me I will push you some info.  

I have USAA for car insurance and banking, which I think are their strongest services. As with anything else, any time I need a new policy I cross check the competition to make sure its a decent price. 

I've been a USAA member for 25 years and I've never had a bad experience with them. I've used them for homeowners, auto, renters and tenant insurance. They are always responsive and have never questioned a claim or dragged their feet when I've had a problem. You may be able to find cheaper but I'm not sure I'd even recommend that. To me, a good insurance company is like the good RE agent or good attorney. It sets you up for success.

I have used USAA since 1996.  The rates are a little higher but like others have said you get a dividend check at the end of the year.  Their umbrella insurance is very reasonable and you can't beat the customer service.  I have had a few claims over the years with vehicles and rental properties.  I have never had a problem with them.  

I use USAA; great service

One note is that in order for USAA to cover your investment properties you must have your primary home with them. 

We switched to USAA a couple of years ago and cut our monthly insurance bill in half.  We have four properties and five cars with them.  They are open late and on weekends.  The pricing and service for us has been unlike anything we have experienced before.

My four year old sings "naaaationnnwiiide is on your siiiiiide"......I can't explain to him that they won't insure us though.

Check out Foremost Insurance. 

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