Real Estate Agent · Jacksonville, FL · Member since 2019 · 75 posts · 43 votes
Hi Peoples,
I'm a newbie investor in Real Estate. I am an agent and a property manager for a few years and finally bought my first place as an investment in 2019. So far I've used the same company to insure both of my homes. I'm planning to buy 3 more in 2020 and was wondering if it's best to use the same company to insure all of them or if it's cheaper/better to use local places to insure the new ones. I started investing in PA and now I'm shifting to FL. I work as an agent in Brooklyn and have recently come across some exceptional deals locally. I thought the market was too expensive but I am starting to see that there are deals in every market, even expensive ones.
Thanks for welcoming me into the BP fold. I love all the posts I've been reading! This group of people really inspires me!
Specialist · Riverside, CA · Member since 2015 · 6k+ posts · 3k+ votes
6y
It is better to find the best deal for each property, it is also possible that your current provider does not service all the states you wish to invest in. If a provider services all states, I have found that they are more expensive... by a lot.
Specialist · Riverside, CA · Member since 2015 · 6k+ posts · 3k+ votes
6y
It is better to find the best deal for each property, it is also possible that your current provider does not service all the states you wish to invest in. If a provider services all states, I have found that they are more expensive... by a lot.
Insurance Agent · Nationwide · Member since 2014 · 2k+ posts · 1k+ votes
6y
@Ralph Chiaia if you are buying the first few locations in your home state, you can get some nice pricing and coverage from your home and auto company.
After 3-4 locations, you can run into issues with your personal lines company stating they can't add any more locations. At that point, it makes sense to separate you personal insurance from your REI Insurance program.
FL is a difficult state for insurance. There are programs that could combine NJ and FL, but it will be more expensive than keeping the 2 states separated.
Insurance Broker and Real Estate Investor · Lehigh Valley, PA · Member since 2014 · 229 posts · 73 votes
6y
For FL, I would recommend a local agent. Due to the coastal risk, out of state agents that has the national carriers aren't going to be the best market source. You will want an agent that knows the intricacies of the localized market condition.