Having a hard time getting Landlord Insurance? Any one else?

Question

I do not have car, rental, or home owner insurance. I rent a property in another state. I'm trying to get landlord insurance and I can't find anyone that will insure my property.

Anyone else run into this problem?

Shaun Reilly · Answer

Hey Steve, try talking to

@Tim Norris

Steve Candor · Answer

Account Closed i wish. I can't afford NYC properties.

Account Closed · Answer

Hey Steve, I am in New York as well and finally got landlord insurance here in New York after searching for almost a week.  Are you also trying to get landlord insurance in New York? I also found that many companies don't provide landlord insurance, including the insurance carrier for the condo I've owned and lived in for the last 4 years.  Furthermore, the companies that do offer landlord insurance would require me to have my primary residence insured with them as well.  So I had to switch carriers for my condo as well.  I don't know how it would work for someone who does not currently have home or auto insurance, but I can give you a list of companies I contacted who do offer landlord insurance here in NY if you're looking in NY.

Steve Candor · Answer

Ryan Dossey property in Western Massachusetts

Ivan Oberon · Answer

I would just like to clarify my above post.

There is no co-insurance requirement so long as you insure your properties at a minimum of $45 per square foot.I would also encourage anyone to check out this quick document which explains co-insurance.  Actually provided by Tim Norris.

https://www.dropbox.com/s/r6w0q2odc45v68u/Co-insur...

Ivan

Ivan Oberon · Answer

The company I insure all of my projects with, and that I also  represent, specializes in coverage for all types of investors and  properties in any stage of renovation or occupancy, in ALL 50 states.  And it's agreed value coverage so you don't have to deal with the co-insurance requirements that some of you guys are talking about and be forced to over insure your properties.

I'm happy to offer more information if you PM me.

Ivan

Steve Candor · Answer

@Nathan Emmert haha. yeah. They were telling me my 100k property in a warzone would cost almost 600k to rebuild? Are you kidding me?

Robert Szalay · Answer

To insure my property in Michigan I googled for Michigan landlord insurance and found a broker. They compared quotes from different companies and provided me the industry to pick one.

Nathan Emmert · Answer

Insurance is a pain in the butt for sure... that said, no I didn't have problems finding insurers... just problems with their rates... wanting to insure at "replacement value" 2 - 4 times what I actually paid for the property.  I told an agent for that much I'd burn the place down... probably not the best thing to say :(

Ryan Dossey · Answer

What state?

Having a hard time getting Landlord Insurance? Any one else?

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