I'm looking for a recommendation for a property insurance agent for some flips in Kansas City MO. I'm only going to own the properties hopefully no longer than 3 months. Any referrals?
We have several insurance companies who advertise at MAREI - the local REIA group -
For vacant property they all pretty much use the same underwriter - Lloyds of London
I have tried 3 different companies that all issue pretty much the same LL of coverage for vacant property and this past year switched to Arcana. Through their affiliation with National REIA they are offering a program to cover rentals and vacant properties and while I can't speak for the savings on individual rentals I can on the vacant properties.
They insure by the month, even the day.
They are 25% less than the last two companies I worked with.
And once you get set up with your National REIA portal with them, you can input your basic info, get a quote instantly, pay for 1 month of insurance and have your cert immediately. No calling or emailing anyone.
I have also used and really liked APIA
Just keep in mind on vacant insurance you are covering catastrophic loss and liability not necessarily minor things like the furnace getting stolen.
@Kim Tucker, well that was about as complete an answer as I could have hoped for. You are terrific, and it's people like you that make BP as great as it is. Thank you.
Oh, where do I find Arcana?