I own a 10 unit Building in the SF Bay Area and I'm looking for a good, financially sound insurance company to get a new policy on the building.
I'm looking for recommendations for some of the better, financially sound insurance companies that specialize in these type of properties.
Any major advantages/disadvantages to using a broker as opposed to getting insurance directly through a large insurance Co?
(I don't need my hand held, just a speedy resolution to any claims)
I've been online looking for ratings on companies etc but I seem to be spinning my wheels.
Any thought or suggestions would be appreciated.
How old is the building?
50 years old
Most companies that insure habitational won't allow you to deal with them directly. I would reach out to several brokers that truly understand and deal with this type of insurance. Get recommendations from other owners in your area, the REIA club, apartment association, property managers, etc. Narrow it down to three choices and get quotes from all three. They should each offer you several quotes from different companies. It sounds like you are really worried about the financial backing and rating of the insurance company. If that is the case I would also try Farmers Commercial. Their policies can be more expensive however they do an amazing job when problems arise. I currently use Lloyds for hazard/fire and Penn Star for liability. Good luck!
Sorry, didn't relialize you had responded. 50 years old is not bad if the updates are being made and the property is in good condition. You really have a lot of options if you know where to look. I believe Crusader may be a good option but it really depends on the coverage you are looking for and of course the premium. Farmers is a good option but a few brokers like Chris said would not be a bad option either. Find someone that knows habitational like some members on this site. We write them in California all the time so we know there are options for you and its just a matter of getting some quotes and making a decision.