Insurance ? For Rental Property
Hi BP community, I have a dilemma. I’m fairly new to BP & I have 5 rentals thanks to a lot of your help.
One of my rentals in a class C area had a pipe burst in 2023 in the winter while vacant. One year later in 2024 the pipe burst again in a different area while the tenants were in place. I filed a claim both times. My insurance company dropped me on that property. My mortgage company put (Lender Placed Insurance) on my account and it’s 3 X what I was paying before, which really sucks & hurts my cash flow. I have great credit 775 middle score. I’m not sure what to do or how to find reasonable insurance now. Please help… I appreciate all suggestions. 🙏🏽