Investor · Cleveland, OH · Member since 2011 · 603 posts · 130 votes
Right now I have nationwide - they are great for my own home but my commercial policies on my rentals are very high. Before I shop around I was wondering if anyone had recommendations for rental property home owners insurance - I have 11 properties
Right now I have nationwide - they are great for my own home but my commercial policies on my rentals are very high. Before I shop around I was wondering if anyone had recommendations for rental property home owners insurance - I have 11 properties
I only have 1 rental property, so I may be in over my head, but we have switched a couple of times. We had Amica, and liked it because they pay out a dividend at the end of each year, however we had to have our primary residence insurance with them as well. When we bought our new house, we switched everything and now have Progressive for our rental house insurance. It was one of the only companies that would give us a policy without requiring our primary residence. Where our rental house is though, we have always had trouble finding companies that will insure it for whatever reason.
Right now I have nationwide - they are great for my own home but my commercial policies on my rentals are very high. Before I shop around I was wondering if anyone had recommendations for rental property home owners insurance - I have 11 properties
As an insurance office owner for the last 10 years I can hopefully help to point you in the right direction. It sounds like you have insured your commercial / rental polices with your primary insurance office. That being the case they will usually rate you a little higher for those type of policies as opposed to your primary home / auto insurance that is getting a more preferred rate. Depending on the company you are with it just depends on how they feel about different types of risks. Sometimes it is better to insure your first few properties with your primary insurer because the policies will offer more comprehensive coverage than say Foremost or American Reliable. That being said you will have to read the contract and compare cost vs value of each policy. In addition to that many companies DO NOT like you to have your properties under an LLC or other entity because they know it is a higher business / investment risk and force you into a commercial policy.
I could literally go on about this forever but in the end I would adhere to a couple rules and you should be fine.
1. Do your homework. Read the contact, vet the company as well as the agent/adviser. What is the companies Weiss / AM Best Rating? Claims process? Etc.
2. Ease of use. Even if you save $500 a year on your policies. Do you really want to drive to or call 10 different offices when you want to review all your properties.
3. Work with someone you know and trust. Make sure the agent is a teacher and and educator. They should be happy to help you learn everything their is to know about your home policy as well as their competitors. In the end it is all about WHO you work with and their relationship with you as well as the companies they represent.