Who has Insurance Recommendations?

Question

Hey Guys,

I just closed on my second property, and now have 3 properties (1 Personal, 2 Investment) plus my car insured through State Farm.

Just wondering if you might have recommendations on some other places to get insurance through that might have better rates? Especially since I plan to continue to buy properties, I am not sure if there is a limit that State Farm has on # of properties under the same policyholder.

Let me know what you think and your experience with any different companies! Thanks!

Matt Moylan · Answer

There are numerous companies you could look through, but I always suggest going through a broker.

If you go through a direct/captive insurance writer (State Farm, Allstate, Farmers, or most of the big name brand names) they only have access to their lines of products, so you dont really know if you are getting a great deal.  You're simply getting the best deal their product can provide.

Broker's will have numerous companies and some companies, like the one I work at, have specialists who only work with investors.

Best of luck!

Erik W. · Answer

I've had about 7 years of good experience a Shelter Insurance agency.  Very good pricing compared to the competition, though they have some guidelines that make it harder to insure older houses that haven't been fully renovated to modern standards.  Some of the big no-nos are asbestos tile on the outside and old style fuse electric panels.  However, if there's a property they can't do, they farm it out to Foremost or Aegis but I still pay the policy thru Shelter's website.  I've had two claims so far: one with Shelter and one with Foremost.  Both paid in a timely manner and enough to make me whole.  I carry ACV policies only, fyi.

Courtney Jones · Answer

I have found that at different times, different insurance companies have a better rate. I have one property with Safeco and one property  with Foremost.  You should check around each time you need a new policy I think.

Billy Smith · Answer

So, what I always tell folks raise your deductible on everything, give them all your insurance needs for a better rate. But oddly enough Safeco gives me a better rate on one house. The umbrella and rest go to State Farm.

Shop around but I will say look up the internet insurance companies paying claims some seem to have a bad reputation.

State Farm pays most claims, sure you can dig up where a claim puts State Farm in bad light but in whole, they are rated the top in paying claims.

Who has Insurance Recommendations?

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