Recommendations for affordable motel insurance?

[Mike Dawson]

Hi all. I am in need of insurance for a small(20 unit) motel in Kansas. The current company just quoted me more than double the existing rate. They claim that the replacement cost has gone up 400k since the policy was written, and that they had just raised rates this past January. I had another quote thousands higher than that. It's a substantial blow to the NOI.

Please help!

[Kevin Koone]

Quote from @Mike Dawson:

Quote from @Kevin Koone:

Mike,

It's real hard right now.  Hotel/Motel, Condo, Apartments all have had substantial rates because a lot of companies have either stopped writing the business or non-renewed it and the companies that will still write it have to take premium because of the risk they're taking on.

I know that doesn't help you at all but my advice would be if you have an independent agent who you trust and like and believe they're doing the best they can for you stick with them and let them work all the markets for you.

 Thanks for the advice.  I've been reaching out to different places, as I don't have an agent atm.  Got a much better quote today, so it's looking up atm!

 That's Great Mike!!!  I've struggled with quotes on this type of business lately and I have access to almost every market out there!!!  Glad its working out.