Milwaukee Insurance Recommendation

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Milwaukee Insurance Recommendation

Devron Morris-Brooks
Milwaukee · Member since 2020 · 8 posts · 2 votes

My insurance Agent (American Family) just dropped insuring 8 unit rental property building in an LLC. I have never filed a claim. Are there recommended insurance companies in Milwaukee? Also, should I get replacement cost or actual cash value?

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Charles ClarkBusiness Member
Real Estate Broker · Milwaukee, WI · Member since 2020 · 306 posts · 209 votes
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@Devron Morris-Brooks
Sorry to hear that—unfortunately, some carriers are tightening up on rental properties held in LLCs. In Milwaukee, you might want to check out providers like State Farm, Auto-Owners, or local brokers who specialize in multi-family investments. Replacement cost is usually preferred for better protection, though it may cost more upfront. A good broker can help you compare both and find the right fit.

[email protected]414-719-6090
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  • Owen RosenBusiness Member
    Professional · Clinton Township, MI · Member since 2015 · 678 posts · 259 votes
    1y

    In my opinion, you should get replacement cost if you can get it.  If you have a mortgage you'll need it.

    Royal Oath Insurance Group4.9203 Reviews
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  • Marcus Auerbach
    Investor · Milwaukee - Mequon, WI · Member since 2010 · 5k+ posts · 7k+ votes
    1y

    For a MF I would check with Robertson Ryan, talk to Matt Frank. 

    What level of insurance is right for you is a risk profile question. I am fine with market value, because I am not really expecting a building to burn to the ground and if it happens, so be it. But if that concerns you, go with replacement cost. You can even include lost income.

    If you are looking for professional networking, consider joining the RPA (Rental Property Association of Wisconsin, a 51-year-old nonprofit) - next in person meeting is May 19 in Tosa, there are usually 100+ people there, mostly MF investors. RPAWI.org

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  • Charles ClarkBusiness Member
    Real Estate Broker · Milwaukee, WI · Member since 2020 · 306 posts · 209 votes
    1y

    @Devron Morris-Brooks
    Sorry to hear that—unfortunately, some carriers are tightening up on rental properties held in LLCs. In Milwaukee, you might want to check out providers like State Farm, Auto-Owners, or local brokers who specialize in multi-family investments. Replacement cost is usually preferred for better protection, though it may cost more upfront. A good broker can help you compare both and find the right fit.

    [email protected]414-719-6090
    Raise the Standard RE LLC55 Reviews
    View Page
    2Reply
  • Devron Morris-Brooks
    OP
    Milwaukee · Member since 2020 · 8 posts · 2 votes
    1y

    I appreciate all the feedback and will reach out to Robertson Ryan.  

    1Reply
  • Rebecca KnoxBusiness Member
    Specialist · Milwaukee, WI · Member since 2014 · 1k+ posts · 1k+ votes
    1y

    Call Bob Dummer at P&C Insurance.

    Captain Save-A-Home LLC
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  • Charles ClarkBusiness Member
    Real Estate Broker · Milwaukee, WI · Member since 2020 · 306 posts · 209 votes
    1y

    @Devron Morris-Brooks
    That's frustrating, especially with a clean claim history. In Milwaukee, you might want to check with providers like State Farm (commercial division), Liberty Mutual, or National Real Estate Insurance Group—they often work well with LLC-held multifamily properties. As for coverage, replacement cost is generally the better option for long-term protection, as it covers rebuilding at today’s prices, whereas actual cash value factors in depreciation. Always best to get quotes and compare both options with a broker familiar with investment properties.

    [email protected]414-719-6090
    Raise the Standard RE LLC55 Reviews
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  • Devron Morris-Brooks
    OP
    Milwaukee · Member since 2020 · 8 posts · 2 votes
    1y

    I appreciate the guidance.  I’m working with several contacts now!

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  • Charles ClarkBusiness Member
    Real Estate Broker · Milwaukee, WI · Member since 2020 · 306 posts · 209 votes
    1y

    @Devron Morris-Brooks
    Sorry to hear that happened! It's actually becoming more common for some insurers to limit or drop coverage for LLC-owned multi-units. In Milwaukee, many investors have had good experiences with companies like State Farm, Farmers, or specialty insurers like Proper Insurance or Foremost. As for coverage, replacement cost is usually the better option—it ensures your property can be rebuilt to its original state without depreciation, offering stronger protection in the long run. Always compare quotes and ask each agent about experience with multi-family properties.

    [email protected]414-719-6090
    Raise the Standard RE LLC55 Reviews
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  • Charles ClarkBusiness Member
    Real Estate Broker · Milwaukee, WI · Member since 2020 · 306 posts · 209 votes
    1y

    @Devron Morris-Brooks
    sorry to hear about that! For multi-unit rental properties in Milwaukee, you might want to check out State Farm, Liberty Mutual, Farmers, or local brokers like HNI Risk Services and Ansay & Associates—they’re familiar with investment property coverage.

    As for Replacement Cost vs. Actual Cash Value—go with Replacement Cost if you want full protection. It covers the cost to rebuild without depreciation, which is key for long-term asset value.

    [email protected]414-719-6090
    Raise the Standard RE LLC55 Reviews
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