Insurance contact in Providence
Hello!
I'm currently closing on a 2 family unit in Providence, RI and I'm looking for a connection to a local insurance agent -- any recommendations?
I've got a few quotes back with the premiums ranging from $1,750 to $3,900. The most competitive quote came from a surplus lines insurer. Should the fact that they are a surplus lines insurer raise any red flags?
TIA
Quote from @Alozie Nwabeke:
Hello!
I'm currently closing on a 2 family unit in Providence, RI and I'm looking for a connection to a local insurance agent -- any recommendations?
I've got a few quotes back with the premiums ranging from $1,750 to $3,900. The most competitive quote came from a surplus lines insurer. Should the fact that they are a surplus lines insurer raise any red flags?
TIA
Reach out to Nate Green a Loiselle Insurance - 1 774 353 8027. He's very good about explaining insurance questions in a non pushy way. Just make sure all the quotes your comparing are similar in nature, and not wildly different coverages.
@Alozie Nwabeke I can recommend some folks. I've had surplus lines before and don't consider them any kind of red flag. I'm surprised it was the most competitive quote, but you never know, many times the quote is based just as much on what else the insurer has in their risk portfolio, as your particular situation/risk.
@Luan Oliveira thanks for the recommendation. I've seen Nick's name dropped a few times in prior posts. Wanted to make sure he was still writing policies in the same market.
@Anthony Thompson thanks for the confirmation. I was a bit surprised myself that some of the larger insurers weren't competitive/wouldn't take on the risk. I will PM you.
I work with a lot of the "bigger name" carriers and a lot of the time on the hard stuff they are not competitive at all and in a way you may even be lucky to get them to write a quote. Out of the 63 carriers that I am appointed with I only have 1 carrier that will write a quote in southern Texas right now. Property insurance is weird.
The most competitive quote coming from a surplus lines insurer is surprising, it's worth reading your Declaration Page in fine print for that offer. I'd approach that one with healthy skepticism.
You're doing the right thing going through an independent agent and I would echo what @Luan Oliveira mentioned about comparing coverages if you're using the big carriers (Liberty, Geico, Progressive, Traveler's, MAPFRE etc...). With any independent agent, they will have carrier preferences so just be aware there. Most of the times those preferences help you, but worth asking your agent the reasoning behind a certain carrier.
FWIW Geico does not write home insurance, it may seem so, but they have business arrangements to have it underwritten by different top carriers. So they [Geico] may be very competitive on price, but the complexity of service is not worth it.
#1 Insurance Contributor
- Insurance Agent
- Norwalk, CT
Alozie,
We insured homes and rented dwelling througout the Northeast. I would be greatly surprised if the Surplus Lines policy was less expensive For The Same Coverage. Often the surplus lines quotes are based on lower coverage for the Perils insured against (not special form but only named perils) and Actual Cash Value (depreciated value) vs. Replacement Cost.
I have found that often, the best options for rental dwellings come from the Regional Carriers not the National Carriers but it is not absolute. Look to Independent Agents (represent multiple carriers). If you have questions on the above or have trouble locating ones that represent companies who operate regionally send me a PM.
Quote from @Ian Halter:I'm going to try a few more carriers and see where I land, just due to the fact that they're a surplus lines insurer. That being said, with such a big difference in premium there would have to be a big red flag for me to not move forward with the surplus lines insurer.
The most competitive quote coming from a surplus lines insurer is surprising, it's worth reading your Declaration Page in fine print for that offer. I'd approach that one with healthy skepticism.
You're doing the right thing going through an independent agent and I would echo what @Luan Oliveira mentioned about comparing coverages if you're using the big carriers (Liberty, Geico, Progressive, Traveler's, MAPFRE etc...). With any independent agent, they will have carrier preferences so just be aware there. Most of the times those preferences help you, but worth asking your agent the reasoning behind a certain carrier.
FWIW Geico does not write home insurance, it may seem so, but they have business arrangements to have it underwritten by different top carriers. So they [Geico] may be very competitive on price, but the complexity of service is not worth it.
Regarding Geico, I have one of my other rental properties "written by them" and you're spot on -- it's never fun trying to remember who actually owns the policy and who I should be contacting.
Quote from @John Mocker:
Alozie,
We insured homes and rented dwelling througout the Northeast. I would be greatly surprised if the Surplus Lines policy was less expensive For The Same Coverage. Often the surplus lines quotes are based on lower coverage for the Perils insured against (not special form but only named perils) and Actual Cash Value (depreciated value) vs. Replacement Cost.
I have found that often, the best options for rental dwellings come from the Regional Carriers not the National Carriers but it is not absolute. Look to Independent Agents (represent multiple carriers). If you have questions on the above or have trouble locating ones that represent companies who operate regionally send me a PM.
@John Mocker thanks for the guidance! I'll go back and review the quote for the named perils, but I do remember that everything was Replacement Cost which I was pleasantly surprised.