I have been working with Affinity Group Management for a few years and have been happy with everything so far (never had a claim so not sure how much that's worth), however I am closing on a new property this week and their cost to insure it has gone up over 20% because of 'new underwriting policies'.
I am curious what insures others use, how much you pay, ect.
I previously paid $120 for occupied properties, and $140 for vacant for coverage up to $150K for all the basic stuff. Now Affinity is asking for over $180 for vacant under renovation, and I think I should be able to do much better.
P.S. They insure my properties in Newark which is a high risk area
im not in Jersey but use Foremost. Owned by Farmers. Pretty sure they are in Jersey as well.
My properties are in Trenton, another high risk area. We use PhilCon (Philadelphia Contributorship) for one of them. They had insured both our properties there, until they found that one of them was next to a vacant house and dropped us. The only other option was Foremost, which charged $1300 for the year. PhilCon wasn't much better, charging $1100. Neither covers theft, as we discovered when the pipes were stolen one year.
I'm assuming your $180 payment is monthly? If it's annual, I'm switching to your company ;)
State Farm has been very good, easy, great customer service for my 2 family in Newark. It was unoccupied when purchased and had a vacant run down house right next to it.(has been fixed up since)
We have dwelling $227k plus $50k additional coverage, 500k liability, loss of rents, a few other benefits.
$97.00/mo. premium. Although, like you I never had to file a claim yet.
Message me for info if you'd like.
I recommend WH Roddy in Bloomfield. They're insurance brokers. I work with Jay Hall there. What Jay has done is match the best carrier for each type of property that either I or my clients have to save the most money. I respectfully disagree with going with Farmers or State Farm, as they are generic insurers. What Jay was able to do was find the specific carrier that specialized in duplex's and get me the best rate on that type of house. Each carrier in insurance has a core competence of what they like and do best. It doesn't matter if is a two, 3 family, new construction, large apartment, mixed use, etc. Match up with the one who likes what you have the most and you'll get the best coverage at the lowest amount. You will not find that if you go to Farmers, State Farm, Allstate, etc. You'll probably find a nice person there however you'll overpay for what you need.
I cant really argue with Darren - he most definitely knows more than me and I will look into going that route in the future. But $97 a month for insurance I don't know how that is overpaying for the coverage Im getting. All good stuff.
I work with Foremost in South Jersey because I had an existing relationship however for the most part @Darren Sager is right. Typically a broker will shop the best deal / value for your situation. That does not mean it will always be cheaper but sometimes you get what you pay for with different coverage options.
I also don't want to disparage the insurance brokers but there is always the potential that they place a policy with a carrier based on their commission. I hate to say it but they are in the business to make money too.
Hey all, thanks for the responses, I don't want anyone to think I am letting this thread die or not taking advantage of the great references provided
Over the next few days I am going to be evaluating the pricing, service, and coverage of various insurers, and I will update this thread when I have some information to share with everyone
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