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Updated over 1 year ago on . Most recent reply

Account Closed
  • Real Estate Investor
  • San Antonio, TX
0
Votes |
7
Posts

What are some affordable Landlord Insurance Policies

Account Closed
  • Real Estate Investor
  • San Antonio, TX
Posted
I searched BiggerPockets for a thread but all of them were over a year old so since premiums are constantly changes I thought I could try to get an updated result. Does anyone know of a good and affordable landlord policy? Which companies are the best. I've tried some of the top companies but they seem VERY over priced for me. I just got notice that my policy will not be renewed so I need a new policy ASAP. I was auto assigned Travelers but they damn near tripled my premium from $800 to $2000. Does anyone have some suggestions? I'd really appreciate it! Thanks.

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Alice K.
  • Investor
  • San Francisco, CA
211
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306
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Alice K.
  • Investor
  • San Francisco, CA
Replied

It's nuts how different they all are even by mere district! I had this same question the other month.
My tips (for any newbs out there as I was):
1) Ask your mortgage broker and everyone for rec's (shockingly, it was my mortgage broker who helped me on this!)
2) Call 5 people / email -- I was very finicky when people didn't reply. It was crazy. I thought: "If they can't even reply to a potential paying customer, how will they perform, heaven-forbid, if/when I need them?!)
3) Keep a baseline request so the quotes can be compared properly E.g.: replacement cost + liability for xxx amount 

2k seems crazy (if it's 1 door / no claims / not a flood zone / [strange circumstance here])  I heard that Travelers is overpriced. 
Perhaps try a broker in addition to some that are company reps from State Farm / All State / Progressive could probably find you a better deal.

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