Real Estate Investor · San Antonio, TX · Member since 2015 · 7 posts · 0 votes
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.
Investor · San Francisco, CA · Member since 2015 · 306 posts · 211 votes
10y
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.
Property Manager · Grants Pass, OR · Member since 2009 · 429 posts · 201 votes
10y
The last I checked on landlord policies, Safeco seemed to be the best for landlords who owned > 5 properties. Allstate was great for a limited # of homes, but they don't support more than 4 properties IIRC. Travelers did just significantly increase their rates I hear.
Insurance Agent · Abilene, TX · Member since 2016 · 85 posts · 19 votes
10y
@Account Closed, there are too many to list here! San Antonio is a sweet spot in Texas right now. I'll send over a colleague request and see if we cant get you going in the right direction!
Real Estate Investor · San Antonio, TX · Member since 2015 · 7 posts · 0 votes
10y
Jacob Passmore Thank you! I'm having bad luck. I don't mind paying a reasonable amount but asking $2,000 on a house that's valued at $110,000 seems WAY too high. Looking forward to hearing from you.
Rental Property Investor · Northern, CA · Member since 2012 · 5k+ posts · 5k+ votes
10y
I also use Liberty Mutual and have found their rates to be very reasonable. Though it could vary state to state. They do have a limit on the number of properties, but it's possible to get a waiver if you have a history of no claims and an agent that will go to bat for you.
On a side note, whoever you decide to go with, you should definitely look into an umbrella policy if you don't already have one. It's about the cheapest protection you can buy.
Investor · San Francisco, CA · Member since 2015 · 306 posts · 211 votes
10y
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.
Rental Property Investor · Westlake Village, CA · Member since 2015 · 35 posts · 11 votes
10y
I am covered through American Modern Ins Company, I own over 5 SFH's and the policy premium is about $50 per month for $1,000,000 liability coverage and replacement cost on each house.
Investor · Stockdale , TX · Member since 2015 · 89 posts · 28 votes
10y
@Account Closed We have a great agent in San Antonio that we use. They work with multiple companies, so they shop it around to find the best rate each time your policy is up for renewal. PM me if you are interested.
As an example, one of our rentals in Seguin is $748 for a $150k coverage limit through Safeco Lloyds.
Rental Property Investor · Tucson AZ / Nice FR / Washington DC · Member since 2016 · 1k+ posts · 1k+ votes
10y
Checkout AllRisks, http://www.allrisks.com/. They cover an absolute ton of townhouses for us, around $500 a year per building. So far the best deal we can find.
Investor · Spring, TX · Member since 2015 · 126 posts · 38 votes
10y
Through my broker I have coverage through Home Owners of America. On $110k of replacement cost, 1% deductible, $300k of liability and $5k of medical it's $550 premium per year. Seems comparable to Safeco. I don't plan to get an umbrella policy til I get 3-4 properties. I'm at 2 now.
Buy and Hold Investor · Knoxville, TN · Member since 2013 · 450 posts · 270 votes
10y
I insured my first rental property through Auto Owners. The premium was reasonable but I wasn't happy with their claims service when I had a major claim. They paid every penny they thought they owed, but I thought they owed more.
Since then, I've insured a rental condo through Allstate and the remaining 3 properties through Erie. What I like about Erie is that I can just keep adding properties to the same policy so I don't have several policies. I haven't had any claims against Allstate or Erie, so I can't comment on that, but the premiums were great and the agents I use are great. I feel certain they will go to bat for me if necessary during a claim. That is very valuable.
Beloit, OH · Member since 2016 · 49 posts · 13 votes
10y
i was just looking into this the other day. We got a SFH rental and the pervious landlord said insurance was around $376, well I called USAA and with a $140K rebuild and $1K deductible was around $900 a year. This is on a house that is valued at $37K on taxes..... however I would save $50 a year on my car insurance policy.
I am still waiting on Allstate and will get quotes from other companies after reading the posts.
Investor · Knoxville, TN · Member since 2011 · 205 posts · 91 votes
10y
@Chris Eaker I have used Dee Sharp at William Knight Agency for 20 years. With her as my agent I have never had a problem with Auto Owners or any other carrier. However, from a purely pricing /coverage standpoint, The Real Protect Insurance offered as part of Knoxville Real Estate Investors Association (KnoxREIA) is remarkable. This product is offered to KnoxREIA by Norton Insurance as a benefit of our membership in National REIA. For example, they were almost half the price for similar but not identical coverage I purchased from Dee.
Investor · Knoxville, TN · Member since 2011 · 205 posts · 91 votes
10y
@Account Closed you should contact AlamoREIA.org. They are a chapter of National REIA and as part of that relationship can offer the Real Protect Insurance product. This product was specifically designed for real estate investors and landlords. The members of KnoxREIA have found the pricing/coverage to be remarkable.
Buy and Hold Investor · Knoxville, TN · Member since 2013 · 450 posts · 270 votes
10y
@Victor Jernigan, I have been using Matthew Bryan at Hitson Insurance in Maryville. I will have to give Dee a call about a quote with Auto Owners. I am willing to try them again on your good recommendation.
As for KnoxREIA, I would like to join, but I can't justify the $500/year price at this time.
Investor · Knoxville, TN · Member since 2011 · 205 posts · 91 votes
10y
@Chris Eaker Matthew is also an excellent choice. He always makes sure his clients have the right insurance coverage and provides phenomenal service. These issues of coverage and service are much more important to me than price because I view insurance as profit protection not as an expense. I may know real estate but I depend on agents like Matthew and Dee. They will tell me when I am buying much more coverage than needed or taking more risk than I should. I only read the summary page of my coverage - they are the type of agents who make sure I am reading the page for the best coverage.
Separately, Matthew is always the best dressed person in the room whenever he comes to a KnoxREIA meeting. (:-)
Investor · Anchorage, AK · Member since 2015 · 267 posts · 76 votes
10y
I have a rental SFH in California, and I was wondering if any of you have Landlord Insurance policies that cover your property when they are vacant? I've heard that sometimes landlord policies do not cover you if the property is vacant or only cover you for the first 30 days after a tenant leaves in the event of a vacancy lasting more than 30 days. I've also been told I could not purchase new insurance if it's vacant when the insurance is to start. Any input would be appreciated!
Lender · Winlock, WA · Member since 2013 · 1k+ posts · 1k+ votes
10y
Farmers has no limits on numbers of properties owned and they can be run as personal lines or commercial with blanket liability. Some companies have restrictions on breeds of dogs, Farmers doesn't, but if the dog has a bite claim history then the policy won’t be bound or an exclusion written. This might be an issue for your tenants and thereby an issue for you?
The dwelling reconstruction costs, the fire rating or how far you are from a fire hydrant and responding paid station are some of the biggest factors that help determine premium. Shop around and make sure it’s not all about price. It’s got to be about coverage 1st, a quality agent and price are next in line.