Landlord insurance Agents/brokers recommendation?

Question

I am hoping to get some recommendations or contact info. for a broker or agent for Landlord Insurance. I am in North Texas (DFW area) and looking to insure a SFR, 2100 SqFt., 15 yrs old. Not sure what else to list that would be helpful.

Rigo Medina · Answer

@Jacob Passmore

Thanks for sharing. I am now more wiser about insurance. I have a friend who is a Farmers Agent/Owner. I have something to pick his brain about.

Thanks,

Jacob Passmore · Answer

@Rigo Medina

Correct I'm an independent.. But sometimes, maybe often times it's not about the lower premiums.

A few of the advantages are:

Ability to move to other carriers

And greater capacities for investor growth.

Some very basic (there is more to it than this, but for simplicity of explaining) examples:

Hailstorm comes through DFW, your properties are insured with farmers.. Farmers takes a large loss in the area, the following year either raises rates, increases deductibles or reduces their willingness to write business.

As an independent I would have you placed appropriately with company A, same hailstorm rolls through.. Now company A raises rates, increases deductibles etc.. As an independent with access to multiple carriers I would just move you to another appropriate company B.

To hit on the second point.. A lot of times farmers, farm bureau etc will cap the amount of rental properties you can have insured with them could be 5, could be 10. But usually there is a cap.

As I mentioned it's not exactly as cut and dry as I've explained, there are other factors etc.. I dont want to make it seem negative towards any companies, farmers etc.

Also a quick note, independents deal with "big" insurance companies as well, it's not a size or capabilities thing. Most independents have contracts with some of the largest insurance companies in the world.

Does that help any?

Rigo Medina · Answer

@Rod Hanks

@Jacob Passmore

Good evening Rod and Jacob,

I have a rental home and use Farmers Insurance. I assume you guys are independent agents.

Except for a lower premium, how are you a better choice versus the big names?

Just curious.

Jacob Passmore · Answer

@Jason Silbernagel

That's a fairly easy request there, I'd like to help you out on this, I do quite a bit of work in the DFW area!

I'll send over a colleague request!