Insurance questions

14 Replies

We are closing our first buy and hold property and need some insurance advice. The property is held by an LLC in Florida and we need suggestions as to which insurance companies are best to work with as landlords for price and quality. Typically with insurance I go with the highest deductable, is this wise with rentals? Any other best practices would be greatly appreciated. Thanks for any suggestions and feedback.

i use farmers ,,, they have a landlord policy and i go for the 5k deductable

Hi, Ken, I can't advise as to which insurance company to work with, but, as to any deductable:

With any property casualty or liability policy the higher the deductable the less the premium is. The difference in savings could be viewed as an investment over time and your break even point can be established if the are no claims. But, then that's what insurance does, it indemnifies us for unforseen losses. The gamble here is do you have the funds available to self insure that portion of your loss and what are you really saving by taking the higher deductable? Anything beyound your break even point, without a loss, is then a savings. Do you sleep well at nights while assuming risks? I do and in the past fifteen years I can only recall two claims. Consider too your area, how often do you have bad weather or other insurable event. The main concern for landlords is the liability portion and such policies provide coverage on a first dollar basis. You might look into an umbrella policy for all of your properties. Bill

Originally posted by Greg C:
i use farmers ,,, they have a landlord policy and i go for the 5k deductable


No Farmers in Florida unfortunately. I talked to State farm but they do not do landlord policies.

in my part of FL, citizens is the only insurer.

i had homewise before, but they dropped the area....nice!

Originally posted by Bill Gulley:
Hi, Ken, I can't advise as to which insurance company to work with, but, as to any deductable:

With any property casualty or liability policy the higher the deductable the less the premium is. The difference in savings could be viewed as an investment over time and your break even point can be established if the are no claims. But, then that's what insurance does, it indemnifies us for unforseen losses. The gamble here is do you have the funds available to self insure that portion of your loss and what are you really saving by taking the higher deductable? Anything beyound your break even point, without a loss, is then a savings. Do you sleep well at nights while assuming risks? I do and in the past fifteen years I can only recall two claims. Consider too your area, how often do you have bad weather or other insurable event. The main concern for landlords is the liability portion and such policies provide coverage on a first dollar basis. You might look into an umbrella policy for all of your properties. Bill


Thanks Bill. I will stick with a high deductable as that has always proven out best with any other insurance I have purchased.

If you are aware of any of the leading insurance companies that provide landlord policies that would be great. I don't think that can be construed as advice. Again thanks.

Originally posted by Greg C:
i use farmers ,,, they have a landlord policy and i go for the 5k deductable



I forgot to say thanks. I appreciate your feedback.

If you guys still have not found an insurance company yet, you can call my uncle. Even though his agency does not insure this stuff, he will know who to call.

Let me know.

Originally posted by Josh Green:
in my part of FL, citizens is the only insurer.

i had homewise before, but they dropped the area....nice!


Hey Josh,

I checked with Citizens through State Farm and was told they do not do landlord policies. Have you had success with them? Thanks

Originally posted by crosswind_:
If you guys still have not found an insurance company yet, you can call my uncle. Even though his agency does not insure this stuff, he will know who to call.

Let me know.

Thanks James. I would be great if we could call your uncle. As always thanks for your over top assistance.



Originally posted by Ken Hughes:
Originally posted by Josh Green:
in my part of FL, citizens is the only insurer.

i had homewise before, but they dropped the area....nice!


Hey Josh,

I checked with Citizens through State Farm and was told they do not do landlord policies. Have you had success with them? Thanks

I have citizens on my rental. no problem at all....call another company. i'm personally not a fan of state farm and their 'cherry picking' practices.

There is one called Universal Property Casualty in Florida that I believe will work with LLCs as a coinsured. However I remember that Universal agent said they will only do up to a 100K on liability coverage, so if you also have an umbrella liabiltiy policy that starts at 300K, universal won't work for you because you'll have a 200K gap.

Originally posted by Ken Hughes:
Originally posted by Bill Gulley:
Hi, Ken, I can't advise as to which insurance company to work with, but, as to any deductable:

With any property casualty or liability policy the higher the deductable the less the premium is. The difference in savings could be viewed as an investment over time and your break even point can be established if the are no claims. But, then that's what insurance does, it indemnifies us for unforseen losses. The gamble here is do you have the funds available to self insure that portion of your loss and what are you really saving by taking the higher deductable? Anything beyound your break even point, without a loss, is then a savings. Do you sleep well at nights while assuming risks? I do and in the past fifteen years I can only recall two claims. Consider too your area, how often do you have bad weather or other insurable event. The main concern for landlords is the liability portion and such policies provide coverage on a first dollar basis. You might look into an umbrella policy for all of your properties. Bill


Thanks Bill. I will stick with a high deductable as that has always proven out best with any other insurance I have purchased.

If you are aware of any of the leading insurance companies that provide landlord policies that would be great. I don't think that can be construed as advice. Again thanks.


Southern Fidelity will write a policy for rental property. I think Florida Family does too.

If you decide to go the umbrella policy route instead of LLC, my agent got me a cheap $2 million umbrella policy with Traveler's when I agreed to insure my car with them also.

Originally posted by Bienes Raices:
Originally posted by Ken Hughes:
Originally posted by Bill Gulley:
Hi, Ken, I can't advise as to which insurance company to work with, but, as to any deductable:

With any property casualty or liability policy the higher the deductable the less the premium is. The difference in savings could be viewed as an investment over time and your break even point can be established if the are no claims. But, then that's what insurance does, it indemnifies us for unforseen losses. The gamble here is do you have the funds available to self insure that portion of your loss and what are you really saving by taking the higher deductable? Anything beyound your break even point, without a loss, is then a savings. Do you sleep well at nights while assuming risks? I do and in the past fifteen years I can only recall two claims. Consider too your area, how often do you have bad weather or other insurable event. The main concern for landlords is the liability portion and such policies provide coverage on a first dollar basis. You might look into an umbrella policy for all of your properties. Bill


Thanks Bill. I will stick with a high deductable as that has always proven out best with any other insurance I have purchased.

If you are aware of any of the leading insurance companies that provide landlord policies that would be great. I don't think that can be construed as advice. Again thanks.


Southern Fidelity will write a policy for rental property. I think Florida Family does too.

If you decide to go the umbrella policy route instead of LLC, my agent got me a cheap $2 million umbrella policy with Traveler's when I agreed to insure my car with them also.


Thanks I'll check them out tomorrow.

Not sure if they handle FL, but I would look into Wrenn Insurance or Renovator's Insurance. They are investor friendly, and provide coverage for LLCs too.

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