Investor · SC · Member since 2016 · 89 posts · 35 votes
General Question: When I need tax help, I go to my CPA. When I need to understand an area, I talk to my agent and property manager. When I need financing help, I go to an experienced mortgage broker... Who do I ask for advice / options for creative insurance strategies? Insurance broker? I have met some nice insurance folks, but none have shown any interest in partnering with me to make the right decision.
Particular Question: We own properties in Texas and South Carolina and are looking to consolidate coverage for all of our units. I know there are ways to stack policies, share risk across the portfolio, and drive costs down, but I am not versed in the subtleties of how to do so.
Real Estate Agent · Keller, TX · Member since 2017 · 850 posts · 825 votes
9y
@JR M. It has taken me a few years to find the right insurance agent to work with here in Texas. He understands REI portfolios. Send me a PM and I will connect you with my insurance guru. He has helped many other investors I have referred in the past. Words are free.
Real Estate Agent · Keller, TX · Member since 2017 · 850 posts · 825 votes
9y
@JR M. It has taken me a few years to find the right insurance agent to work with here in Texas. He understands REI portfolios. Send me a PM and I will connect you with my insurance guru. He has helped many other investors I have referred in the past. Words are free.
Insurance Agent · Nationwide · Member since 2014 · 2k+ posts · 1k+ votes
9y
@JR M. there are not many of us agents who are versed and have the access to insurance carriers to help investors with multi state / out of state investing. The few are here on BP.
There are 3 main barriers that stop agents from getting into this space;
1) The agent needs to pay to be license in each state annually
2) Each insurance company needs to pay a fee for each state the agent is in.
3) Most agents/agencies do not have the volume to be contracted with all of the REI insurance companies in order to provide great options.
As you can see, even if an agent wants to get into the space, 9 out of 10 agents can't get the 3 things done above. Because of this, they will always be offering subpar options.
Insurance Agent · Norwalk, CT · Member since 2016 · 2k+ posts · 1k+ votes
9y
JR,
If you are looking for one person to handle all your Insurance needs and be your advisor there is a limited pool to work with as Jason mentioned. We are one of the few Agencies that are licensed in all 50 states and I know how rare that is.
Each state is governed by its own State Insurance laws and Insurance Dept. regulations. Since you are dealing with just two states you may want to look for an Agent versed in Apartment & Rental dwellings in that state. The advantage of that is that they will be familiar with that state's laws, know the preferences of the companies in that state, and may have more options for that state.
In the wake of the storms, you may also want to ask the question, how was the Insurance company affected by the claims from the Huricane and will they be in it for the long run. I expect you will see companies tightening their guidelines in TX and other coastal states such as SC.
Investor · Singapore · Member since 2013 · 1k+ posts · 3k+ votes
9y
I don't know about multi state but in a single state I have consolidated all my properties. The trick is to find a commercial insurer not a residential one.