Harrisburg pa landlord insurance

9 Replies

Hello All 

Can anyone recommend a company for landlord insurance in the Harrisburg pa area? I have two properties insured with State Farm but I think I can get a better quote. I close  in the next couple weeks any input. Would be great. Thanks

How are you acquiring these properties? Through a real estate agent or a private transaction? If going through a REA, he or she should have some recommendations (RE agents, Insurance brokers and title companies talk to each other all the time). I know one company is Erie insurance.

Originally posted by @Brian Adzadi :

How are you acquiring these properties? Through a real estate agent or a private transaction? If going through a REA, he or she should have some recommendations (RE agents, Insurance brokers and title companies talk to each other all the time). I know one company is Erie insurance.

 Thanks Brian I'll give them a call 

@Derrick Wilson

This is up to you --- but I generally think folks should buy their business-related insurance through a broker instead of buying it directly from the insurance company. There are a few reasons for this. The short version is that it’s generally a bad idea to talk directly to an insurance company. Despite the TV ads that suggest otherwise, insurance companies and their agents are not looking out for your interests. That's especially true if you ever need to file claims. 

Disclaimer: While I’m an attorney licensed to practice in PA, I’m not your attorney. What I wrote above does not create an attorney/client relationship between us. I wrote the above for informational purposes. Do not rely on it as legal advice. Always consult with your attorney before you rely on the above information.

@chris k 

So I should just use an insurance broker to get me a better rate/quote?

I️ have a broker you can use. PM me. I️ looked at State Farm but it wasn’t as good as what I️ got through my broker

@Derrick Wilson

It's not really about the rates. Yes, there is a chance --- sometimes a good one depending on the product type --- that the broker can get you a better quote. But that's not the main reason why I use a broker. The main reason I use a broker is that I need an advisor to work with me on insurance matters for my business. In fact, I'm comfortable paying a higher rate if it is with one of the brokers that I trust.

For smaller rentals, you might be okay just working directly with the insurance company or working with a captive insurance agent. But as your business/investments start to grow, I really don’t see how anyone can justify not working with a good broker. 

Disclaimer: While I’m an attorney licensed to practice in PA, I’m not your attorney. What I wrote above does not create an attorney/client relationship between us. I wrote the above for informational purposes. Do not rely on it as legal advice. Always consult with your attorney before you rely on the above information.

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@Derrick Wilson

Are the two properties you are closing on currently rented or will it be vacant/under renovation?  You will need to insured for the correct situation.  If vacant/under renovation Foremost or American Modern are a market.  For properties that are rented out Erie, Safeco, Philadelphia Contributionship are a market  You will be able be able to access them through an independent agent/broker.  

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