Need advice on grouping rental property insurance

3 Replies

I have been fortunate enough to now have 3 rental properties and I have 3 home owner (rental) property insurance policies. I have read a bit about personal line and commercial line policies but I still don’t get it. I know there must be a cheaper way to “bundle” my insurance policies for my rental properties than what I’m currently doing; multiple separate policies is costing me a fortune. If y’all have any advice I’d be glad to take it. DL

Just shop them around with different carriers. Rates are going to vary by company and by zip code. You will not find a lot of carriers that offer a bundled rate when it comes to investment properties. Foremost is the only company that I have worked with that will offer multi-property discounts but that doesn't mean they will have the best rates. Search for an independent insurance agent in your area and ask them if they have experience with real estate investors. If they do, then ask them to shop with different companies for you. I would ask which companies they represent and if they list less than 3 companies then I would keep calling around. 

@Davis Lancaster @Nick Bendick gave great advice.  I would add the following.

3 properties may still not be a high enough # for a commercial policy to make sense, but worth spending your time to investigate.

MS is a costal state, which most insurance companies are not crazy about, so it makes the most sense for you to find a local agent who specializes in rental properties, and represents a fair # of insurance carriers.

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