We just received the renewal notice for a few of our properties and we are seeing significant increases for premiums for wind and fire (about 30 %) I have properties in two Texas county's, Jefferson and Hardin (Beaumont) We have no claims on these properties from any of the previous hurricanes as far back as Rita, and Ike along with and including last year's Harvey but our area had more than its share of claims I'm sure. I realize when discussing insurance that you have several factors driving the cost for the different types such as fire , wind, flood, liability etc. which may or may not be combined to a single policy depending on the location and the provider. I'm just looking for recommendations from the BP Community for insurance providers that we might reach out to for quotes in order to make sure we get best coverage and price possible.
Tara Arena at TWFG on Dowlen Rd is my agent. She's great and can help you out.
10-4, thanks @Aaron R.
We have been with this company for years and they stopped writing new rental properties last year and now this at renewal. It may be there way to just move away from the rental market. Thanks for your response @Sam B. and @Aaron R.
@Sam B. I'm under contract for a small apartment complex and the seller's policy renews next month, and it's a lot higher than I expected. It's for Liability + Building (Windstorm & Fire etc) also no claims since Rita and Ike.
Thanks for the input @Adriel Hsu
Sorry to hear that... look at reducing unneeded coverage or increasing your deductibles. I have a very specific strategy for my rentals.
We have seen some rates with some companies really shoot up.
Sometimes what we think is that one company we write policies with will decide they have enough exposure in an area, then their rates may pop way up.
We see other companies who will lower their rates in order to get a lot of business.
I think if there is a big hail storm or a hurricane rolls through and there are a lot of claims or something like that, the company can just say "Hey, we were charging $500 per year and now it is going to be $800-1200 per year, if you want to keep working with us."
I would check 2-3 companies and see if one of them can get you the coverage you need at the pricing you are looking for.