Best Commercial Insurance Company?

Question

Who does everyone use for insurance on their rental properties? Most cost effective would be ideal.  I just started an LLC and need to move my properties onto a commercial policy. FYI, I only operate in the state of Iowa. Thanks in advance!

Amanda H. · Answer

Thanks for the info!

Just to clarify, I only have single families right now. I don’t do ACV right now simply because the cost difference is so minimal.

Also, I’ve only ever used one carrier and was hoping to avoid the headache of shopping around if investors here generally have a great go-to company for their rentals.

Jason Bott · Answer

@Amanda H. the "Best" company will depend on the type of property, what type of coverage you want, as well as the state you are located.

IF you want full Replacement Cost on your single families, then company A will be the best bet.  But if you want to  insure low, with an Actual Cash Value policy, company B would work better.

I'll drop you a PM with the companies used by my clients in the Midwest.

John Mocker · Answer

Amanda,

You may not have to move the properties to a commercial policy.  Some Personal Insurance companies will write LLC's.  If your agent can't do it I would check with other Independent Agents to see.  It may still be better for you to put them all on a commercial policy(ies) but at least you will know if there is another option.