Rental Portfolio Insurance Policy

13 Replies

For those of you that have several 1-4 unit rentals, do you all have individual landlord policies? I have always done it this way, but have heard (and currently getting a quote) on commercial portfolio policies. Basically an insurance provider issues a commercial style policy to place all dwellings under one policy.

I would like anyones input if they have gone this route, and their experiences.

Thank you!

@Justin R. I tried to get a policy like this one time but the requirements were just too cumbersome and it would have taken me too long to submit all the documentation and meet all the guidelines and I think I was only going to save like 4% so I just kept my little individual policies... Plus they have inspectors coming out to every property and just combing through stuff looking for problems and you end up having to fix at ton of stuff and come out of pocket versus the individual policies they don't really do that...

I actually just got a master policy quote for all of my properties in the state of Michigan. This particular brokerage only operates in a few midwest states, so unfortunately I cannot incorporate all of my properties. If I decide to place all of my MI properties in this policy, it happens to save me 3200 a year (12 properties/21 units) and increases my coverage.

I may go for this, but will probably shop a round to try and find a brokerage who can incorporate all of my policies into one. This would save me so much time, having just one insurance payment a year, and much easier on accounting.

Last December I switched to a broker who was able to do a blanket style portfolio loan. Although I upped my deductible substantially (5k, I don't file claim typically) my premium was lowered, and enjoy the convenience of a working relationship with a agent that is responsive, and experienced with investors. I'm glad I made the switch. I use @JasonBott and haven't looked back twice.

Originally posted by @Justin R. :

Last December I switched to a broker who was able to do a blanket style portfolio loan. Although I upped my deductible substantially (5k, I don't file claim typically) my premium was lowered, and enjoy the convenience of a working relationship with a agent that is responsive, and experienced with investors. I'm glad I made the switch. I use @JasonBott and haven't looked back twice.

 Justin, appreciate the kind words.