Rental Property Insurance

[Jasmine H.]

We currently use USAA's insurance for our rental properties. I just reviewed the renewal policy and the premiums for each have gone up by a whopping 25%. At this point, I don't feel comfortable holding on to these policies anymore. I wanted to see if it is common to have an insurance policy increase this much without claim and wanted to get advice on whether or not we should be looking elsewhere. Also, any suggestions/recommendations on insurance companies with competitive rates would be greatly appreciated.

[Bill B.]

In my experience 5-10% is common, 25% is probably not a “You specific” thing. Either they want to get out of the geographical location or the type fo insurance when ty increase it that much. They’ve also done 100 studies that show people are too loyal to the companies they buy from and they rarely change rl shop around, especially after 2-3 years. 

Get a quote or two from comparable companies, I assumed allstate would be expensive when I got a quote from them but the discounts I received on my personal property more than made up for any higher prices they had on my rentals.