Seeking Quotes for Landlord Insuranc

6 Replies

Hello BP,

Just closed on our first rental property; a 3/3 townhome in Columbia, SC. I'm gathering quotes for a rental dwelling policy and we don't have any existing policies in the state. I've sought a referral from our current agent of our homeowner's and auto policies here in Virginia, but I'm looking for suggestions for additional quotes from solid brokers in Columbia.

Thanks in advance.

They let you close without insurance? What if it burns down tonight? I’ve always had to prove insurance and pay it during closing. 

Anyway. I’ve had good luck with allstate in Nevada but that’s because I bundled 12 rentals with cars/primary and umbrella. I use State Farm in MN s my allstate guy wasn’t licensed and State Farm was very cheap. 

Get a high deductible, you don’t want to make a claim under $15-$20k anyway, so at least $2,500, I use $5,000. 

Do something quick before they “force place” insurance on you at 2-10x the going rate.

They let you close without insurance? What if it burns down tonight? I’ve always had to prove insurance and pay it during closing. 

Anyway. I’ve had good luck with allstate in Nevada but that’s because I bundled 12 rentals with cars/primary and umbrella. I use State Farm in MN s my allstate guy wasn’t licensed and State Farm was very cheap. 

Get a high deductible, you don’t want to make a claim under $15-$20k anyway, so at least $2,500, I use $5,000. 

Do something quick before they “force place” insurance on you at 2-10x the going rate. 

@Aaron K and @Bill Brandt, I appreciate your responses. I've got turned down by a company because I didn't have an existing policy with them.

Logical decision regarding the deductible, Bill. Thanks. Definitely won't let another 48 hours pass without locking in the new policy.

I don't want to over-insure either; Do you base your coverage on the investment amount, current value, or ARV?

@Quinton Harrell welcome to Columbia investing!!  I hope you found insurance.  If not, check Herring Insurance Services in Lexington, SC (wont let me post the phone number). They have all 50 of our rental units and do all of our flip properties.  

Reminder:  Columbia's Meet up is coming up - 

https://www.biggerpockets.com/forums/521/topics/763998-rei-live-columbia-sc-meet-up?page=1#p4489275

Thanks, @Andrew R. Lucas , I appreciate the referral; I'll keep Herring in mind when we begin to accumulate more properties. My State Farm agent in Charlottesville connected me with an agent in Columbia, so we're covered now.

I hate that I'll miss the meet up next Tuesday; I have a few engagements in Charlottesville to attend that day. Keep me posted for the next one.

Cheers,

Q