Investor · Pikesville, MD · Member since 2016 · 40 posts · 8 votes
In my name I have some investment properties which are from 4Bed/2Ba SFH to Duplex and all of them are rental property, the coverage is replacement value and the highest property insurance among these are $735. Now my investment property is expanding and I suppose to form LLC,and in last month I purchased the first investment property in the LLC name.Here is some details of the coverage, its dwelling- fire,extended,and liability in the same city with the other properties.What I can say is except premises liability,and vacant house, every thing else is almost the same coverage with the others.The new house is 3Bed/1Ba SFH. what wonders me is the insurance quote for the LLC Property that I got today,Guess what, the insurances quote that I received today is $1968.70.Since its a business i was expecting a bit higher than other properties but as you see it is way higher than the others.I wounder if you went though like this and what do you think, is this quote normal for LLC investment property insurance?.
In my name I have some investment properties which are from 4Bed/2Ba SFH to Duplex and all of them are rental property, the coverage is replacement value and the highest property insurance among these are $735. Now my investment property is expanding and I suppose to form LLC,and in last month I purchased the first investment property in the LLC name.Here is some details of the coverage, its dwelling- fire,extended,and liability in the same city with the other properties.What I can say is except premises liability,and vacant house, every thing else is almost the same coverage with the others.The new house is 3Bed/1Ba SFH. what wonders me is the insurance quote for the LLC Property that I got today,Guess what, the insurances quote that I received today is $1968.70.Since its a business i was expecting a bit higher than other properties but as you see it is way higher than the others.I wounder if you went though like this and what do you think, is this quote normal for LLC investment property insurance?.
Alex, a few comments.
1. you say “what I can say is except premises Liability and Vacant house, everything else is the same”. Policies for Vacant buildings are 2-3x’s an occupied rental. Ask your agent if you were quoted a Vacant building policy. If so, you should be able to switch once the property is rented.
2. Insurance companies that specialize in Home and Auto can handle a few properties, but are not competitive with commercial policies as that is not their target market.
3. Once you have 5-6 rentals, get some quotes for a commercial portfolio policy. You may be surprised at the rates. Also, you can have multiple entities on one policy as long as their is common ownership
Investor · Pikesville, MD · Member since 2016 · 40 posts · 8 votes
6y
@Julie Marquez, The Same price? Its Impressive!! Does your insurance company operate in your local area or nationwide? if you think they operate in East coast please PM me.
Investor · Skagit County, WA · Member since 2016 · 1k+ posts · 807 votes
6y
The company is broker is local to Skagit County, Washington. It is with SafeCo insurance, I'm not sure if you have them on your coast, the Seattle Mariner's play at SafeCo Field (used to until t-mobile paid more for naming rights)
In my name I have some investment properties which are from 4Bed/2Ba SFH to Duplex and all of them are rental property, the coverage is replacement value and the highest property insurance among these are $735. Now my investment property is expanding and I suppose to form LLC,and in last month I purchased the first investment property in the LLC name.Here is some details of the coverage, its dwelling- fire,extended,and liability in the same city with the other properties.What I can say is except premises liability,and vacant house, every thing else is almost the same coverage with the others.The new house is 3Bed/1Ba SFH. what wonders me is the insurance quote for the LLC Property that I got today,Guess what, the insurances quote that I received today is $1968.70.Since its a business i was expecting a bit higher than other properties but as you see it is way higher than the others.I wounder if you went though like this and what do you think, is this quote normal for LLC investment property insurance?.
Alex, a few comments.
1. you say “what I can say is except premises Liability and Vacant house, everything else is the same”. Policies for Vacant buildings are 2-3x’s an occupied rental. Ask your agent if you were quoted a Vacant building policy. If so, you should be able to switch once the property is rented.
2. Insurance companies that specialize in Home and Auto can handle a few properties, but are not competitive with commercial policies as that is not their target market.
3. Once you have 5-6 rentals, get some quotes for a commercial portfolio policy. You may be surprised at the rates. Also, you can have multiple entities on one policy as long as their is common ownership
Investor · Pikesville, MD · Member since 2016 · 40 posts · 8 votes
6y
@Jason Bott, I guess it building policy,I will check with my agent.I have over 6 properties. Thank you so much for your portfolio policy suggestion,I will work on it ,i never know there is such a policy out there.
Investor · Shelton, WA · Member since 2017 · 6k+ posts · 6k+ votes
6y
We have properties in our own names and others in LLC; not seeing a meaningful difference other than perhaps location. I make it a point to shop insurance regularly.