San Mateo, CA · Member since 2017 · 5 posts · 3 votes
Any recommendation for SFH rental property insurance companies around Atlanta? Currently with American Family Insurance and it's $800+ for a $200K property. Would love to switch to a lower cost one.
40 cents a 1000 in value if it includes good liability coverage is going market rate. The 2 big commercial real estate insurance brokers in Atlanta are Stirling Risk Insurance and McGriff Insurance if you want a broker to shop it.
40 cents a 1000 in value if it includes good liability coverage is going market rate. The 2 big commercial real estate insurance brokers in Atlanta are Stirling Risk Insurance and McGriff Insurance if you want a broker to shop it.
This is super helpful reference data and thank you Stan for the quote! Will reach out to both for quotes!
First,,, $800 for a $200k prop is very cheap! I strongly suggest to every landlord to get $1M liability and if your co doesn;t offer $1m move on and find someone who does.
I've had coverage from most of the nationals and for many reasons they all drove me nutz!!! The more doors you have the more likely a national will not work for you.
I've moved all my rentals to an ins co that serves landlords of all sizes but especially big folks many doors.
nreig.com
Monthly billing for no debt houses. Add and subtract a door using a web page. No agents to deal with. Good support via email (or call) if you need help. $1M liability is available. They hvae an umbrella policy division that you can put over all your rentals, I did, I added another $1m.
nreig supports LLC/trust 401k, ira held rentals. I have 4 differnt business that I hold rentals and nreig ACHs from the business bank account automatically and the umbrella is over all 4 businesses. No other co will do that.
Now,,,, all ins co's have the same problem. When you ask for a comparitive quote it may come back stupidly high and you say they are no good. This is the game. They max out their calc of replacement value which is the biggest driver of rental ins policy cost. Most of my doors I have jumped from replacement cost to ACV actual cost value. I often insure just past the mortgage balance, or 80% of their replacement cost calc. Or for my double wide mobile homes I pick a value of $60k.
Its not a simple thing to compare quotes!!! I can assure yuou. It takes experience speaking the greek like insurace co language to tweek an actual cash value quote to work for both the carrier AND the lender.
I always do $5k deductable, $1M liability and max out the medical. Some lenders balk at $5k deducatable and I had to drop to $2.5k.
In general, I hate the national carrirs for many reasons. But I still have a few doors on Auto-Owners used to be written through BB&T agents. Auto Owners has a few unique advantages but not enough for me to put all my doors on them. When some glitch happens on the auto ownere doors I'll ditch them and move those to nreig.com so all will be on one portal / view / easy to manage.
@Lisa Y. I agree with @Curt Smith. Working with a a broker than can insure nationally as well as sizes of rentals is key as you grow your property portfolio. The Main St. insurance agency/companies have limitations on how many rentals they will insure from an investor. Once you get over a certain number, they begin to look at you as a business owner vs. a rental property owner.
Which leads me to another point. You have a business and this is the next step (i.e moving to an independent/national agent/broker). I coach many of my new investors when they cross this threshold and want to look for not only value, but service and coverage. Remember, it's not about price. It's what you get for the price that makes the difference.
Last and not least. The insurance industry is into a "hard market" right now. Meaning, premiums increases and tighter underwriting. Probably for the next year or so. Keep an eye on your policy when it renews for increased rates and if you are concerned that it's higher than you feel it should be. Ask your broker to re-market it to their other companies.
Not sure about rules on endorsement here, but we use Bloom Insurance in Roswell, GA. They broker for various agencies and can shop rates. I've had a good experience so far. DM me if you need contact details.