Insurance company suggestions?
<may be considered political, but that's not my primary intent>
I currently have our insurance for our three rental properties at State Farm. I don't want to give State Farm our business any longer, because of their association with ALEC. I don't want to discuss politics here, but I do want to know what companies are favored by real estate investors who do not wish to support any corporations associated with ALEC.
http://www.sourcewatch.org/index.php/ALEC_Corporations
http://www.sourcewatch.org/index.php/Corporations_that_Have_Cut_Ties_to_ALEC
So, I'm looking for suggestions for alternative companies good for insuring rental properties. We are in Madison, Wisconsin so they'd need to operate here or near here.
@Tanya F. My agent has me with Auto Owners, probably one of the most reasonable price, and they will still do cash value base instead of replacement cost, my typical 2-3 bed SFR in town insured for $60K is like $260/year with rental risk, the ones with wood burning accessories like fireplaces, and wood furnaces are $350/year. we have about a dozen with them right now, hope this helps. at some point State Farm wont cover you anymore anyway, they dont like rental risk, (i have a friend thats an agent with them)
@Account Closed I make many of my buying decisions based on political contribution, if you spend your money at a business that contributes to a PAC or organization, a portion of the profit from your sales goes to that cause. I refuse to patronize Hallmark, Sara lee, Buffalo Wild Wings, Applebees, and a bunch of others, because the contribute to anti 2A efforts, I am a Right leaning Libertarian, and avoid doing business with people and companies that support left leaning causes, i voting with you pocket book sends a message, and I have to feel good about where i spend my money.
Maybe i should clarify, I prefer to do business with companies that share similar political views as I, because those profits contribute to causes I tend to believe in, if i buy a Sara Lee Pie, they make a profit from that sale, and a small portion of that contributes to anti gun efforts, which i disagree with, so I choose not to buy their product, because I dont want to support that cause, this is a simple free market concept, it does not make a huge difference, but in my opinion, every little bit makes a difference. this is my philosophy, and how I choose to spend my money, and is the right I have in a free market society
WI Mutual is the best insurance company for rentals in Wisconsin IMO - If someone can find better rates, please let me know!
I have no idea about their political associations, but I use Wisconsin Mutual for several of my rentals in the Madison area. I had a large claim about a year ago (upstairs waterline broke flooding unit below) and they were awesome to work with.
Thanks for the input! Keep it coming! We will look into Wisconsin Mutual and others.
@Account Closed said. Simple free market concept. And it is especially relevant if it a policy from WI Mutual costs less than one from State Farm! I wish I would have found the list above earlier. Now I regret supporting them for the past 5 years.
My broker currently has me with Berkshire Hathaway Homestate. For my properties we found them to be about 60% the cost of Auto Owners.
There are many options for insurance and a good broker should be able to set you up! Best of luck!
So one of our tenants is an agent. He likes Auto-Owners. He also said that WI Mutual won't write an "unsupported policy" meaning that they'd also want our home, auto, or umbrella liability policy (Auto-Owners will write an unsupported policy). We have those personal policies separate and want to keep them that way.
Thanks, I'll look into Berkshire Hathaway Homestate.
Besides Auto-owners, our tenant also suggested Little Black Mutual and Foremost. Any experience with any of these?
(we won't use our tenant as our agent- but we do value his opinion)
Foremost has good rates. It is a company of Farmers Insurance.
@Tanya F. contact @Jason Bott he is the best in the business.
Mr. Duplex
@Tanya F. I use REIGuard for all my investment properties insurance, don't know if they're affiliated with ALEC. They operate nationwide and cater to investors needs by offering month-to-month policies, Actual Cash Value policies, Vacant Property policies, and many other investor friendly options. Also, you can keep all your billing on one monthly invoice, which makes it easier to organize and track.
hi guys,
Insurance for rental property is getting more limited each year. all of the carriers have experienced large losses in that market. that being said, there are still several great carriers that are committed to rental properties and investors.
I own an independent insurance brokerage in Brookfield. Philleo Agency Insurance. I also am a real estate investor, both residential and commercial. real estate is our largest class of business we write.
I really understand that obtaining good insurance can be difficult for many investors. We work with investors everyday and help them solve that. if I can help answer any questions, feel free to post them or reach out to me.
We currently go through Bob Dummer at PC insurance which was a REIA referral. I agree with Mike though too; Jason Bott is worth checking out as well.
Philleo Agency Insurance is great. I've worked with Ron for about 10 years now after American Family insurance dropped us. He's helped us through some tough renewals after a major claim ($350,000 fire) and has always been there when we need a new purchase quoted.
I agree with @Chris Heeren and @Clint Farlinger. WI Mutual all the way!