Heya fellow Tennessee Investors!
Would love to know who y'all use for your rental properties. We have properties in Memphis and in middle Tennessee.
Currently we are using Farm Bureau for our personal residence and our rental properties, but have found that they require more changes/updating as situation with occupancy in a home changes and we are hoping for something a bit more hands off. We use REIGuard for our flips but they are more expensive.
Any suggestions would be appreciated!
Happy investing and happy Monday! :)
I use MiddleOak.
We have a commercial policy through Eerie Insurance that covers all our rentals. It is cheaper and very "hands-off". Only hiccup you might run into is it has to be paid together, so it isn't done through escrow if you have mortgages on the rentals. Some banks give you grief removing the insurance from escrow, but it was worth it.
Following - will also be interested in recommendations, though I have to deal with finding a company that will write a policy after making a large claim to repair fire damage.
Have Liberty Mutual on my primary residence, but they dropped coverage on a rental house I own after I moved out of the home and converted to a rental, even though they had initially told me they would write the rental policy when I moved out.
Then I was able to get a policy on the home with National Lloyds, but this policy was not as good. They have now cancelled my policy after I had a fire damage claim - though they still insure my other rental. Understand this is standard practice for the industry to drop someone who makes a claim, but still frustrating since the house is mostly brand new after repairs.
Probably will be very limited in who will even quote the house after my claim, but hoping I can find someone who wants all my business and will be willing to write the policy based on the whole package, rather than just the one house. Already anticipating higher rates - but is there anything else I can do to find a good policy other than just shop around a lot?
Parker Rhett with State Farm has been great
Pm me for his contact info
I use State Farm.
Somewhat old thread, but I'll second Erie. I had a mailing last week that promised to "cut your insurance rate by 50%". I didn't even consider it, partly cause I don't believe them, but mostly because it wouldn't matter. I had a run of extremely bad luck about a year ago and had water damage at three properties simultaneously. Erie Insurance came through it like a champ. I highly recommend them!
I'll second that they are also hands off about occupancy. My agent advised me when I was selling my personal residence that I needed to advise them if it was vacant longer than 90 days. If I remember correctly, they didn't consider it "vacant" if I least hod some furniture there, the power was still on and in my name. It's been a bit though.
Thanks ya'll for all the suggestions and feedback. Ironically we sold our last rental in December and 3 weeks later we found out that it burned to the ground. Reminded us of the importance of insuring as soon as we close on a house!
Will follow up on your particular suggestions of people and companies as soon as we start building our portfolio again.
Hope ya'll have a fabulous 2018!!
@Elizabeth Wilson I use Chris Couch with First American, great rates.
Would you mind sharing your contact info for the insurance companies you mention above?
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