Insurance Rates surged on Rental. Anyone have a good Ins. Broker?
4 Replies
Matt Nico
posted 3 months ago
Hi everyone,
I recently got insurance renewals on a couple of properties I own and manage in the Disney area. Most of my rentals renewed at the same price as before, with 1 house increasing by a few dollars a month, and one in particular increasing from $1,400/year to $2,300/Year. A $900 increase was not something I was expecting, so I am looking for someone who can search for a better rate for me. Please and thank you,
-Matt
Joel Braver
from Rockland County, NY
replied 3 months ago
Same here... I actually just (a minute before reading this post) reached out to two new brokers, trying to get better rates... will keep you posted
Matt Nico
replied 3 months ago
Yeah seems strange that some areas seem to be skyrocketing the insurance rates. I get people are a big spooked with Covid and all, but the insurance almost doubling doesn't seem right to me.
Terrell Garren
Rental Property Investor from Concord, NC
replied 3 months ago
Look into American Modern. I moved from USAA to them several years ago and they've done nothing to antagonize me. My rule of them - opt for the highest deductible, insure for 75% of ACV and avoid the add-ons like vandalism and flood. Just make sure you can cover the bet if God calls you on it. Best, Terrell
Matt Nico
replied 2 months ago
I am just now seeing your post now. Thanks for the advice. Im chatting with a broker now actually and making some calls around.
Loved the “God calls you on a bet” comment also btw. Mind if i use that?? Haha
-Matt