Insurance Carrier Options

Rental Property Investor · Naperville, IL · Member since 2015 · 46 posts · 13 votes

I currently have State Farm for my rental properties and while they are good, I think there may be a better deal out there. I was wondering if there are other carriers out there who provide similar coverage for lower costs? Or is there a carrier out there who specialize in rental properties? Also, the same would be true for my liability insurance for the properties. Any advice would be appreciated.

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Jake FugmanBusiness Member

Real Estate Broker · Chicago, IL · Member since 2016 · 256 posts · 250 votes

@Joe Hermanson I have State Farm as well for a few of mine, but just put a new SFH rental under National Real Estate Insurance Group since they offered vacant coverage while I finished a rehab. They are focused on investment property coverage plans so Id recommend checking them out.

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Jake FugmanBusiness Member
Real Estate Broker · Chicago, IL · Member since 2016 · 256 posts · 250 votes
7y
@Joe Hermanson I have State Farm as well for a few of mine, but just put a new SFH rental under National Real Estate Insurance Group since they offered vacant coverage while I finished a rehab. They are focused on investment property coverage plans so Id recommend checking them out.
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Jason BottPro Member
Insurance Agent · Nationwide · Member since 2014 · 2k+ posts · 1k+ votes
7y
Originally posted by @Joe Hermanson:

I currently have State Farm for my rental properties and while they are good, I think there may be a better deal out there. I was wondering if there are other carriers out there who provide similar coverage for lower costs? Or is there a carrier out there who specialize in rental properties? Also, the same would be true for my liability insurance for the properties. Any advice would be appreciated.
Joe, For single family buy and holds, State Farm is competitive Chicago. If you have mixed use buildings or doing flipping, then there are other options that may be a better fit.
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Justin Tahilramani
Real Estate Agent · Abigndon, MD · Member since 2018 · 10 posts · 5 votes
7y
Joe - have you looked into Foremost? They are geared more towards investors.
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Joe Hermanson
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Rental Property Investor · Naperville, IL · Member since 2015 · 46 posts · 13 votes
7y
Thanks Everyone. I'll check into Foremost and National Real Estate Group.
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John Warren
Real Estate Broker · 3412 S. Harlem Avenue Riverside, IL 60546 · Member since 2015 · 6k+ posts · 5k+ votes
7y
@Joe Hermanson I have found that insurance agents who are not with "captive" agencies like a State Farm end up giving me much better pricing. I have two insurance agents who I work with currently, and they can write policies with multiple different companies. I have different carriers for all the different apartment buildings I own, and I am totally fine with that. Insurance is one of those commodities that you have to shop around for quite a bit to make sure you get a great rate without sacrificing the quality of the policy.
One more thing you should consider is running your policies by an insurance adjuster. Most of them will do this for free as this allows them to earn trust before you have a big claim some day. I have started doing this as the adjusters are a disinterested 3rd party that can help you find holes in your current coverage.
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