Any suggestion for insurance company to use for investment property ?
where in michigan? i use C&C underwriters in Livonia, amazing prices with Encompass Insurance. but EI does just 4 investments.
farmers is TOOOOOO expensive.
near Royal Oaks area.
I've been using State Farm for all my investment properties and personal Home/Auto. I have not compared rates with others as I have never had an issue with SF. Recent water damage due to a busted pipe..they were on site the next day and I had a check for damages in just a few days.
It isn't a MI company (not sure if that is a requirement) but I am in Michigan and use Affinity Group Management (http://www.nreinsurance.com/) The actual policy is written out through Lloyds of London.
For coverage amount around 50K I pay roughly 23 a month a house and for coverage amount around 145K I pay roughly 60 a month a house.
Please do your own due diligence as I don't work for the company and am not an insurance provider just providing you with my experience.
Thanks for the quick response @Richard Ball . I am going to call Geico, State Farm also to get basic quote first for comparison.
This is my first time so wondering what kind of details to check and covered in the policy.
We used Frankenmueth for our commercial property in clawson.
And Remember, you want landlord insurance, not homeowners.
Another item to think about concerning coverage is a replacement policy or value of purchased property value. They can be substantially different in cost.
@Pete Tam Myself and a ton of other investors that I know in The Metro Detroit Area use Chris Moshier with Simplified Insurance- (248) 996-8904. He Specializes in insuring Investment properties. Highly Recommend him. At the very least he's a great resource and can answer any questions that you might have and point you in the right direction.
what is the avg. insurance cost per month or yearly ?
I got big quote from insurance company but want to check with you guys to see what are the necessary items to cover in the policy. Here is the following list provided by insurance agent:
This post has been removed.
Hi Pete, I came across this post as I am new to Bigger Pockets. I am an insurance professional and I live in Royal Oak and service the entire state of Michigan. If you were not able to find help with the insurance for your rental property at the time, please feel free to connect with me.
I work for an independent insurance group where I represent multiple carriers, I am more than happy to help!
Hi @Christina Coffman thanks for your message. I am able to get decent quote 2 yrs ago but will let you know when it comes to renewal in next few months time.
Sounds great! Thank you for the response and future opportunity!
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing