Do you recommend Foremost insurance?

Question

I have a contract on a 4 plex and have always used Farmers Insurance. I received a quote from Foremost which is almost half the cost. While I will carefully review and compare both policies to make a good decision, I want to know if anyone has used them and recommends them.

Thank you very much!

Alexa K. · Answer

I used Foremost for the first 4 years of being a landlord -- it was $510/year for my one SFH. Switched to a business policy with the help of a broker once I had 2+ properties... set me up with American Family, $550/year total for 3 SFHs, and I get even better coverage. I'm never going back. Just my two cents.

Sophie Li · Answer

@Alexa K. thanks for sharing your experience. Could you share the insurance broker’s contact info you used? I’m interested in exploring that route. Thank you.

Jason Bott · Answer

@Adah N. I can send you some carriers to try.

You should note, eff 1/1/2023, Foremost is no longer taking on buildings with more than 1 unit. That may change at some point, but I have a feeling that will stick for a year or 2.

Owen Rosen · Answer

This is VERY hard to do for someone that isn't a knowledgeable agent with an eye for detail. If you just compare the main coverage amounts such as dwelling, liability, deductible, etc. you could be missing HUGE differences in the policy that are written in insurance lingo.

Foremost is a good company. They happened to be owned by Farmers. Which is owned by Zurich. Just FYI.

The market is very challenging for over 4 units right now. It can be challenging for 1-4 units depending on the property characteristics, your loss history/other rating factors, and location.

Kristin Moore · Answer

@Alexa K. & @Sophie Li, would you both mind sharing which insurance brokers you are working with? Thank you!

Cameron Moore · Answer

Just hire an insurance broker that can shop the many options for you and will not be partial to any one company.

Eliott Elias · Answer

They're all the same, sounds like you're comparing apples to oranges on policies. But both policies together that match and see the price difference.

Adah N. · Answer

@Jason Bott

I am shopping for insurance for a 4plex. What commercial carriers do you recommend?

Kevin Koone · Answer

Claudia, They've recently become more competitive and I do recommend them. BUT are there any problems with your 4 plex? Outdated, old roof, etc? You should have a lot of options if it's a building that's been updated etc.

Farmers itself does some weird things with their deductibles and they're very specific what they want right now.

Let me know if I can help.

Do you recommend Foremost insurance?

Do you recommend Foremost insurance?

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