Cheap insurance provider for rental portfolio in Chicago

Member since 2020 · 21 posts · 4 votes

I have a portfolio of rental properties (>25) mainly in Cook County. I'm looking for a barebones insurance company (couple hundred dollars annually?) that can write up my policies to abide by my lender's conditions (125% of Replacement Costs or at least the Loan Amount, etc.).

Whenever there is damage I just repair it myself since 1) we have an in-house construction crew and 2) my deductibles are insane: believe it or not, I have to keep my deductibles around $10-15k/property to get my premium down to ~$1,000/property. I don't remember the last time I used my insurance for claims...they are really irrelevant to my case.

Anyone have recommendations?

1 Reply

36 views

Investor-friendly agents in Chicago, IL

See the agents BiggerPockets members work with in Chicago, IL.

Most Popular Reply

Eudith VacioPro Member

Real Estate Agent · Chicago & NWI · Member since 2015 · 860 posts · 521 votes

Hey @Pierce W. - I work with an insurance broker in Indiana that can get you some great prices. PM if you need his number!

2 Reply

See this reply in the discussion

5 Replies

Jump to latestLatest

Sort by

Jason BottPro Member
Insurance Agent · Nationwide · Member since 2014 · 2k+ posts · 1k+ votes
4y
@Pierce W. Cook County is not an easy place to find reasonable pricing.
They may not be much room if you need 125% of RC. This endorsement is only available on a personal form policy. If they will allow the loan amount, this can be accomplished with a Commercial policy.
I'll PM you the carriers my clients are using.
1 Reply
Pierce W.
OP
Member since 2020 · 21 posts · 4 votes
4y
Quote from @Jason Bott:

@Pierce W. Cook County is not an easy place to find reasonable pricing.
They may not be much room if you need 125% of RC. This endorsement is only available on a personal form policy. If they will allow the loan amount, this can be accomplished with a Commercial policy.
I'll PM you the carriers my clients are using.

Thanks @Jason Bott
0 Reply
Jonathan KlemmBusiness Member
Moderator
Contractor · Chicago, IL · Member since 2016 · 4k+ posts · 2k+ votes
4y
@Pierce W. - I've got a couple of great insurance brokers that work in Chicago and Cook county. Feel free to reach out and I can share their contact details.

If you have specific requirements like @Jason Bott, there may not be a big difference. Who are you currently using for your insurance?
[email protected]
Quality Builders4.968 Reviews
Website View Page
1 Reply
Eudith VacioPro Member
Real Estate Agent · Chicago & NWI · Member since 2015 · 860 posts · 521 votes
4y
Hey @Pierce W. - I work with an insurance broker in Indiana that can get you some great prices. PM if you need his number!
2 Reply
John Warren
Real Estate Broker · 3412 S. Harlem Avenue Riverside, IL 60546 · Member since 2015 · 6k+ posts · 5k+ votes
4y
@Pierce W. I feel your pain... insurance costs always seem to go up even though I never use them. I have a solid insurance guy I will send you. He insures just about all of our apartment buildings, and he also does some of our business insurance as well.
1 Reply

Join the conversationCreate a free account to reply, vote on answers and follow this thread.