Hi, I own a triplex that has had a few insurance claims over the past 5 years (broken pipe/plumbing replaced). The latest was a kitchen fire caused by tenant grease fire. My insurance has now given me notice of termination and I’m having trouble finding another insurance company that will cover me. Any referrals or advice is appreciated.
Thanks in advance.
There are two possible avenues for coverage when the regular market companies will not write it:
1. Excess/Surplus Lines
2. State sponsored plans of last resort (FAIR plan is the name in CT)
Seek out an independent Agent that represents many companies. Have they check with all their markets and if they do not have any company to take it have them contact the Surplus Market (everyone thinks of Lloyds of london but there are hundreds of companies that offer specialized policies). Be warned, the coverage is generally more restricted and pricer than a standard policy. If there are no surplus lines companies to write it, have the agent check to see if the state has a plan.