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Arif Dede
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Needed: Home insurance for investment properties

Arif Dede
Pro Member
Posted Jan 18 2023, 07:42

Hi guys!


I'm in need of a good quote on a property I'm about to close on. I'm in need of a solid home insurance. Any reference here that could direct me in the right way?

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John Mocker#1 Insurance Contributor
  • Insurance Agent
  • Norwalk, CT
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John Mocker#1 Insurance Contributor
  • Insurance Agent
  • Norwalk, CT
Replied Jan 18 2023, 08:24

Arif,

Normally, the Homeowners policy is used by Companies only for Owner Occupied 1-4 family houses.  Most companies will use the "Dwelling Fire" Policy for rented 1-4 family dwellings.  Our agency writes for close to 100 Companies and it has been my experience that there is no "go to" company for the Dwelling Fire policies.  The best coverage/price for your properties will probably be a factor of Location, condition, age, fire protection, loss history, etc.  My advise would be to seek out mutliple independent agents who write in that state and let them shop it for you.  Be clear to them on what you want covered such as:

- Special form for the perils 

- Replacement Cost on the building

- at least $_____ for the loss or rents

- no more than $_____ for the deductible

- Maximum Liability limits available

- Personal Injury coverage if available

Be sure to let them know if the property will be titled in an LLC, corp., or trust. They will most likely need to know the age of the Electrical, Plumbing, Heating, and Roof. If it is already rented, let them know if there are any pets and if any dogs, what breed.

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Kevin Hoag
Pro Member
  • Insurance Agent
  • Cleveland, OH
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Kevin Hoag
Pro Member
  • Insurance Agent
  • Cleveland, OH
Replied Jan 18 2023, 09:00

I agree with @John Mocker I used to be able to quote landlord policies with 1 carrier and win 50%+ of the time with just that carrier. I am currently quoting landlord policies with at least 5 different companies because of all the recent underwriting changes and rate changes. Several carriers to look into that quote properties in the Detroit area are Foremost, Aegis, Tower Hill and American Modern.  Detroit can be a tough place to find good rates and there are several areas that some insurance companies will not even offer a quote. Shop Shop Shop until you find what works best for you. 

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Drew Sygit#2 Managing Your Property Contributor
  • Property Manager
  • Royal Oak, MI
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Drew Sygit#2 Managing Your Property Contributor
  • Property Manager
  • Royal Oak, MI
Replied Jan 20 2023, 09:40

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