Flipper/Rehabber · Silver Spring, MD · Member since 2009 · 96 posts · 17 votes
Hi, I had a landlord insurance policy with State Farm insurance for my rental property. I file one claim with State Farm for storm damage to my roof and now State Farm will no longer insure the property. Can anyone recommend a good landlord insurance company to insure rental properties in Maryland? Thanks.
Real Estate Coach · Venice Beach, CA · Member since 2012 · 6k+ posts · 3k+ votes
12y
If you have any military ties, USAA is the most amazing company on the planet. I use them for everything possible and have always gotten my claim money fast and easy. But someone in your family has to have military affiliations.
Bristow, VA · Member since 2013 · 10 posts · 0 votes
12y
What is the best strategy for someone like me, who is turning a current pr into a rental? Would a renters or landlords policy be better than beefing up liability on the current homeowners policy? Does REI portfolio size have anything to do with switching to the landlord policy? Most examples I see here are all investors with multiple properties.
What is the best strategy for someone like me, who is turning a current pr into a rental? Would a renters or landlords policy be better than beefing up liability on the current homeowners policy? Does REI portfolio size have anything to do with switching to the landlord policy? Most examples I see here are all investors with multiple properties.
You'll definitely want to switch it to landlords insurance. Last thing you need is them trying to deny you a claim cause you didn't have the proper coverage. All you have to do is call your insurance company and let them know you will be renting it out.
If you have any military ties, USAA is the most amazing company on the planet. I use them for everything possible and have always gotten my claim money fast and easy. But someone in your family has to have military affiliations.
What about a father, does that count if he's not in the real estate business?
Investor · Milpitas, CA · Member since 2013 · 95 posts · 12 votes
12y
@Dawn a father works if he signs up for USAA while he is still alive. If he hasn't, he needs to in order to add you into the system.
That being said, I have yet to find a cost competitive home related product through USAA. Yes their service is great, but loans, and insurance have always been significantly more expensive than the market value.
The important thing is to shop around until you have been a landlord long enough that people start asking to insure and loan to you.
Rental Property Investor · Milwaukee, WI · Member since 2013 · 6k+ posts · 4k+ votes
12y
What I have found is that I start working with an insurance company and it's great because I get a nice rate, then year 2 suddenly the rates increase substantially. I just had one where the 2nd year rate went up 25%. That's pretty crazy.
So you shop around but then you never get to stay a long time with any one company.
Yep. Mine is through my dad. Not sure all the logistics to setting it up but @Jason Minnich sounds like he knows so maybe follow what he says.
As far as cost, yes USAA is definitely more expensive. But I wouldn't trade it for the world. I hear so many horror stories about insurance claims. USAA basically writes me my check immediately, no hassle whatsoever, excellent coverage, and they never short me from what I can tell. I'm tempted to say all of that is near impossible to find elsewhere. You get what you pay for with insurance usually, so don't cheap out.
That being said, I have yet to find a cost competitive home related product through USAA. Yes their service is great, but loans, and insurance have always been significantly more expensive than the market value.
Agreed, I have them and they force you to insure at their estimated replacement cost. If I buy a home for $30k I don't always want to insure at $120,000 replacement cost. I did have a claim with them before and didn't have any hassle.
Hi, I had a landlord insurance policy with State Farm insurance for my rental property. I file one claim with State Farm for storm damage to my roof and now State Farm will no longer insure the property. Can anyone recommend a good landlord insurance company to insure rental properties in Maryland? Thanks.
@Larry N, do you mind sharing which insurance company you selected and your experience with them so far? We are in the process of acquiring a rental in Baltimore and are looking for quotes from good providers. Thanks in advance!
Houston, TX · Member since 2014 · 22 posts · 5 votes
11y
Thanks, @Jeffrey Goers. I will likely work with Farmers and their landlord program until I can identify a better option in Baltimore City as they are known to me (and for the sake of saving time).
God willing will not be able to report back on their claims depot's performance anytime soon.
Investor · Chesapeake Beach, MD · Member since 2013 · 273 posts · 37 votes
11y
I own several properties in Oklahoma and one in MD. I had to make several claims in the past due to storm damage in Oklahoma and had a really hardcore on finding someone else. I know use Foremost. They also write policies in MD. You can go to a Foremost.com and get a quote online or call them. They will give you an answer immediately. By the way you should know that if you even make a phone call to enquire about a claim it counts as a claim even if you don't actually go ahead and get compensation. I now have a $5000 deductible on all my properties as I don't plan on claiming if I can help it.
Houston, TX · Member since 2014 · 22 posts · 5 votes
11y
@Sara Cunningham, I really appreciate this input. I will consider both- the higher deductible and limiting calls to our provider in the future. Thanks!
Investor · Laurel, MD · Member since 2014 · 251 posts · 140 votes
11y
Agreed,
That is who I use but I have other companies I use too. I actually just spent over an hour on the phone to day with them today running numbers for my other properties that I don't have with them, their service really is good.
Greensboro, NC · Member since 2014 · 212 posts · 143 votes
11y
I'll vote for Erie ins. I have everything, including rentals and umbrella with them. I have never had a claim on a rental property, so I can't speak to their claims service there. I did have a total loss tree on a car and my dad had a roof destroyed in a storm. We were both happy with their claims handling. Go to their website and search for a local agent.
Miami, FL · Member since 2014 · 27 posts · 3 votes
11y
Try Farmers.com they will connect you with your local agents, this way you can quote around with several companies and go with the one that offers what you need, thanks.
Guy with Great Hair · Austin, TX · Member since 2013 · 2k+ posts · 4k+ votes
11y
The real key is that you have to shop and change all the time. Insurance industry (like many others) doesn't reward loyalty, they reward new market share.
Basically, if you stick with the same company for too long, you pay more. Switch every year or two for the best rates.
I just dumped USAA for progressive because USAA was DOUBLE the cost.
Miami, FL · Member since 2014 · 27 posts · 3 votes
11y
you're right Alexander it's wise to shop around with different companies every couple of years, although the existing company might be giving you a "loyalty" discount the renewal premiun is still higher than other companies.