Considering insurance switch (NREIG to CinFin)
Hi All,
We have a small/growing portfolio (10ish units, some flips) and I recently had to take over insurance responsibility.
We had started coverage with NREIG on a couple properties - reading a lot of mixed reviews on BP and elsewhere about those guys. Contacted a local agent who recommended Cincinnati Financial for coverage. Looks like rates will be a bit higher vs. NREIG but have heard good things about the company in general.
Know insurance recommendations are tough (everyone has a horror story about everyone) but wondering if anyone has any advice in this area before I continue to expand with NREIG.
Thanks!
@Tyler Smith if you are looking to quote out your business there are many carriers that can offer you an insurance quote for all of your properties on 1 policy. In Cleveland there are a lot of carrier options. The trick is to find a carrier that does not have any age of home restrictions. Often times a carrier will not offer full replacement cost for a home that is older than 80 or 100 years. To save yourself time and energy I suggest working with a local agent who can quote your business with multiple carriers to put you in the best insurance position.
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@Tyler Smith we work with both companies.
NREIG is set up better to handle the flips while CinFin will may have a better product on the buy and holds.
Your main difference is in the claims service. CinFin claims people are CinFin employees. NREIG (and most national programs) hire independent claims adjusters. This is not to say your claims will get paid any differently, but the communication may be better with CinFin.
