Investor · Fairfax Station, VA · Member since 2014 · 26 posts · 28 votes
Hello Everyone,
I own several rental properties in Fairfax County, VA (Washington, DC suburbs). I just finished paying my rental property insurance premiums (State Farm) for the next year and realized that the premiums went down on every single one of the properties by approximately 6.5%. None of the coverages changed, and the insured values went up a little since the property values increased slightly over the last year. Can anyone explain why this happened? (I was going to call my insurance agent and "ask for a friend", but decided I would come here instead!)
I own several rental properties in Fairfax County, VA (Washington, DC suburbs). I just finished paying my rental property insurance premiums (State Farm) for the next year and realized that the premiums went down on every single one of the properties by approximately 6.5%. None of the coverages changed, and the insured values went up a little since the property values increased slightly over the last year. Can anyone explain why this happened? (I was going to call my insurance agent and "ask for a friend", but decided I would come here instead!)
That’s interesting, possibly just went long enough without having a claim they’ve deemed you low risk.
@John Logue unfortunately I experienced the opposite! Take it as a blessing. As long as you have the same coverage that covers the current value of the properties replacement, and loss of rents, this is a good day for you!