Rental Property/Landlord Insurance

Investor · Southeast Michigan · Member since 2024 · 23 posts · 15 votes

New to BP, anticipate buying my first rental property in teh next 3-4 months and hoping to solicit recommendations for home insurance in the Detroit/SE Michigan area. Have heard that some of the "big name" insurance companies (i.e. Farmers, State Farm, etc.) increase their rates quite a bit annually and wanted to hear what others' experiences have been. Thanks!

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Owen RosenBusiness Member

Professional · Clinton Township, MI · Member since 2015 · 687 posts · 259 votes

Quote from @Steve Wilson:

Detroit is very tricky for property insurance. Many carriers/programs choose not to offer coverage or do so at elevated pricing.

That said, we have quite a few great programs for Detroit properties.

As always, I suggest working with a broker that has multiple options rather that searching out one particular company.

Royal Oath Insurance Group4.9208 Reviews

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Investor · Toledo-MetroDetroit-Dallas · Member since 2022 · 122 posts · 71 votes
1y
Quote from @Steve Wilson:

New to BP, anticipate buying my first rental property in teh next 3-4 months and hoping to solicit recommendations for home insurance in the Detroit/SE Michigan area. Have heard that some of the "big name" insurance companies (i.e. Farmers, State Farm, etc.) increase their rates quite a bit annually and wanted to hear what others' experiences have been. Thanks!

@Steve Wilson, I heard many don't even insure in Detroit to begin with! I use NREIG and they have been great. Even had a claim granted with them. They have good rates too. Also they are national i believe which helps if you have rentals in multiple states.
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Owen RosenBusiness Member
Professional · Clinton Township, MI · Member since 2015 · 687 posts · 259 votes
1y
Quote from @Steve Wilson:

New to BP, anticipate buying my first rental property in teh next 3-4 months and hoping to solicit recommendations for home insurance in the Detroit/SE Michigan area. Have heard that some of the "big name" insurance companies (i.e. Farmers, State Farm, etc.) increase their rates quite a bit annually and wanted to hear what others' experiences have been. Thanks!

Detroit is very tricky for property insurance. Many carriers/programs choose not to offer coverage or do so at elevated pricing.
That said, we have quite a few great programs for Detroit properties.
As always, I suggest working with a broker that has multiple options rather that searching out one particular company.
Royal Oath Insurance Group4.9208 Reviews
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Danielle DalyPro Member
Rental Property Investor · Denver, CO · Member since 2021 · 54 posts · 77 votes
1y
Steadily’s a great option! I’m on my 3rd property, and having landlord-specific insurance makes a big difference. They’re nationwide and the platform’s super easy to use which is a huge plus since insurance is already confusing enough. Do your homework, but I definitely recommend checking them out!
https://www.steadily.com/?utm_source=biggerpockets&utm_m...
[email protected]Podcast Guest on Show From 70 Hour/Week Burnout to Getting Paid to Buy Properties
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Drew SygitBusiness Member
Property Manager · Royal Oak, MI · Member since 2012 · 13k+ posts · 9k+ votes
1y
@Steve Wilson there's a big difference between Owner-Occupant insurance companies, that offer SOME landlord policies, and landlord property companies.

Owner-Occupant insurance companies limit their exposure to landlord property policies, typically as a percentage of their overall portfolio. When their portfolio hits that percentage, they stop issuing new policies and may cancel existing ones.
- Also, most of their policies have this little-known clause that states if the property is vacant for more than 30-days, they can decline any claims!

You should chat with an expert like @Owen Rosen to better understand your options.
[email protected]248-209-6824
Logical Property Management4.9469 Reviews
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Jared Townsend
Insurance Agent · Orlando, FL · Member since 2015 · 297 posts · 122 votes
1y
@Danielle Daly Steadily is a great option for many investors! We are able to offer quotes from Steadily while also considering other carriers that may offer better coverage or rates so you get the best of both worlds.
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Andrew Bish
Insurance Agent · Chicago · Member since 2025 · 46 posts · 38 votes
11mo
Work with a local broker.
All insurance companies have been hiking rates over the last few years, the personal lines insurance market is only just beginning to stabilize after covid.
Nothing wrong with big names or small names. Each carrier has unique risk appetites, which is why a local broker is often the recommendation. They will shop the market for you and should recommend the most competitive company. Also, you can switch at any time, if you get a rate increase, tell your broker to start looking again.
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