Insurance policies across states

7 Replies

Hello all,

I own a duplex in NY and recently moved to TX where I've bought a single family home that I need to get insurance for.  Allstate in NY told me they can only cover properties in NY.  

What do those of you who own multiple properties in multiple states do for coverage? Are there any options besides individual coverage on each property?

I have many clients from around the country who have properties where I am at in Cleveland Ohio.

They use Foremost insurance & it works out pretty well. Give a few companies a call as I am sure Foremost is not the only one willing to insure your rental.

@Lawrence Rutkowski  

Your Allstate agent in NY should be able to refer you to an Allstate agent in your area in Texas.  

The insurance marketplace is regulated at the state level, and most captive agents (Allstate, State Farm, etc.) only get licensed in the state where their office is.  However, you can still keep your properties with Allstate if you like the service/rates or your NY agent, and sometimes the multi-policy discounts will apply even to risks distributed between states.

Many brokers, who represent multiple insurance companies, are licensed to write in multiple states.  When you call brokers in Texas, your first question should be "are you licensed to write in New York?"

Good luck.

@James Wise  I was told that Foremost would indeed cover the duplex in Buffalo, but not my single family in Texas, but I did call around. (took about 4 hours!) @Eric Belgau  I did call an AllState agent here in San Antonio, I got a minor discount for multiple policy and they were by far the lowest, even against those that would actually cover the NY property, with the same coverage as other comparisons. 

Originally posted by @Lawrence Rutkowski :

@James Wise I was told that Foremost would indeed cover the duplex in Buffalo, but not my single family in Texas, but I did call around. (took about 4 hours!) @Eric Belgau  I did call an AllState agent here in San Antonio, I got a minor discount for multiple policy and they were by far the lowest, even against those that would actually cover the NY property, with the same coverage as other comparisons. 

Yes you just need to keep calling around. Don't give up. There are companies out there that will insure all of your rentals.

@Lawrence Rutkowski  James is right...  There are companies that will cover everything.  I don't write in Texas, but I have clients with multi-state exposures, and I have markets for them.

Don't be afraid to use the AllState rep in San Antonio as a resource.  I have a good relationship with an AllState agent here, and he frequently has me quote stuff up for him.  There is a certain amount of roulette in insurance rating, and good agents want their clients to have the best policy for their needs, even if that means placing them with another agent.

I have a different insurance company for each state I operate out of! I have found that each state the company that is the "best" deal is different. You should also looking into a umbrella insurance. As long as that matches your car you are good ;)

We have a good ins broker here in town, he gets reasonable homeowner's ins for our owner fi houses, and the car ins he just got me was incredibly cheap. 

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