I am located in the New Orleans area and have a variety of rental properties that include single, double, 4 plex, 11 plex, and an RV park. Insurance is killing our earnings. My question is who do you use, who do you suggest and is it possible that we are over insuring? Help me in New Orleans!
Hi @Shannon Smiley-Landry . I refer many of my clients to Joe Molero at TWFG insurance services. His number is 504-272-2272. He's very knowledgeable about all kinds of insurance and is a broker that can quote multiple companies for all insurance lines. He can at least let you know if you are over insuring or not. http://www.twfg-gulfsouth.com/home.html
I can't speak for the New Orleans area specifically, but I call several insurance brokers to get quotes because, as Braden stated above, they can shop several companies at once. So if you call a few brokers, and they each shop several companies, you should be able to get a pretty good deal.
Originally posted by @Shannon Smiley-Landry :
Insurance is killing our earnings.
Ditto Shannon. Sometimes I think that the insurance rates are dangerously close to making it unreasonable to invest here. Lately there has been much talk about high rents preventing people from living in the better areas of town and they are throwing blame at everything from gentrification to greedy landlords. All I can do is shake my head. Between hazard and flood, we can barely cover the payments with the rents we are able to get. The greed lies with the insurance industry, not the investors!
Thank you so much guys!!! I do use a broker now. They do not actively research cheaper policies when renewal time comes around at all. Shouldn't a good agent do that without asking?
@Kimberly Jones With New Orleans Property Taxes and high insurance rates investing is becoming harder here. Have you used a commercial policy for your rental properties or individual policies?
Individual so far. I am planning on doing some shopping soon though. There HAS to be a better way!!!
Yes! Please keep me posted on what you find and I will do the same! thanks so much.
You may want to check out NREI Insurance. I've moved everything over there except my personal residence because their rates are so good.Hassle free as well.
Thank you Marshall I will definitely look into them too.
My name is Steven Huckaby, and I'm actually a Regional Sales Agent for NREIG. First off, Marshall i want to thank you for mentioning us! We really appreciate it!
And yes we actually specialize in insurance for Real Estate Investment Properties! If you would like to talk to me further, please don't hesitate to contact me!
I highly recommend calling around to different places. We have a different insurance policy for each state!
Do you insure in New Orleans?
I can absolutely vouch for NREIG!!! A couple of years ago I was having major problems obtaining insurance for clients that we were closing with hard money. Every other company had issues with properties being vacant, being rehabbed, etc. I was literally on the verge of pulling all my hair out when I found my way to NREIG. Not only do they insure properties nobody else seems to want to, they also beat everyone else on cost. The icing on the cake is the speed in which they work and the customer service is awesome.
As of January 1st this year, Liberty Mutual has lifted the moratorium on issuing new policies for investment property in Louisiana (in place since Katrina). They are very competitive and should write you for up to 4 units. That includes replacement costs and liability. I do not know if they can help you with the larger ones.....
Access does singles and doubles, no larger. They are very reasonable.
I got a good quote from Centari, but they stopped writing in my zip code the very next day.
I agree that you need to shop around like crazy. A company that writes today will literally not write tomorrow and vice versa. Therefore, some of the quotes you got from the previous day are worthless the next day.
I once tried to do a commercial policy for several properties, but the price was even higher.
All LA landlords feel your pain as only a few companies insure rentals in SE LA and the ones who do are either overpriced or have extreme conditions in order to obtain the policy, such as you must rewire the entire building, or install a firewall between units.
Good Luck and let us know the result!
Originally posted by @David S. :
Good Luck and let us know the result!
Thank you so much I will contact the above! I am in the process of getting quotes locally and with NREI group! I will definitely let you know the end result! I appreciate everyone's response!!!! Thanks!!!!
Even I am in need of insurance agent and will check out NERI as it seems to be good.
Who did you end up going with in the end? Allstate is killing my profits as well and I'm looking to switch over as well.
I know this post is pretty old but we took some of rental properties and moved them with USAA! My dad was in the service so once he joined he added me. Then once I joined my husband and children qualify to be members. They allow up to 10 rental properties. I think the properties must be 4units and below. They were way cheaper than other companies I called! Also, the benefit I like is that we pay monthly installments no upfront price!!!!
You must be a BiggerPockets member to post on the forums
Join the world's largest, most open Real Estate Investing Community online, 100% free forever!