Just Received Our Insurance Premium Bill. Ready To Shop Around,

7 Replies

Our Insurance premiums on two of our properties are increasing this year. Both properties are SFH in Joliet Illinois. We carry $2,500 deductible with $1MM in liability coverage and full replacement value. We are currently with State Farm Insurance. I'm looking to pay less. Any recommendations? Thanks for the help. Alison Robinson

Hey Alison, I had been with State Farm for over 20 years.  They covered 5 of my half-duplexes in Plainfield until last Summer when I switched to American Family Insurance.  American Family saved me over $100 annually per unit.  If interested, I can put you in contact with my agent - she ROCKS!  Just send me a private message.

@Alison Robinson in your profile you state you have 5 properties, on your way to #6.  You are right at the point where you will have too many properties to combine them with your personal home and auto, and will need a commercial policy.  

So, how long until you get your 6&7 property? Are the properties titled in your name or an LLC? Are these properties just for cash flow, appreciation or both?

Alison - I have a guy for you to talk to named Greg Jones with Assurance. They deal primarily with investors. Will get you a good deal. I will PM you.

Hi @Joe Holly

$100 a month per property sounds like a win to me.  I am definately interested in speaking with your agent.  Thanks so much.

@Jason Bott

Hi Jason,

This is the first I have heard about an insurance limit on properties. My agent has not indicated he would have any issues insuring future properties. I'll need to check into this further. We hope to purchase two more properties before the end of the year. Three of our properties are in an LLC and two are still in our names. One we need to complete a cash out refi before moving it into the LLC. The other one will get moved shortly. All 5 properties are cash flow we should see minor appreciation over the next 5 to 10 years but not much. Thanks

@Alison Robinson

 Sounds like your SF agent has you on their commercial policy already.  SF has been competitive in IL but premiums seem to be climbing. 

Here are some companies you should consider, all of which you would need to partner with an independent broker like myself or the contact @Adam Farag is referring,

Auto Owners, Foremost, Berkshire, West Bend

Each of these companies can handle single family, multiple titled properties, that are insured for cashflow and not high replacement costs.

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