State Farm for Small Multifamily Units?

Question

Hello BP Members - my current insurance company (for my personal residence) is State Farm. I'm just starting out in REI and am wondering if anyone can recommend for or against State Farm to insure any potential rental properties?

I spoke with my agent yesterday who mentioned that one of State Farm's strong points is that they cover lost rental income in the event of a fire/etc. I haven't really shopped around or contacted any other agents, so perhaps someone out there has some input? I would imagine other companies would cover that as well? Does it add significant cost to the policy??

Thanks for your guidance!

PS: This is in the Lancaster, PA area if it matters, or if anyone has recommendations for a specific agent to speak with.

Dave Lin · Answer

@David M.

For Multi-units, less than 4 families, I use Safeco or The Philadelphia Contributionship.  The loss of rent coverage is pretty standard on normal Dwelling Fire policies.   You can see if you have a local broker who have access to the two carriers, or I would be happy to get a proposal to you.  Good Luck!

-Dave

David M. · Answer

Thanks Kyle M. - I will get in touch with Ethan.

Nate Jones · Answer

One more option for you.  We use John Beardsley at Farmers Insurance after shopping around a good amount a while ago.  Let us know if you want contact info.  We've been pretty happy with him --- great rates and very responsive.  At least might be worth seeing what he can quote you to compare with something.  I can't speak to Gibbel Insurance -- we don't really know them -- but would be interested to see how their rates compare with Farmers.

Gino Barbaro · Answer

Hi David

Try to contact brokers on BP.  I just did a podcast with @darrin gross.  Look him up. He has been in the business for a long time

Gino

State Farm for Small Multifamily Units?

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