Need an Insurance Company With Good Rates

13 Replies

We are looking to hire a new insurance company for 8-50 properties in all different states including Florida, Georgia, Illinois, Maryland, Massachusetts, North Carolina and Wisconsin. We have loans with B2R, Colony and First Key so they must be approved by them. We can either find one company to cover all properties or we can do property by property

Hi Matt,

I have worked with B2R and First Key for properties in Florida in the past. One obstacle is that B2R sometimes requires a carrier to be AM Best "A" Rated. Most carriers in Florida are local or regional and therefore are not large enough to be rated by AM Best. They have strong Demotech ratings (smaller carrier rater) but this simply limits our options.

I would be happy to discuss any specific questions you have regarding insuring properties in Florida!

- Jared

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Please let me know what types of questions I should be asking these companies to make a better decision.

Right now we are going to be refinancing, maybe with B2R or Colony @Jared Townsend

Maybe it is advisable to find one agent that works nationwide. What are the advantages and disadvantages of using an independent agent in he area versus a company that covers nationwide? @Tim Puffer

Thank you Vishal. I spoke with them and they emailed me a property template

We have at least 4 properties right now in Maryland but one we want to sell. What is the premium structure in your firm? Do we get a discount for doing multiple properties? @Dave Lin

@Account Closed in the past. There are a few points I think we can all agree on that you need to weigh out in your decision.

1)  There are national insurance programs that you can access through most of us.  Unfortunately, there is no way 1 program can be the most competitive in all of the states all at once.

2)  If you choose to get the best premium for each location, you are better off pairing up with an agent in each region.  Some insurance companies are only in 2-3 states and can only be accessed by agents in those states. 

Bottom line, you should choose to either spend your time to save $ on insurance premiums, or spend a little more $ on insurance premiums to save more of your time. 

@Matthew Shay I'd go back to B2R, Colony and First Key for their Approved Insurers. No sense scurrying around while they sit back and tell you no.

What's important to me is high deductible, I almost never have claims unless their catastrophic (knock on wood) and a high Personal Liability (seems the difference between $1M and $5M is nothing to a jury but it could prove fatal to a high rollers empire, like yours:-)

@Matthew Shay Oh, read an entire policy and highlight details, you've got a lot riding on this and it ain't that complicated, if you spend the time!

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