Hey All - What is the best way to insure everything you own? All rental properties, primary, renters insurance, auto, umbrella, etc?
I've been haphazardly adding as I'm going and some carriers have limits like won't insure more than 4 properties so then I move on to the next, but between that and multiple states I don't know how to ensure I get the best bundle for everything I own and ensure the best rates.
There are people with way more rental properties than me, how do you handle/deal with that?
@Lance Robinson Great Questions!
As you mentioned, there are several carriers which will cap the number of properties, or have similar measures, which often make things difficult for RE Investors and the Like.
There are several carriers which have designed their products and programs to alleviate this difficulty. There are some, many of which I represent, which have no cap at all and have no restrictions with regard to which type of properties or which states.
Regarding your primary home, auto, umbrella, etc. There are also many carriers which will do this without such limitations.
The best way to know you're getting the best deal is to speak with an independent agent who has access to multiple carriers.
I've sent you a PM.
@Lance Robinson - Definitely find a good independent agent - they will have options. Keep in mind to not try and save a little premium and forsake good coverage. You definitely don't want to be penny wise and pound foolish when it comes to properly covering your assets.
I'm dealing with the exact same issue and was going to start a thread on it until I saw this one. I currently insure everything with State Farm: 2 cars, homeowners, 4 rental units, and umbrella, but now State Farm says I'm capped. I was using State Farm because I had a pit bull, but now I don't have the dog anymore. I'm thinking of calling PEMCO because they operate in the Pacific NW and I've heard good things about them, but calling each company to find out what their investor limits are seems daunting. How do I find a good local independent agent who does a lot of work with investors? I'm in the Portland Oregon area.
Sent you a PM
Dani Z., contact Darrin Gross at Leonard Adams and he should be able to help. He helped me insure 40-60 houses a year. Tell him I recommended you. I can provide phone number in a PM.
@Dani Z. PEMCO is out as well as they have a cap on the number of rentals you can place with them. I started my insurance career with them here in Seattle several years ago. They are a great NW company however as you are finding out, most of your Main St. companies limits the number of rentals you can have. @Anthony Lee He's right! There are several carriers which have designed their products and programs to alleviate this difficulty.
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