Rental Property Investor · Augusta, GA · Member since 2016 · 90 posts · 32 votes
Hello,
My wife and I own a SFH rental property in Augusta, GA and live in the greater Atlanta area. We recently moved from Augusta and are in the process of buying a duplex in Augusta as a rental. We currently have all our personal insurance with Allstate but when we asked them to add a second landlord policy for the duplex they could not insure it for close to the purchase price.
The property is a duplex built in 1916 but has been completely renovated in the last 4 years with new wiring, appliances, roof, HVAC and water heater, drywall etc. The Allstate guy was able to give me a quote through American Modern Insurance Group, but the price was significantly more than expected or the policy for our SFH rental.
Has anyone worked with an insurance company with solid rates for century old renovated duplexes in the Augusta/Atlanta area?
Also would a policy with another company be covered under our current umbrella policy with Allstate? I am waiting on a response from them.
Insurance Agent · Norwalk, CT · Member since 2016 · 2k+ posts · 1k+ votes
9y
Winn and Kaitlin,
You may want to consider shopping all three properties at once. We are a national broker with 30+ markets. Many of our personal lines markets will only write the Dwelling Fire Policies if they write the Homeowners as well. They will have tougher guidelines but often will have better rates if it qualifies.
If you plan on doing any flipping or if you buy properties that will need renovation, you may want to make sure the new agent can help with Builders Risk and General Liability in case you need those later.
Lastly, in case you need to change the Umbrella policy, there are a couple of markets for personal umbrella that do not require you write the underlying policies with them. One market, can do up to 40 units of rental (condo units, 1-4 family, apartment bldgs., etc.).
Rental Property Investor · Augusta, GA · Member since 2016 · 90 posts · 32 votes
9y
@John Mocker
Thanks for the info. Ill shop them around. Not planning on flipping anytime soon but good information to have. The umbrella info will likely be helpful as we scale. Thanks again.