23 rental units insured by diffrent Insurance companys

12 Replies

I have 23 units and I pay 23 different insurances companies on these properties. Is there a Insurance company that can just cover all properties and only make one payment?Also In the 23 units I have a triplex and there is also three other houses behind the triplex which I pay a premium on each unit inside the 6-plex?

Hi @Cody M. how did it come to be that way? Insurers should be able to give you a better price if you insure a lot of houses, isn't it the case? It would be interesting to tell us how you established those 23 insurance relations? 

The 23 properties are in which state?

@Cody M. sounds like you are still using personal lines policies.  A commercial policy will write all locations on a single location, given the rentals are similar.

The options mentioned above are viable options, but there are also standard market options you may want to consider first. Too many options to mention.  I'll send you a PM.

I had all of my residential LL policies with AllState until they told me I reached my max at 4.  

From there I went with StateFarm - they do the balance of my residential plus my commercial policies (3 apt bldgs).  The commercial policies all autodraft as one payment from the same bank acct, but the residential homes are still separate.  I can auto-pay them, but they are all different.  AllState doesn't do commercial, or didn't when I last asked.

I like having 2 different companies.  If one takes a huge loss somewhere else in the country  (heavy in TX or FL for instance) and raises premiums, I have a 2nd one to go to for a quote that I have a relationship with.  


There are some advantages to multiple companies for different properties.  Be sure to have whomever is quoting look into what are the best companies for the properties.  Age, coastal or windstorm issues, Fire protection in the area, past claims, condition of property, etc. could all point to different companies.  Also, what you chose to insure (Replacement Cost of building vs the Actual Cash Value or depreciated value) may influence what Insurance companies will be right for your properties.   The one company approach may end of costing more or providing less coverage.  My guess is that you can group them into 3 or 4 companies and end up with better coverage then trying to fit them into just one.

One company that can help on the Umbrella is PersonalUmbrella.com  they may be able to write one umbrella over all your units.

@Cody M. That's just crazy talk as my grandmother used to say. I'm tired just hearing that number. What is your time and mental focus worth? I am with @Jason Bott  on this. At this point you are running a business and a commercial broker would probably fit you best. Best of luck. There are some really great insurance people here on BP. 

For multiple units on one parcel you should be able to get one commercial policy. For SF try to bundle them by location. I know we have some policies that must stay with a company (assigned risk) but you should be able to cut down some.

@Cody M. It looks like you have received plenty of advice already. There are advantages and disadvantages to everything and several options available once you have the number of units that you do. I would be happy to share my insights if you still have questions. Good Luck!