Currently I have multiple rental properties in Nevada, Hawai'i and my primary residence in California. I have a different insurance company handling each state. I'm trying to find a broker that can bundle all 6 properties into one plus put in place an umbrella policy. I've spoken to a few brokers but they can't seem to be able to do it due to it being in different states.
Does anyone know of any brokers that can do this sort of multi-state insurance policy?
As far as I know, insurance is state specific, and regulated by laws of the states. Each state has it' own insurance commissioner.
You probably heard this hullabaloo about selling insurance across state lines to lower costs of Obamacare. This takes new legislation. Obamacare is handled by local insurance companies in each state, so even Obama or even Trump couldn't make it multi state. Insurance premiums vary widely by state as laws affecting liability, statue of limitations varies by state, so you can sue someone for something in one state, but not another.
That's why I always use an insurance agent for my businesses because they should be up on local and state insurance issues. So a NY agent is useless for me for CA, or FL. Besides, brokers are licensed by state, so a NY broker can't do anything for you in CA unless he's also licensed in CA.
There are agencies that are licensed in multiple states. Check to see how many markets (companies) the represent. The advantages of dealing in one place may be offset by higher costs if they do not have the most competitive markets. We deal in all 50 states but many of our companies only deal in certain states. If you feel that the rates you have are good, look at the company websites to see what agents represent them the states you have properties.
Regarding the Umbrella policy, there is a Market called PersonalUmbrella.com that is open to many agents. They can cover over multiple companies in multiple states. I believe they will do up to 40 units (4 family = 4 units) total.
Good Luck with the search
Frank and John. Thanks for your replies. I'll look into it.
@Dan Trinh I am in multiple states and was going with the normal household names in each state. You need to look for a commercial broker.
@Lane Kawaoka :
Thanks Lane. I'll look into commercial brokers.
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