Central Indiana Insurance Broker Recommendation?

3 Replies


I just got my first property under contract in central Indiana (south of Indianapolis).  I've called 5-6 insurance agents/brokers and am having a hard time finding a good policy.  The property is a not owner-occupied, and I live several states away. Does anybody have recommendations for a good insurance broker in the area that deals with smaller investment properties?

Hey @Clay Wildt tell us a bit more about the property and who you have tried to gets quotes with thus far.

You may be just going to carriers that do not specialize in covering rental properties. Have you looked into a quote from Foremost? I use them to insure my personal properties and all of the rental for the clients I work with.

Sometimes quotes come back poorly not because of the company you are using but more so the property you are looking to buy. For instance homes built pre-1955 get a small surcharge but homes built pre-1930 get hit with a larger surcharge. You can have two homes next to each other home1 built 1929 and home2 built 1931 and with one difference the insurance cost will be about 10% different.  Other items that will greatly change your quote is the zip code you are buying in. The number of units the property has. The square feet of the property could make your dwelling coverage much higher than you thought it would be. If the home had previous claims in the last 5 years that will even affect your new quote.

Good luck and if you have any questions about coverages just send me a pm

@Clay Wildt can you specify why the first quotes are not working for you? 

There are plenty of insurance carriers that will write a policy for an out of state investor.

@Kevin Hoag , thanks for the recommendations. I submitted the property info for a quote with Foremost; hopefully an agent will give me a call tomorrow.  The seller was paying approximately $400/yr. I was able to get a quote that was slightly higher ($456/yr), but some other agents quoted me north of $1,000/yr.

@Jason Bott , thanks for reaching out.  I got one quote that was in the ballpark of what I was looking for, but some others that were exorbitant.  I sent you a PM; if you know some good carriers that insure in Indiana, I would definitely get in touch with a good referral.

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