Updated over 7 years ago on .
Adding my first PM - insurance premium going up?
Hey folks,
I have 8 doors in 3 buildings, a primary residence and a STR/vacation property. All of the policies are w/ one company - a major company in the area. When I signed up, used this agent/broker a friend recommended to me a while back and he's been....fine. Not fabulous, a little sloppy at times and their systems haven't been to tight, but I haven't had time/energy to really shop around. Besides, it all eventually has worked itself out.
We just added a PM to our rental property business (yay!) and when I contacted our insurance agent to let them know (she needed some paperwork from him) he said I'd have to pay an additional premium. "The additional premium is due to having your property mgmt. company named as an Additional Insured on your dwelling policies." - I wasn't expecting this - is this normal?
I like the insurance company, but the agent/broker and their website/portal have been clunky and and this new $100-charge to boot has me wondering if I could/should be better served. So 2 questions:
1) Is it common for that to be extra?
2) How much should I expect out of broker/should I shop around?
Thanks for your thoughts.