Illinois Rental Insurance

12 Replies

Hey fellow BPs!
Fairly new to long term real estate investing, only dealt with condos and SFR previously. Under contract on a Duplex in Illinois, any recommendation for (rental) insurance?

Thank you!

Raul

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Originally posted by @Aaron K. :

Get quotes from as many companies as possible. 

Definitely what I plan on doing, so far I've collected 2 and 2 more are incoming but I am sure there are better and more affordable options out there. Thank you!

Originally posted by @Raul Martinez :
Originally posted by @Aaron K.:

Try more like 8 or 9 with referrals from property managers and agents in the area if you are working with any.

 Property manager referrals is a great idea! Thank you!

 Raul, 2 strategies if your end goal is to get the best possible pricing.

1) Everytime you get a better quote, you share that quote with any additional agents.  They will then know right away if they can beat it.  A duplex policy will rarely have any flexibility in pricing.  What ever the insurance carrier spits out, that's what they can offer.

2)  Keep a list of insurance companies you have gone to and share that with all of the agents.  An agent is "blocked" from quoting a company if you already have been quoted with them. 

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