Landlord Property Insurance

10 Replies

Can anyone recommend a Property Insurance provider? I've reached out to some of the big names like GEICO and even a local independent agency, but I'm stuck I'm spending up to hour answering questions just to get an estimate....even worse I learn that I'm restricted to one plan. The reason I get is that only a few companies provide property insurance for landlord's, they won't cover a property with multiple rentals, or they won't cover basics like rain or theft. Any help I could get from the BP community would be much appreciated!

Our properties are insured by Erie insurance. I would talk to local landlords to see who they use. You want an agent that knows investment insurance.

Definitely talk to other landlords. I went to a local landlords association a couple months ago. Met an insurance agent and he has written all my policies saving thousands. I have found that most insurance agents do not specialize in investment properties. Find a good one that does. That is one of my lesson learned over the last few months. insurance is one of those things that seems like it is good habit to shop around every year or so.

@Rik Shaw what were you questions or concerns regarding the coverage for rain?  Every carrier is different on their coverage with weather-related damages.

Originally posted by @Jose Linares :

@Rik Shaw what were you questions or concerns regarding the coverage for rain?  Every carrier is different on their coverage with weather-related damages.

Hey Jose, no particular question on rain coverage, just confusing since some policies covered it and other's did not. Also fund that some policies covered rain if I were living in the property vs if I was renting it out. 

Originally posted by @Jason Snider :

Definitely talk to other landlords. I went to a local landlords association a couple months ago. Met an insurance agent and he has written all my policies saving thousands. I have found that most insurance agents do not specialize in investment properties. Find a good one that does. That is one of my lesson learned over the last few months. insurance is one of those things that seems like it is good habit to shop around every year or so.

Jason, great advice, unfortunately no landlord associations are in my area. Still great advice. 

Originally posted by @Ned Carey :

Our properties are insured by Erie insurance.  I would talk to local landlords to see who they use. You want an agent that knows investment insurance. 

Thanks Ned, I've put a request out to a local Erie Insurance agent!

Hi @Rik Shaw

You'll want your insurance agent to spend some time with you - afterall, 15 minutes could expose 15% of your net worth, or more!

As an independent agent and active investor I like to make sure I have as complete of a picture as possible to make sure my clients are protected well. Everyone's situation is different and each property is different. If they're not asking specific questions, I'd move to the next person. I like being independent because it means I have lots of companies and lots of options - I'm not stuck in one box. Plus, then after just one conversation with a client I go do the shopping at lots of companies rather than you having to dole out the same info over and over again. 

There are lots of people who can help here at BP, I'm happy to be of assistance.

@Rik Shaw what is your location? If you are in the east coast of the US, I could share with you the names of the insurers I used when I had rental properties in New York. I empathize with you. I also had to go through all that time consuming hassle when I was shopping for insurance in the past, and now that I have moved to Canada and am buying a property there, I'm going through all this again over here! So frustrating.