Annual increase in rental property home owner insurance

[Elad Messing]

Hi Everyone, 

I recently (last year) changed my homeowner insurance for my rental properties to a different provider and now that one year has lapsed and I need to renew it, the premium went up by 10% - which seems very high to me.

Two things to note are that the provider is able to insure me in both the states of Texas and Indiana and also includes a $10M in umbrella coverage.

So, I am basically debating if to "eat it up" this time and hope that it will not repeat every year or go look for a new policy.

I would love to hear your experience with annual premium increases.

Thank you,

Elad

[Justin R.]

I have had USAA for 12 years and been extremely impressed.  With that being said, many carriers have recently adjusted policy and require rebuild cost, as opposed to actual cash value now. This can be a rather large jump in premium costs. There are numerous factors that can cause premium changes, such as a geographical rate increase due to natural disaster (large wildfire, hurricane, flood, etc).

Just last year I decided as my business was growing I needed something that would scale with me. I didn't want a single policy for each property, and had to shop out carriers for each acquisition. After much research, and phone interviews I ended up going with @Jason Bott @ Robertson Ryan. He was able to insure my entire portfolio spending five states. You may want to reach out and see what he can do for your portfolio.