How to reduce property insurance premiums?

[Chris Blank]

Hi fellow investors,

I have multiple SFH investment properties in NC and it seems like every 6 months the insurance premiums keep creeping up. The property values in our town have seen a sharp rise in the last two years and our insurance company is now using a BS and greatly inflated 'rebuild cost' estimate to justify their increase in premiums. I do not file any claims and the increase in premiums are lowering my monthly cashflow. Seems like everyone else is profiting from my hard work and risk.

Is there a way to just use one 'umbrella policy' to cover my rental property insurance needs...or a better way that keeps my insurance premiums at a reasonable level? Any help is greatly appreciated. 

Chris

[Cory Childs]

Hey Chris,

I'm in the same boat. We had a good size hail storm in last year in our area last year so I'm seeing some steep increases as each one comes up for renewal.  I had two get hit by the storm that got covered completely, so I fully understand the benefit of good, replacement cost insurance, but I've been seeking a cheaper route as well. I'm having another company quote our portfolio currently, but I've realized it's not a simple feat. The questionnaire I received to fill out for each property was something like 38 questions, x 8 properties plus our auto policies, I've spent quite a few hours on this now. Have you looked into getting quotes from another company, or asked your agent about your umbrella policy idea? 

Cory