Rental property insurance rates going up&up
Hey BP,
Question for everyone. I have 3 rental properties, 2 in florida and 1 in missouri.
I have a quadplex, a triplex, and a condo.
It seems like every year my insurance on all three properties goes up by 20-30%. Is this typical? What are you seeing as a standard insurance rate increase per year? I feel that if insurance rates go up by this much, every year, I would have to increase my rental rates just to try to keep the same amount of cash flow.
Please let me know what your thoughts are here.
Much appreciciated.
Scott G
Most Popular Reply
@Scott Goulet, are you using an agent that works for one specific insurance company or one that works with many underlying insurance companies? If it is the later I would have them shop the insurance to other carriers. If the former, then I would call other insurance agents and shop around for coverage.
Individual insurance companies are always tweaking their offerings. Sometimes that have more or less appetite for the kinds of properties you might have so prices can fluctuate.