HelloAny recommendation for a portfolio insurance for 15 properties in Florida & North Carolina?
We use NREIG for our properties.
Couple of my top suggestions:
1) Use a brokerage (preferably who is licensed in all states you currently invest in as well as where you envision your portfolio expanding to in the future)
2) Work with someone who knows about real estate investing. Not everyone in the insurance world does.
3) Ask what the different levels of coverage they provide. Compare the coverage to the price you pay and make your decision based on what you feel is fair for the coverage you're going to be getting.
Hope this helps!
You're going to be hard pressed to find a carrier to handle your FL and NC properties together. FL is a unique animal when it comes to property coverage. Many of your traditional carriers won't touch the state. I'd recommend separating the portfolio by state. Also, use a FL agent for the FL properties. Many of the carriers that write in FL won't work with an out of state agency.
NC should be pretty easy. Unless you have any coastal properties.
I just made this suggestion to another investor. You may want to consider using different companies but through the same agent. Thereby you have a central point of contact while still being able to shop the best coverage/price for each location.
Hey Ofer, I am a commercial agent who works for an independent insurance brokerage. Most brokerages should be able to access SES which is competitive in Florida. Not sure if the properties are near Miami but that area is crazy expensive, usually dollar rates per $100 of TIV. CIBA should write their but they aren’t too competitive anymore. Let me know if I can help with anything!