Best way to get insurance

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Best way to get insurance

Spencer Cox
Member since 2025 · 8 posts · 1 vote

What is the best way to get insurance quotes? I have 1 commercial building ($2M), 2 x condos ($700k and $300k), and 3 x SFH ($800k, $800k, and $355k). Every year I am shocked at how different the quotes are. I would say that there's a variation of at least 200% on the SFHs and a variation of 300% on the condos. The commercial building is the only place where I get consistent quotes across different companies. I normally go to USAA, Progressive, and Farmers. This year I also went to AllState and they had some good quotes. Is there a better way to be getting quotes? I want the absolutely cheapest insurance because it's unlikely that any insurance claim would justify the increased cost from a history of claims. These are also very new (less than 15 years) properties so everything is up to modern code.

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Owen RosenBusiness Member
Professional · Clinton Township, MI · Member since 2015 · 678 posts · 259 votes
1mo
Quote from @Spencer Cox:

What is the best way to get insurance quotes? I have 1 commercial building ($2M), 2 x condos ($700k and $300k), and 3 x SFH ($800k, $800k, and $355k). Every year I am shocked at how different the quotes are. I would say that there's a variation of at least 200% on the SFHs and a variation of 300% on the condos. The commercial building is the only place where I get consistent quotes across different companies. I normally go to USAA, Progressive, and Farmers. This year I also went to AllState and they had some good quotes. Is there a better way to be getting quotes? I want the absolutely cheapest insurance because it's unlikely that any insurance claim would justify the increased cost from a history of claims. These are also very new (less than 15 years) properties so everything is up to modern code.


 I would just add that it's not only pricing that varies. Coverage varies greatly.  Most Allstate policies I see are missing vital coverages. This happens due to poorly trained or order-taker agents for the most part.

I understand your desire to find the "cheapest" insurance but typically you get what you pay for. What you should be looking for is the best overall value.  Only a knowledgeable Independent Agent can consistently provide this.

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  • Tony Wilcox
    Insurance Agent · Member since 2020 · 177 posts · 76 votes
    1mo

    Spencer, I would recommend talking to a broker who has 20+ carriers. They can also shop for you each year. Progressive is a horrible option for rental home, Allstate is also on the lower end in my opinion. Farmers is ok, but can run high as well. You are missing out on a ton of great carriers for these type of properties. Feel free to send a DM if you are interested

    1Reply
  • Henry ClarkPro Member
    Developer · Member since 2020 · 4k+ posts · 4k+ votes
    1mo

    OP agree with other poster.  Your using retail insurers.  Go with a broker.  

    0Reply
  • Ecaterina Katerina Morosan
    Real Estate Agent · Miami, FL · Member since 2022 · 238 posts · 102 votes
    1mo

    Definitely go with a broker. Also, I heard a lot of states are decreasing their policy costs this year. Monitoring rates and shopping every year through 1-2 brokers is not a bad thing to do. 

    1Reply
  • Owen RosenBusiness Member
    Professional · Clinton Township, MI · Member since 2015 · 678 posts · 259 votes
    1mo
    Quote from @Spencer Cox:

    What is the best way to get insurance quotes? I have 1 commercial building ($2M), 2 x condos ($700k and $300k), and 3 x SFH ($800k, $800k, and $355k). Every year I am shocked at how different the quotes are. I would say that there's a variation of at least 200% on the SFHs and a variation of 300% on the condos. The commercial building is the only place where I get consistent quotes across different companies. I normally go to USAA, Progressive, and Farmers. This year I also went to AllState and they had some good quotes. Is there a better way to be getting quotes? I want the absolutely cheapest insurance because it's unlikely that any insurance claim would justify the increased cost from a history of claims. These are also very new (less than 15 years) properties so everything is up to modern code.


     I would just add that it's not only pricing that varies. Coverage varies greatly.  Most Allstate policies I see are missing vital coverages. This happens due to poorly trained or order-taker agents for the most part.

    I understand your desire to find the "cheapest" insurance but typically you get what you pay for. What you should be looking for is the best overall value.  Only a knowledgeable Independent Agent can consistently provide this.

    Royal Oath Insurance Group4.9203 Reviews
    WebsiteView Page
    3Reply
  • Michael Koeplin
    Saint Paul, MN · Member since 2015 · 51 posts · 33 votes
    1mo

    I agree with the comments about using an independent agent, but I'd separate "cheapest" from deciding how much risk you want to retain yourself.

    If you don't want to file smaller claims, a higher deductible may make a lot of sense. But I'd still want strong coverage for the losses I couldn't comfortably absorb. That's really what you're buying insurance for.

    With that many properties, I'd probably compare the quotes side by side for coverage and exclusions first, then compare price. A quote that's 30% cheaper isn't necessarily a bargain if it's solving a different problem.

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    • Owen RosenBusiness Member
      Professional · Clinton Township, MI · Member since 2015 · 678 posts · 259 votes
      1mo
      Quote from @Michael Koeplin:

      I agree with the comments about using an independent agent, but I'd separate "cheapest" from deciding how much risk you want to retain yourself.

      If you don't want to file smaller claims, a higher deductible may make a lot of sense. But I'd still want strong coverage for the losses I couldn't comfortably absorb. That's really what you're buying insurance for.

      With that many properties, I'd probably compare the quotes side by side for coverage and exclusions first, then compare price. A quote that's 30% cheaper isn't necessarily a bargain if it's solving a different problem.

      Sadly, many insurance agents barely understand the subtle coverage differences and policy nuances themselves—so it’s unrealistic to expect the average property owner to catch them. Most buyers can only compare broad line items, and even then, the critical details are buried in fine print or industry jargon. For example, most people don't realize how a percentage deductible actually calculates or they assume property coinsurance works like health insurance.

      It’s a murky system and none of it seems like a problem until claim time—which is why people default to shopping solely on price. Then, when a major loss isn't fully covered, they complain that insurers "never pay claims," when the real issue was a bad policy design, no competent advisor, or ignoring an agent's advice to begin with.

      Royal Oath Insurance Group4.9203 Reviews
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  • Allan C.
    Rental Property Investor · Member since 2018 · 826 posts · 810 votes
    1mo

    Using broker helps, but I also think we're in volatile times where some insurer's lag others with policy/pricing changes. It's just a matter of time when a lower priced carrier will change their pricing structure. 

    I also look at insurance slightly differently than others. I would self-insure if I could, but I like leverage. Probabilistically, most folks come out ahead if they self-insure. 

    0Reply
  • Adam S.
    Member since 2026 · 72 posts · 30 votes
    1mo
    Quote from @Spencer Cox:

    What is the best way to get insurance quotes? I have 1 commercial building ($2M), 2 x condos ($700k and $300k), and 3 x SFH ($800k, $800k, and $355k). Every year I am shocked at how different the quotes are. I would say that there's a variation of at least 200% on the SFHs and a variation of 300% on the condos. The commercial building is the only place where I get consistent quotes across different companies. I normally go to USAA, Progressive, and Farmers. This year I also went to AllState and they had some good quotes. Is there a better way to be getting quotes? I want the absolutely cheapest insurance because it's unlikely that any insurance claim would justify the increased cost from a history of claims. These are also very new (less than 15 years) properties so everything is up to modern code.


    Contact an independent insurance broker.  They will prepare a quote and send them out to multiple markets.
    1Reply
  • Garth Huxtable
    New to Real Estate · New York, NY · Member since 2021 · 25 posts · 14 votes
    1mo

    @Spencer Cox

    This info is super helpful! I’m curious: when you’re checking out a property before buying it, do you usually get a real quote from a broker to see if the deal makes sense, or do you start with just an estimate and check the insurance cost later? I want to get a better idea of when the actual insurance number comes into play in the deal analysis.

    0Reply
  • Alan F.
    Flipper/Rehabber · CA · Member since 2023 · 1k+ posts · 1k+ votes
    1mo

    My insurance broker is integral, along with lawyer and CPA.

    The key is getting a good broker, so its important to educate yourself & do DD on the broker. You may have to kiss a few frogs.

    0Reply
  • Alison Robinson
    Rental Property Investor · Joliet, IL · Member since 2013 · 102 posts · 48 votes
    1mo

    I agree with your approach. I’m comfortable retaining more of the smaller-loss risk myself and using insurance primarily to protect against catastrophic events.

    I went through this exercise earlier this year and ultimately reduced my portfolio premium by 26% while, in my view, improving protection against the losses that could really hurt.

    One thing I do differently from many of the comments here is that I’m not a fan of relying on a single broker. Brokers naturally have carriers and products they know and favor. That can be good or bad.

    I like getting quotes from multiple sources and looking at different structures; landlord policies, commercial policies, umbrella options, different deductibles, etc. Having different agents structure the risk independently is actually educational. The differences force you to ask why one includes a coverage another doesn’t, where limits differ, and what risk you’re actually retaining.

    AI has made this process much easier. I use it to organize and compare policies, limits, deductibles, exclusions and endorsements side by side, then go back to the agents with questions.

    For me, the goal isn’t simply the cheapest premium. It’s to intentionally retain the risks I can afford and get strong protection against the risks I can’t, then find the lowest cost way to accomplish that.

    0Reply
  • Stuart UdisPro Member
    Attorney · Philadelphia · Member since 2018 · 2k+ posts · 3k+ votes
    1mo

    Contract management is an overlooked part of risk management and insurance. The right contract management systems, along with a few key contract provisions can shift liability to another party, require the other party’s insurance to respond before your own, cap damages, establish indemnification obligations, and provide several other meaningful protections.

    Understanding where liability is likely to arise and then using contracts and operating procedures to control that exposure doesn't get the attention it deserves despite being one of the best ROI's on a real estate operators' overall business. When these practices are applied consistently, it makes your insurance brokers job far easier shopping you to the best carriers in your market where you will be rewarded with better pricing and coverage. This is a service I provide to property owners.

    [email protected]
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  • Ashish AcharyaBusiness Member
    CPA, CFP®, PFS · FL · Member since 2017 · 5k+ posts · 3k+ votes
    1mo

    With a portfolio that includes a commercial building, condos, and SFHs, I’d stop shopping one carrier at a time and work with a strong independent commercial insurance broker who can market the entire portfolio to multiple carriers.

    I’d have the broker quote the same coverage structure across carriers so you’re actually comparing apples to apples. Look closely at replacement cost, deductibles, wind/hail or water exclusions, ordinance and law coverage, loss-of-rents/business-income coverage, liability limits, and whether an umbrella makes sense. Sometimes a cheaper premium is simply buying materially less coverage.

    I’d also ask whether your properties price better as a scheduled portfolio or individually. The commercial building may stay with one carrier while the residential properties are placed elsewhere. There’s no reason every asset has to be with the same company if that produces worse economics.

    From the tax side, I’d also review cost segregation across the portfolio, especially on the $2M commercial building and larger rentals. Cost seg may accelerate depreciation on qualifying components, but the real benefit depends on whether the resulting losses are actually usable in your tax situation.

    I’d shop the insurance annually, but keep the coverage specifications consistent so you know whether you’re truly saving money or simply taking on more risk.

    Happy to connect!

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  • Janice Carter
    Real Estate Broker · Atlanta · Member since 2024 · 1k+ posts · 606 votes
    1mo

    @Spencer Cox I agree with most who have already responded that your best option is to work with an independent insurance agent. An independent agent can shop your entire portfolio across multiple carriers, saving you the time of contacting captive companies individually. However, I would not make a decision based solely on the lowest premium. Be sure to compare deductibles, replacement cost coverage, exclusions, liability limits and claims service to ensure you have adequate protection.

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