All Forum Posts by: Brian Howse

Sam,

We are finding several areas are impacting accounts in the Northeast:

1. Carriers are stopping writing new business in certain areas or stopping completely

2. Rebuilding costs have gone up a lot and that causes the Homeowners premiums to rise

3. The rates themselves have also increased.  Companies are blaming it on the reinsurance rates they are paying going up.

If the home you are looking at is Brick construction the costs may be cheaper if you can find a company that will do "Functional Replacement Cost"  That means, in the event of a total loss, the cost to rebuild is based on what is needed to regain the same function.   That would probably mean a wood construction home of the same size.  

Other ways to lower costs:

1. Higher deductibles

2. Alarms

3. Lowering the contents limit.   (most homeowners policies give an automatic 50% to 70% of the Building limit as contents.  In the case of a Multi-family, that may be for than you need)

Some companies require "Lead Safe" certifications for Multi-families, even owner occupied.  If the property you are purchasing does not have a Lead Safe certificate, check into the cost to do that.  If that opens up a better priced program, you may be able to recover the cost of the Certificate in the savings on the Insurance.

George,

There are several "stand-alone" personal umbrella policies available.  I'm not sure if all write in CA.  The ones your agent should look at are:

1. PersonalUmbrella.com (they write only through agents)

2. RLI

3. USLI

If your rental properties are written with a different Insurance company than your CA policies you should look to them also.  

I second Goosehead insurance. They are an insurance broker and will shop everything for you. If you need a rep, let me know. I've use them for my investments and personal home. 

Hello,

I'm renting out a unit and will be requiring renter's insurance. Does anyone have any recommendations that I can make to potential tenants?