All Forum Posts by: Nick Bendick

I would search for an independent agent in your area who represents multiple companies. They will shop with there companies for you. Ask what markets they have for landlord insurance. If they say less than 3 companies I would keep calling around.

Just shop them around with different carriers. Rates are going to vary by company and by zip code. You will not find a lot of carriers that offer a bundled rate when it comes to investment properties. Foremost is the only company that I have worked with that will offer multi-property discounts but that doesn't mean they will have the best rates. Search for an independent insurance agent in your area and ask them if they have experience with real estate investors. If they do, then ask them to shop with different companies for you. I would ask which companies they represent and if they list less than 3 companies then I would keep calling around. 

You may want to check with Foremost and American Modern. They focus on landlords as one of their niches. I would go to Foremost's website and search for an agent by zip code. This will bring up different agents who represent Foremost and probably other companies also. This way they will shop around for you. 

You can also search Trusted Choice for a local agent. They are an association of independent agents who will represent multiple insurance companies. If the agent is good he/she will know which markets to look at and shop for you to find the best rates/coverage. 

I would go to Trusted Choice and search by zip code for a local agent. It will show you independent agents that represent multiple companies and will shop for you. 

I would ask your agent about loss of rent coverage. Also at the bare minimum increase your liability to $500k. The cost will be a couple extra dollars. The umbrella is a great idea also for even further liability protection. As a side note, if this property is held in an LLC to make sure your agent is aware so coverage is being provided for your LLC.

Yes, you can find general liability coverage if you don't have a mortgage or any other interests in the property. If you don't have an individual policy on the home itself I don't think an umbrella policy would work because that is used as an overflow policy for your underlying policies. I would connect with a local agent and see what options they have for you. I would search by going to Trusted Choice and searching for an agent by the zip code of the property. They will provide local agents that work with multiple companies to find you the best rates and coverage. 

If you are still searching for insurance on your Hazel Park rental feel free to send me a PM. I own an independent insurance agency and have a niche towards real estate investors since I am an investor myself. 

John, if you are still looking feel free to pm me. My agency works with a lot of investors since I am an investor myself.

I have talked to 2 brokers so far. The first one was only looking for someone who wants to make a career out of being a real estate agent...wasn't a fit for me. The second one seemed like it was a possibility and I am waiting to hear back on what he would charge for his overhead costs. I will be calling around to speak to a couple more brokers until I find the right fit. When I find somebody I will be happy to share the info. If someone out there knows of a broker I would love to have their contact info so I can save some time calling around.