All Forum Posts by: Owen Rosen

Many of my investor clients use separate LLC's and I find it's easier to do so at least here in Michigan and safer in terms of protecting assets.

I'd be happy to take a look at it. In general captive agents like State Farm or Allstate are terrible for investors as they have cookie cutter products and only one product line.

Great Lakes Mutual is another company I represent.  They have a good product but some different provisions and options vs. Foremost and vice versa.  Everything is dependent on the specific needs of the property and investor!

Foremost is a good company but there are quite a few carriers that will insure standalone rental homes in Michigan if you are with the right agency.  There are more

potential options if you are bringing your primary home and auto insurance along as well.  

Most carriers that insure things correctly will have some sort of a charge for being a multi-family home.  The risk is different so the price is different.  The probable reason there wasn't a charge the first time around is because as you pointed out they didn't know what they were doing!

We have quite a few companies that can accommodate a duplex.

As an investor, an Independent Agent is very important because each property can be very different in terms of the type of coverage needed.  For instance, there are some companies out there that cater to the landlord market and others that will allow a rental property or two if they also insured your primary home and cars.  That can be very restrictive though.  We represent around 10 carriers that can work with rental homes (multi-family as well) and they all have the niches.

 You'll find there are a lot of restrictions with State Farm.  We work with a lot of State Farm agents that can't handle rental properties, vacant properties, etc.

Pricing is case by case with all insurance companies but we make sure coverage is paramount - there's a decent chance we can find a better solution for you and if not there's nothing lost!