All Forum Posts by: Owen Rosen

Hi all, 

Just entered a contract for my first rental unit. A SFH priced at 252K, 4 beds, 2 bathrooms and 1 garage. About 1500 sqf and it's a new build. How much insurance should I buy for this? Any general parameters? Thanks!

Hello - Has anyone had good experiences with certain insurance providers in Marion, dayton or Fairborn? My current insurance company jacked up its prices significantly ! 

@Jonathan Klemm and @John Warren Would you mind sending your contacts over please? I'm looking to switch companies to insure our 2 flat and our primary single family in the suburbs, potentially car as well.

Agent walked a property today that is a definite cash cow, but need an insurer who can provide a premium at a reasonable rate or the deal’s dead. 

My usual broker came in at 9k/ annual with her second best option being 16k. A State Farm agent came in “better” at nearly 7k (this is for a 235k triplex in 48238).

I have a duplex fully insured for $2200 & a SFR for $900.. imo, a reasonable rate for this one would be 2500-3500/year (I'm ok with a high deductible).

Any help is greatly appreciated!

Hey Jordan, when you say broker, you mean insurance broker or real estate broker? Also I would agree it's unlikely that everyone in that area has the same insurance company because that would make it a monopoly, which is illegal. I would look into getting a third (insurance) broker to help you find a competing company to the one everyone else is working with and see what they'll offer you. Sometimes more boutique companies that are trying to compete with the bigger companies will offer better rates. Also, try to find out why the premiums keep going up--what is the cause of that. Something you might want to be aware of ahead of time because it might affect your property in the longrun. 

Hey BP Community,

Hoping to tap into the collective wisdom here. I'm closing on a property in Cleveland that I plan to rent out. However, I've hit a snag with securing landlord insurance.

So far, I've received a few responses declining coverage, citing:

• Higher crime rate in the area
• The property is older
• The age of the roof

I'm a bit stuck on how to proceed. Has anyone else experienced similar challenges in Cleveland or other areas?

My questions for the community:

• Are there specific insurance companies you've found that are more willing to work with older properties or properties in areas with perceived higher crime? (Bonus points if you have experience in the Cleveland market!)
• For those who've dealt with older roofs, what were your options for insurance? Did you have to replace it immediately?
• Any general tips or strategies for finding landlord insurance when facing these types of hurdles?
• Should I be looking at specific types of policies or riders?

Any insights or recommendations would be greatly appreciated! I'm eager to rent out this property, but I want to make sure I have the right insurance in place.

Thanks in advance for your help!