Commerical Insurance For 7+ Properties
I was informed by my current insurance company that once I go over seven property holdings I would have to be placed in different coverage bracket.
I wanted to know what everyone else is doing for coverage? Is is better try to have all of your properties at one company or spread them out over a few companies?
I have three fourplexes, two duplexes, one single family and my primary residence.
Thanks for your insight.
Vern,
Call your local NationwideBroker
and ask them for a:
BusinessInsurancePolicy
I have 40 SingleFamilyHomes with them.
They have been very good for me BUT I have NOT had to file any claims...
...ThankGOD
....as always,
GoodInvesting, Rocky
Thanks Rooky2000,
I have on claims either. I will give them a call in a minute.
I received a great deal through Farm Bureau for commercial rate insurance. (and properties are in city, fyi)
Rock, I went to Nation Wide. The agent looked over my props, he informed me that he could not even match the cost or coverage that I had already. He informed my that the commerical policy was at least 350 more per prop.
I have not aquire a new prop since 7/03, maybe by the time I am ready to purchase within the next few months I will have a line the best ins route.
I have called Farm B. but they never called me back. I also was told by Larrynut the Carroll Ins will do up to 99 props if they are under 30 years old or have been rehab'ed. But thanks for the leads.
Never heard of Carroll INs. Can you post theri contact info?
Carroll Ins phone number 859-269-1044, ask for Mike Rich.
I have had 23 props. at one time. Never had a problem. I flip alot and use more than one insurance company.
In Florida Insurance is a BIG problem (read: expense)
Insurance is something that is worth shopping for every year.
[addsig]
Hello GFous,
Please explain to me how you were able to spread the personal injury protection plan? I was told that one's personal residence covered the personal liability to the other rental properties.
I can get the coverage, but the rates will be at the commerical level. I was given coverage rates that when up from 690 per year to over 1,000 per year. Is this the standard that I can expect? I mean if I have to pay hundreds more for coverage on my rentals then so it must be. However, if I can save a buck or two then that is what I would rather do. Thanks
Quote:
Please explain to me how you were able to spread the personal injury protection plan?
I do have a commerical unbrella for one major property - owned by one LLC. Each one of my properties is owned by a different LLC, so multiple policies are not a problem. On the otherhand, if I need to group the policies for better rate I can.
[addsig]
Vern,
I am one of the few Nationwide Agents in the country that can write for other carriers (even for price). We are involved heartily with REIA groups in 14 states (including KY). I'd like to take a look at your scenario. We may be able to help. Thanks! Tim
Hello Tim,
Yes, I would like to have you take a look at investments and see if you can offer me as good or better. E-Mail me at **Please See My Profile** looking forward to hearing from you. Thanks.
Quote:Vern,
I priivate messaged you yesterday. Tim
On 2003-11-12 09:38, Vern wrote:
Hello Tim,
Yes, I would like to have you take a look at investments and see if you can offer me as good or better. E-Mail me at **Please See My Profile** looking forward to hearing from you. Thanks.
Norrist,
Can you write policies for all states?
Sorry for late reply, but we are licensed in 15 states, mostly MW and SE. Happy Holidays! Tim
Sorry for late reply, but we are licensed in 15 states, mostly MW and SE. Happy Holidays! Tim