Can't Get Insurance- Buffalo NY
Howdy all-
I have purchased rental property on the Upper West Side of Buffalo (2 two-family buildings on one lot), and I am having trouble getting insurance. I have had 2 companies cancel the policies after issuance. The reasons cited have been "exterior condition", "deteriorated roof", 'damaged siding" etc.
The exteriors do need to be painted, but they are hardly an eyesore. I intend to paint or side in the spring (purchased in November- not the best time to exterior paint in Buffalo!) The buildings are solid and in overall good shape- I had them inspected before purchase. My agent says the companies are just looking for any excuse not to write landlord policies, esp. for an out-of-state landlord who purchased below market value.
Anyone have a recommendation for a company or agent that will write in this area?
Thx-
Arwen 
Arwen- I'm not farmiliar with the area, but in a war zone nearby, I know people who have had similar problems. Their solution? They simply went to insurance companies that were located in, and operated from, the same area. These companies have dealt with properies of this nature for years and years - in fact, their own building is probably one of them. From what I'm told, I doubt they'll bat an eyelash at your place. Hope it helps - Z
Check with Foremost Insurance. If they write in NY, they should be able to help. Good luck.
Depending on where you are in the Uppper West Side you may be in an okay area. Although I don't specifically recommend his as being particularly good, a local insurance agent I've used in the past is Mike Boyle of the Mike Boyle Insurance agency. He's basically an insurance broker and can look at a number of companies for you. I can't remember his contact info, but you can have your local property manager look him up in the phone book. He's probably not the cheapest or the best, but your problem isn't with cost, it's with just finding an insurance provider. Good luck.
[addsig]
I believe there should be a state run insurance program for those who cannot obtain insurance in the voluntary market. You should ask the insurance companies who have cancelled you to point you in that direction. Good Luck.
From the sound of it, the prior companies are terminating your policies due to (what they consider) lack of proper maintenence on the property. Often if this situation is corrected, you will be able to rewrite the policy with the same company. They usually require reciepts and photos showing that the property has been repaired. This is true for the major insurance companies. On the other hand, if the repairs are not made you may have to go with a high risk company. Most independent agenices will carry these type of policies. You may try the independents in your area. The state plan is another alternative; however, the premiums are significantly higher and often they do not include liability coverage on the policy (a standard of most property policies). If this is the route you chose to go, you may want to weigh the cost of a few gallons of paint or minor repairs verses the extra cost of the high risk policy.
Goodluck!
Sarah
arwen,
i am an investor and rehabber from the buffalo area . we run all our insurances through greg horowitz, an allstate agent, they also write policies for several out of the area investors. give him a try !![ Edited by theguru on Date 03/02/2004 ]
Guru-
Do you have a number handy for Greg?
Thx-
Arwen