Property Insurance

Comments(11)

• 
  DaveT27th April, 2003

  Open your phone book, call several insurers and shop the rates.

• 
  delgardo28th April, 2003

  Quote:
  On 2003-04-27 01:20, DaveT wrote:
  Open your phone book, call several insurers and shop the rates.
  
  
  DaveT I Have five Agents currently trying to get me a quote. Thirty days has passed and only one quote. NJ is the worst state when it come to any type of insurance. Thanks for the addvice.

• 
  DaveT29th April, 2003

  Sounds like you are in a precarious position right now. Are you currently uninsured, or is it just that your current policy will not be renewed at the end of its term.
  
  If this insurance company is going out of business, do they have an agreement with another insurer to "acquire" the policies? Can't hurt to ask your current insurer which insurance carrier is taking over their policy service.
  
  If you are currently uninsured, then you may have to bite the bullet and accept that quote you have already received. Better to pay a higher premium for insurance, than to be uninsured when you have a catastrophic loss or a lawsuit.

• 
  stubbornmale19th May, 2003

  might be able to offer some help for insurance.I am an assoc. agent for major ins. carrier here in Ohio. This particular company limits the type of rental property to onlt two family dwellings,however we broker out business to our associate firm that accepts 3-4 family dwellings,or landlords that have bad credit that makes them ineligable through the company I work for.Quotes are done in 1 day,first 5 days of the month each month because they sell out(meet their loss/rating quota) after the first or second week.It seems the agents you have been talking too do not know who to contact or where to look.

• 
  stubbornmale19th May, 2003

  Just wanted to add a couple more things about insurance rates.3 or more family units rates go up dramaticly due to the risk of loss,also get a quote that contains a "loss of rents"vandilism" and know the true value of your rental property,know what the replacement cost is of that property so you can insure it for the true value.Insurance is not cheap but neither is rebuilding a home for $100k when only insured for $80k,big differnce in price when it might be coming out of your pocket to get that multi unit rebuilt and have have only enough ins. for single family dwelling.

• 
  delgardo20th May, 2003

  Quote:
  On 2003-04-28 16:44, delgardo wrote:
  Quote:
  On 2003-04-27 01:20, DaveT wrote:
  Open your phone book, call several insurers and shop the rates.
  
  
  I Have five Agents currently trying to get me a quote. Thirty days has passed and only one quote. NJ is the worst state when it come to any type of insurance. Thanks for the addvice. <IMG SRC="images/forum/smilies/icon_rolleyes.gif"> <IMG SRC="images/forum/smilies/icon_rolleyes.gif">
  
  
  DaveT thanks for your advice. I have been trying to get insurance since 03-01-2003. I have given my quote for insurance to 10 or more agents. I get no answers back or after a month or so they tell me that they can't help me. I have lived in NJ most of my life. I now want to sell every property & relocate to another state, that has favorable insurance rates for investors. NJ is all I know when it comes to investment properties. I don't know were to go. most of my properties are in Newark & Irvington NJ. Once you tell the insurance agent that, they find every reason in the book to tell you how they can't help you .
  This all started after September 11, 2001. I recently found out that most home owners in my area either has no insurance or they only have fire coverage. I have gotten one quote back I use to pay $3000.00 per year for one location they now want $6500.00 with no claims. At this piont the mortage company is putting coverages on the properties.

• 
  delgardo20th May, 2003

  Quote:
  On 2003-05-19 23:31, stubbornmale wrote:
  might be able to offer some help for insurance.I am an assoc. agent for major ins. carrier here in Ohio. This particular company limits the type of rental property to onlt two family dwellings,however we broker out business to our associate firm that accepts 3-4 family dwellings,or landlords that have bad credit that makes them ineligable through the company I work for.Quotes are done in 1 day,first 5 days of the month each month because they sell out(meet their loss/rating quota) after the first or second week.It seems the agents you have been talking too do not know who to contact or where to look.
  
  Yes I need your help I have 1-4 family and above four units. You can email me at columbiaave@earthlink.net with your contact information.
  
  thanks, Stubbornmale <IMG SRC="images/forum/smilies/icon_wink.gif"> [ Edited by delgardo on Date 05/20/2003 ]

• 
  flyboy21st May, 2003

  I have a multi-family in Jersey City and have bben with Merrimack Mutual Fire Insurance ( The Andover Companies) since 1996 with reasonable rates and good service. You will need to call your Insurance Broker and see if he is appointed to business with them.
  
  
  Good Luck.

• 
  funhog1821st May, 2003

  I am an investor in NJ and have the same problem!! NJ is a tough state no doubt. My agent just recently put all my properties on surplus lines and my premiems have tripled. Don't know what to do at this point. I also own in some of the same area's and they hate hearing the towns Newark and Irvington.
  
  Kevin

• 
  j_owley27th February, 2005

  try state farm
  
  

• 
  j_owley27th February, 2005

  Respect is the key.
  
  Fix any laxes in repairs in the property and that may go a long way in easing the rent increase.
  
  John