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Registered
Join Date: Apr 2015
Posts: 1,439
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Insurance for a rental
Since you guys are so great at helping, I have another question. I have insurance on my rental that is ridiculously expensive, excluding flood. Everyone I talk to with Rentals says your paying that for that. I’m looking for new insurance. Do you advise on giving the new potential insurance company the current policy? My gut says most just try to beat the cost vs saying “hey, your way over insured, have you thought about this?”.
Thank you. |
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03-17-2023, 05:57 AM
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Zink Racer
Join Date: Aug 2005
Location: Spokane WA
Posts: 4,081
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Meet with a good agent. My rental (small 6 unit apt. building) is in an LLC and I have a business policy on it plus an umbrella policy. All through State Farm. I'm going through my 1st claim on the building. Other than me subrogating auto claims caused by others, this is my 1st insurance claim after paying for 40 years. They've been good to deal with so far. $30k of damage caused by ice build up on gutters that did a number on the roof as well. Rentals are different because you need business interruption coverage, etc. The real test will be what my coverage costs when renewal time comes. My current annual cost is roughly $2,200.
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Jerry 1983 911 SC/Carrera Franken car, 1974 914 Bumblebee, 1970 914-4, 1999 323ti |
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03-17-2023, 07:57 AM
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Join Date: Apr 2015
Posts: 1,439
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I wish I was 2200 for my one unti.
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03-17-2023, 08:08 AM
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Counterclockwise?
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"need business interruption coverage"?
I asked about that for my business and it was outrageously expensive.
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Rod 1986 Carrera 2001 996TT A bunch of stuff with spark plugs |
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03-17-2023, 08:16 AM
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Registered
Join Date: Jun 2007
Location: Lake Oswego, OR
Posts: 6,260
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^^^Business Interruption - how you going to pay your bills with no income?
So (as you mostly know) I sell insurance. And I own rentals. And I sell to other owners. First - connect with an independent agent. NOT a captive agent like Farmers, State Farm, American Family, etc. Here are some benchmarks: 900 for a nice 4 plex in Portland. $6000 for a 25 plex in a high fire area in Eastern Oregon. Both wood frame 1970 construction no sprinklers. The claims have been nuts for the last 5-6 years. We are seeing increases across the board. The rates are all filed with the respective state insurance office. You will pay far more for Florida than Ohio. It is the nature of risk. Let me know if you want a deeper dive on this. |
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03-17-2023, 09:46 AM
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