Insurance for Rental Properties ??? - Posted by Peter

Posted by New_To_IL on February 23, 2001 at 21:08:08:

I’ve used Allstate, and they had no problem with it. First I had a homeowner’s policy. Then I bought one rental. Then I moved and converted the first house into a rental also. Piece of cake.

Insurance for Rental Properties ??? - Posted by Peter

Posted by Peter on February 23, 2001 at 16:15:52:

Does nayone know where to get insurance for rental properties? I checked with Safeco Ins. and was told
since the rental properties had no ins. Safeco could not
issue any insurance policy. Well if you just aqcuired the property naturally the property would not have previously had insurance in my name. Then they said Safeco does not do rentals. Well I know for a fact they do because I know someone who was Safeco with rentals. State Farm said they are taking no new customers. They would not even give me ins. for my primary dwelling ??? Does any one know where to get reasonable insurance for rentals in MD. & VA. ???

Re: Insurance for Rental Properties ??? - Posted by Peter

Posted by Peter on February 23, 2001 at 22:24:44:

Thank you all so much for all the helpful input !!!

Re: Insurance for Rental Properties ??? - Posted by Mike (IN)

Posted by Mike (IN) on February 23, 2001 at 22:15:06:

Your best bet is to call an “Independant” agent. They have several companies to choose from. If you have more than one property, you may qualify fort a commercial policy. This way, you can put all of your homes on one policy. Every time you acquire a new property, you just add it on to your policy by endorsement. As you sell…delete them. This way you always have a policy in force.

Something you must understand…
Insurance companies are not excited about writing this type of business. It is not their “target market”! Look at their prospective…
the homes are non-owner occupied, vacant, in bad condition if they are a rehab,have higher than aveage loss experience, are often managed by newbie investors…and they are afraid of the “slumlord”. You need to present yourself and your properties as a better than average risk.

I have been an independant agent for 10 years and I’m also an investor. If you have specific questions, let me know!


I am with Safeco - Posted by John J

Posted by John J on February 23, 2001 at 21:21:07:

I have most of my rentals insured with American States/American Economy, a division of Safeco, through an independent agent. I have multiple properties per policy. Email me if you need any phone numbers.