Insuring lots of houses and need new insurer - Posted by Mark Nyman

Real Estate Investing Apartments
#1

Posted by John J on February 07, 2001 at 09:24:59:

I have such a comercial policy with American Economy Insurance/American States Business Insurance
(a division of Safeco). I have their Ultra Series Package policy and have multiple properties on each policy, which lowers the rates substantially. I pay $119 per year for $100,000 property coverage on a single family home, including some personal property, $2,000 loss of income, and $250 deductable. On this policy I pay $49 per year for $600K general liability. Their policies are written through independent insurance agencies. Safeco is based in Seattle and a phone number on the policy is 1-888-274-0808, if you need to find a local agent.

#2

Insuring lots of houses and need new insurer - Posted by Mark Nyman

Posted by Mark Nyman on February 06, 2001 at 18:48:55:

Dear Group,
I own a 10 plex, a 4 plex, and 10 houses. Last year, I had a $9500 loss at my 10 plex and an $1300 loss at one of my houses. Subsequently, my insurance company North Pacific is not going to renew my policy. In checking other companies, my agent only found one company to insure my properties and they are $1100 to $1200 per house compared to $250.00 per house.

I need help in finding an insurance company to insure me at a reasonable rate. We are looking at switching some of my holdings to the personal side. Please help me with different options.

Any ideas any company names would be greatly needed. My properties are in Oregon.
Thanks for your support.
PS Posted in commercial side too. Wanted to cover my bases.

#3

Re: Insuring lots of houses and need new insurer - Posted by John Ohio

Posted by John Ohio on February 06, 2001 at 22:07:41:

Mark, your agent probably only represents a few carriers, probably for homeowners. You will be better off finding an agent the represents commercial carriers only. I ran into same problem about 6 years ago. Had to switch to commercial carrier. They just add properties and take them off when sold, its easy. r yet. Each house is about $200 per year in my area)
shop around.
Good Luck