I have owned 14 single family rental units for the last 10 years. I never changed insurance companies over the years but my carrier(now SafeCo) has gone thru several mergers during that time. All of my policies(1 policy per unit) were recently reviewed, and essentially re-written with a 20% increase. Along with that all of my units were inspected from the outside by a 3rd party company hired by SafeCo. I was in the process of rehabbing one of my units when the inspection took place. 3 weeks later I got a cancellation notice from SafeCo stating that coverage was terminated on this property(due to “Substantial change in Risk”. I have since finished the rehab and rented it out. My lender has imposed forced coverage until I can find something better. I have already talked to my agent, he has made several attempts to speak with underwriting, I have even supplied photos of completed rehab along with the signed lease agreement proving that the property is occupied - but still no luck.
All of my rentals, personal residence, and Autos are written thru SafeCo. I am having problems finding similar coverage thru a company that doesn’t require me to move all of my properties - I don’t want to do that. I just submitted the info to NREInsurance to see what they come up with. Does anyone have any suggestions? I am located in NW Ohio.
Thanks in Advance,