Rental Property Insurance Help Please - Posted by Larry Carter

import · January 28, 2002, 9:06pm

Posted by Judy on January 30, 2002 at 20:08:17:

I have mortgages on all homes. The mortage Companies have never objected.
Judy

import · January 28, 2002, 9:06pm

Posted by Larry Carter on January 28, 2002 at 22:06:19:

I now have 21 rental properties that i have mostly purchased
with little or no down and they are all cashflowing well.

This site is my “bible” and i cant wait to get home from the road to check out all of the posts.

I have been told by my insurance agent that it is not possible to have one policy that will cover all of my rentals as opposed to a separate policy for each one as this is starting to get rather costly and i am not receiving any discounts for the volume.

Can any body give me some advice on this. I live in South East Missouri. I have an attorney friend in Southern Illinois who has a wrap or umbrella policy that satisfys the banks requirements so i know it can be done. Thanks

Larry

import · January 29, 2002, 7:31pm

Re: Rental Property Insurance Help Please - Posted by mary

Posted by mary on January 29, 2002 at 20:31:41:

State Farm offers a MUD discount (multiple Unit discount). There is some savings there. I also carry in addition a 1 mil liability policy.

import · January 29, 2002, 5:36am

Caution! - Posted by Jon NY

Posted by Jon NY on January 29, 2002 at 06:36:28:

Yes, Some Companies will combine all your properties and there would be a savings. But, If you have 21 properties at $1mil each and you combine them on 1 policy for $1 mil, you’ve just lost $20,000,000 of coverage!

Jonathan Hull

import · January 29, 2002, 5:28am

Re: Rental Property Insurance Help Please - Posted by Judy,IL

Posted by Judy,IL on January 29, 2002 at 06:28:38:

I use American Family Insurance with one Business Key Policy that covers 15 rentals with good rates.

import · January 29, 2002, 11:09pm

Re: Rental Property Insurance Help Please - Posted by Dave T

Posted by Dave T on January 30, 2002 at 24:09:41:

Please clarify.

How many policies does it take to qualify for the multiple unit discount? Or, is this one policy covering multiple units?

If your liability is not included in each unit’s insurance policy, what kind of policy do you have for your hazard insurance and for your liability policy?

import · January 29, 2002, 2:13pm

$1 mil liability ins. not property value. NT - Posted by Jon NY

Posted by Jon NY on January 29, 2002 at 15:13:46:

no text

import · January 29, 2002, 11:13pm

Re: Rental Property Insurance Help Please - Posted by Dave T

Posted by Dave T on January 30, 2002 at 24:13:52:

Some questions:

Are each of your rentals owned free and clear? If not, have you had any objection from each mortgage company over your blanket policy?
How does your insurance company handle the loss payee clauses for each property when you have multiple properties on a single policy?