i have been with state farm for 30 years on my residential rentals,when it was time for them to pay they are probably as good as anyone. but they have changed their deductibles to 1% of value plus deprecation,and it’s killing me on wind and hail claims.
tried switching a couple over to farmers,got a lousy agent and this has all blown up in my face so I’m shopping again.
i find most companies are not wanting to pursue this business. so it’s seems pretty tough to come up with something that makes sense.
oh and state farm won’t touch my commercial stuff,so that a problem.
so who you with? are they insured separately or under one policy?
i might even be interested in a liability policy only,i could self insure on physical loss on the house.
YOU ONLY NEED TWO TOOLS IN LIFE – WD-40 AND DUCT TAPE. IF IT DOESN’T
MOVE AND SHOULD, USE THE WD-40. IF IT SHOULDN’T MOVE AND DOES, USE THE
DUCT TAPE.
Replies
We have Allied, a branch of Nationwide. I have had good experience with them. I understand however that they are now rating clients similar to the way car insurance companies do. If you have a lot of claims (more that average) then you will pay higher premiums, higher deductables and have a more difficult time finding an insurer.
We have only had 4 claims in 20+ years with an average of about 6-8 properties. Some years 12 some 4. So if you are turning in a number of lower dollar claims ie: 2k or less I imagine under the "new deal" it may be tougher to get it done. I have always insured mine with 1k deductable anyway to save on the premium. And that would be 2-4% on most of my stuff. DanT
I'm in Canada and have not had any problems getting the rental properties insured here. All my buildings are residential only. I have coverage for the buildings, liability (2 million?) and loss of rental income etc.
I have, however, never tried to make a claim so who knows? Never had a situation that required more than $2,000 or so in material to fix so I figured making a claim would not be in my best interests.
I think we are lucky here. Real estate values etc. seem to be more stable than in many other areas and I am in a gov't town so it is even better.
Edited 4/15/2009 8:56 pm ET by sisyphus
Try AIG.
aig,aka goverment ,aka my tax money
i'm afraid they won't pay the claims in real money,monopoly money don't work to well.but maybe i could tell em i've already paid my premiums,it is april 15th.YOU ONLY NEED TWO TOOLS IN LIFE - WD-40 AND DUCT TAPE. IF IT DOESN'TMOVE AND SHOULD, USE THE WD-40. IF IT SHOULDN'T MOVE AND DOES, USE THEDUCT TAPE.
I use Farm Family, have all of my properties on one policy, don't see my deductible on my statement but I think it's $500. I've only ever had one claim (burst water pipe - water damage) and it was handled promptly and professionally. I have a $1M personal liability (umbrella) rider for an extra $62 per year.
Edited 4/15/2009 9:51 pm ET by BillW