Trouble finding reasonable insurance on a rental property

[thefed]

Nationwide keeps jacking my rates year after year....20% 6 months ago, 20% 6 months before that, and 40% this last 6months!!!

WTF

I've checked 2 other places, and found that their rates are crazy high. The reason is Nationwide ties in my liability to my homeowners. So if I drop the homeowners (which has climbed 80% in 2 years),they will drop my rental. i really want to drop homeowners, but the increasein rental insurance costs I'd see eliminate the savings


Any suggestions?

Thanks

 

[tryan]

Best rate I've found was by combining fire and liability as an add-on to my primary residence insurance. Both properties need to be in the same state.

At some point you might want to consider an LLC or S corp then if you dropped the liability coverage only the assests of the corporation are at risk. Some set up an LLC for each property.

 

[brewer12345]

Maybe try finding an agent that is used to dealing with rental insurance?

 

[thefed]

well i finally did find one company that will write a policy on a rental without doing my primary residence. turns out they were able to save me $$ on my homeowners,3 cars,and another rental as well...so i switched them all.

i'll be saving about 600/year while doubling my auto liabilty limits, tripling my rental personal liability and medical, adding more perils to my rentals, increasing replacement value of primary residence AND adding more personal liability there as well as dropping all deductibles to $500 from 1000. seems to good to be true...OR I was getting ripped off and became complacent


Hope they pay if the need arises! (Grange mutual of ohio)

 

[brewer12345]

Grange is A rated by AM Best and a cursory review of their financials suggests that they are plenty healthy. I wouldn't sweat it.

 

[thefed]

thanks brewer

 

[growing_older]

I've tried to keep with a single company to avoid any finger pointing in case of a claim. When I was in a situation similar to what you describe about 15 years ago, Metropolitan did a good job for me. Rates on each coverage were competitive and by combining all into one company they gave multi-policy discounts that made them very reasonable. Don't know if they'd still be as good for new business now as they were then. They've been mostly reasonable for renewals.