Insurance for Investment Property

[Enuff2Eat]

I use AllState the last 24 years and they never came thru for me.

. gave me a check that can't come close to find similar car after my accident
. gave me enough to replace a few singles on my roof while majority of my neighbor got their entire roof replace during the last storm damage
. rate is so high now

I need a better alternative property insurance for my home and investment properties. Please advise.

enuff

[Luck_Club]

Currently running through the insurance quagmire myself. It would be interesting to post rates per dollars covered, for comparison.

I have been quoted approximately 560 for a million dollar umbrella, for 3 rental properties of risk.

Current killer is car insurance, running $$1800 per year for a 2014 car worth roughly $15K-$18K. with a $1000 deductible.

Rental properties running roughly $1000 per property with a value of $200-$250K.

[njhowie]

We've had Amica for everything for the past 25+ years - since they were a mutual company and they actually sent us dividend checks every year. Those were the days.

About 10 years ago, our underground oil tank developed a leak - a situation which most folks dread because of the costs and headaches in remediation. I wasn't even sure if our insurance policy covered any of it (of course we also had separate tank insurance). Amica took control of everything, directed all parties involved, paid for the entire project (aside what the tank insurance company was responsible for) and I'm not even sure if we paid our deductible (probably did, but it was so insignificant compared to the project I forgot about it). No hassles, no stress, and at the end, the tank insurance company paid for two new indoor tanks.

As far as auto, we've had a couple of non-collision incidents over the years and they took care of everything swiftly without any hassles.

Just a couple months ago we took an umbrella policy with them - extremely affordable, and then they gave us an additional discount on the homeowners policy.

I see many folks complaining that Amica is so expensive on the auto - simply not our experience. We pay $1400 total annually for two drivers/vehicles with full coverage and $500 deductible in a high priced state.

[JoeWras]

Here's our costs. Umbrella is $5M. "Refund" is not a true dividend, but rather a refund from the umbrella portion based on claims of the previous year. So umbrella cost is less than list price.

Amica still less than SF was 7 years ago. Granted, cars have aged.

The 2012 to 2013 jump that SF threw at us was so shocking, it got me looking around.

[aja8888]

As said above - Amica.

We had "Harvey" claims and they were handled professionally by Amica. Didn't even raise our rates going forward.

[COcheesehead]

Rates are so region specific you can’t compare from postings here. I suggest using a broker or two and let them shop for you. We switch every couple of years. Loyalty is NOT rewarded in the insurance industry.
We’ve had good luck with auto, home and umbrella through Auto Owners and Travelers, but we’ve switched to save $100.

[njhowie]

Quote:

Originally Posted by COcheesehead Rates are so region specific you can’t compare from postings here. I suggest using a broker or two and let them shop for you. We switch every couple of years. Loyalty is NOT rewarded in the insurance industry. We’ve had good luck with auto, home and umbrella through Auto Owners and Travelers, but we’ve switched to save $100.

As OP can attest from his less than stellar experience with Allstate, service and how claims are handled is quite important. Though our rates are very low, you couldn't get me to switch for piddly $100/year - it would probably take $500/year minimum, and I know that is simply not possible.

[Winemaker]

We changed to Erie about 15 years ago, 3 cars, 3 rentals, house, 3 umbrellas, 1 term. Saved us over $3000 in premiums first year. I have had numerous encounters with deer committing suicide with my vehicles, a vehicle rear ending DW's auto at a stop sign, and a lightning strike on the chimney of the house. All professionally handled, and promptly, and no repercussions.

[freedomatlast]

Quote:

Originally Posted by Winemaker We changed to Erie about 15 years ago, 3 cars, 3 rentals, house, 3 umbrellas, 1 term. Saved us over $3000 in premiums first year. I have had numerous encounters with deer committing suicide with my vehicles, a vehicle rear ending DW's auto at a stop sign, and a lightning strike on the chimney of the house. All professionally handled, and promptly, and no repercussions.

We have Erie for Primary Residence, Rental Properties, 7 vehicles, and Umbrella Policy. We've also been happy with Erie, although they don't write policies everywhere in the US. This is a good thing since their policy holders' rates aren't jacked up to pay, for example, California wild fires, where they don't write policies. Also if you've been with them at least 15 years and have an at fault auto accident, they won't raise your rates because of it.

[COcheesehead]

Quote:

Originally Posted by njhowie As OP can attest from his less than stellar experience with Allstate, service and how claims are handled is quite important. Though our rates are very low, you couldn't get me to switch for piddly $100/year - it would probably take $500/year minimum, and I know that is simply not possible.

“Loyal” customers are the profit centers for insurance companies.

[Enuff2Eat]

thank you ... i will get a quote from Erie and Amica...

tired of Allstate long, long, long explanation then sent a check short of thousand dollars to get a contractor out.