Real Estate Agent/Realtor · Columbus, OH · Member since 2015 · 5 posts · 0 votes
Just recently purchased a 3-family unit in Columbus, OH. I am currently in the process of searching for a good homeowners insurance and was wondering if anyone had any advice on who to go with. My car insurance is under nationwide so I was thinking about bundling the two but at this point I'm just looking for a good rate and decent coverage- any suggestions??
Thanks in advance for your help!
Insurance Agent · Nationwide · Member since 2014 · 2k+ posts · 1k+ votes
10y
@Samantha Robbins If you are going to live in the 3 unit, you will want to bundle it with your auto with Nationwide or a similar personal lines company insurance company.
If you are renting it out, there are several other commercial insurance carriers you will want to consider.
Contact a Insurance Broker and have them shop the market for you. Contacting individual insurance companies on your own is a waste of your time. Get a broker on your team.
Lender · Winlock, WA · Member since 2013 · 1k+ posts · 1k+ votes
10y
The type of policy (personal lines or commercial) in part depends on how you hold title? If you hold it in your personal name, then you can go either way. If you hold it an entity, you most likely will need to have a commercial policy. I would also consider an umbrella policy.
A good agent will ask many questions but one of the critical things they will do is find out how much you have in assets. At a minimum, this is the same amount you will need, or more in liability coverage. The nice thing is liability coverage is fairly in expensive, so having much more than you have in assets is a good thing. Keep in mind the insurance policy will not only potentially pay any liability claims, but it also pays your legal defense. The cost of legal defense is outside your limits, so it doesn't eat into your limits. Legal defense can be very costly, so don't scrimp on liability coverage.
Investor · Tampa, FL · Member since 2016 · 20 posts · 7 votes
10y
We use Robert Smith, they have a large amount of experience in investment property insurance. They have been awesome to work with. PM me and I will be happy to connect you.