Landlord insurance reputable companies

[Derrick U.]

Almost a New owner of an apartment complex.

Which insurance companies are the best?

How do I know if I'm getting a good price? Someone once told me never pay more than $125/door. I forgot to ask is that per month or per year.

How do I find a good one?

What do you think of this video?

https://youtu.be/SyeZa1DTidU

[Jason Bott]

Originally posted by @Danny Randazzo:

@Derrick Umphlett you should call 5-10 local brokers so you can get the best quotes from various carries. A lot of your insurance requirements will be driven by your lender. The $125/ unit per month is a rule of thumb for large multi families (100 units +) and cost of coverage can vary greatly based on location. For example, coastal areas have much higher cost of coverage because of flooding or hurricanes.

Danny, good advice, but I'd add one very more important detail to your process to protect your reputation with the underwriters.  

Many insurance agents will "shotgun" you account to the market, making you look like a shopper in the eyes of the underwriters.  Keep in mind, all of us agents may be sending your account to the same underwriter!

When that happens, the underwriter will pass on your account or just put a high price on it and move to the next account they think they can win.  

To get the optimal results from marketing your account, stat with an established broker.  Ask for a list of which companies they will be getting quotes from.  Then when calling the 2nd broker, show them the list and ask if they have any other companies they feel can compete with the companies on your list.  If they do, add them to your list and repeat with additional brokers until you have successfully covered the market.

If you deal with a larger broker like myself, I cover 95% of the market right off the bat.  But if you are in a market with a lot of smaller brokers, each may only have access to 5%-10% of the market, so you could end up sourcing quotes from 5-6 agents.