Help finding the Right insurance Company

[Rick Wiggins]

Good Morning BP, 

I'm not a complete newbie but I am with owning multiple properties at the same time. I'm having major issues with Allstate. We have multiple SFH's, a duplex, and 2 more SFH under contract. Each property we have acquired w/ Allstate as the provider. After each closing Allstate has sent notices of cancellation for EVERY house. Wanting major improvements done to have re-inspected and so on..... The first property , I understood because it was in need of major repair so it didn't seem out of line. They recommended we use a partner of theirs that insure theses types of property's and even they are cancelling. Long and short, we closed on our latest property 3/15/22 and Allstate is at it again. I would personally live inside this house, or have a friend or relative rent from me . They have became a obstacle, a big one. If they can't insure this house, they wouldn't insure any that We would like going forward.

My question is, Is this normal? Anyone else had this issue and how did you resolve ? Drop and shop? Any references to companies that understand that every property is not going to be the Penthouse @ (insert casino) ? 

Thank you for your time !!

Rick 

[John Mocker]

Rick,

Sounds like you need to find an Independent agent.  One that represents multiple carriers and handles both Personal Insurance & commercial Insurane.  When dealing with a Captive Agent (only one market) you will run into problems if the property is not what they want (no alternatives).  See if you can get recommendations for agents in your area that are also helping other investors, contractors, developers, etc.  as a starting point.  

You will find that with an Independent agent, you may get quotes for different companies on different properties.  Things like condition, fire protection, age, proximity to coast or windstorm areas, etc. can all impact which companies will write it and who will be the best price/coverage for that property.  When you get a new agent, give them all the info.  It may be that a current condition will require a short term solution (renovation builders risk, vacant dwelling policy, etc.).  Better to put it in the right market first even if it more expensive rather than dealing with the stress of cancellation and rewriting.