How to Handle Homeowners Insurance Setup

[Adam Jackson]

Hello!

I have some questions on how to properly set up the accounting for rentals, and what experienced investors do when handling the accounting for multiple properties.

Currently based on what i've read, it's a good idea to keep the accounting for each property separate.  We recently purchased our first two investment properties in Kansas City, and the way we have things set up is that each property has a separate bank account that handles all transactions related to each individual property.  In my mind it makes sense since it keeps everything separate and it's easy to see how well each property is doing.

One snag with this plan is that we have one homeowners insurance company handling both properties, and they won't let us have separate auto-payments for each property.  I really want to auto-pay everything that I can so that everything is easier to handle, especially as we get more properties.

My question is, how do you have your accounts set up?  Am I worrying too much about keeping everything in separate accounts?  Do other homeowners insurance companies allow for one account to have different auto-payment setups for each property in the account, or is that not really a thing in this industry?

We could just have each property have a different homeowners insurance company, but then we worry we may be missing out on potential discounts for bundling everything together.  I know other types of insurance do this, but is this a thing that most homeowners insurance companies do (give discounts to investors who have multiple investment properties with that company)?

Thanks in advance for any advice!