Homeowners Insurance for student housing portfolio

[Mark Taliercio]

Hi All,

Does anyone have a recommendation for an insurer that will write a policy for student housing rentals? We have a portfolio but our rates in recent years have climbed dramatically and lender selection has narrowed. Traditionally we have purchased individual policies for homes (ranging from 1-3 units), but if there is a blanket policy that is more economical we would certainly like to look at it. Thank you in advance.

Location: CT and NY

[Mark Taliercio]

Quote from @Andrew Freed:

@Mark Taliercio - What I do for my properties is have homeowners insurance up to a mil liability on each property and an umbrella policy on top of that for 1 mil. I've seen umbrella policies go up to $3 mil. Have you explored umbrella policies? They tend to be a blanket policy over your many assets and are not that expensive, usually around $300 annually for each mil of coverage. It might be a good solution for your dilemma. 

 Thank you for the input Andrew. Yes we have an umbrella, but are looking for other options for the underlying homeowners insurance. Our most recent policy with $640K in dwelling coverage and 1Mil in liability is costing us ~$4,800 for the year for a two-family student rental.