Can anyone explain Blanket Insurance and where to get in Oklahoma

Question

I am looking for a blanket type policy for my SFH rentals in Tulsa, OK. I have read many posts regarding the insurance issue and none give a definite answer. It seems that every agent I speak to wants to continue quoting individual policies for our houses. I have one agent that has said they have a policy and will quote, still working on that.

Can anyone clearly explain this type of product as it relates to SFH's owned by an S-Corp or LLC, not individually or personally owned. It seems to me a commercial property policy would cover this? Any agents or brokers from Tulsa on here and can educate us?

Jimmy Ogle · Answer

Give this guy a call. He can help you out.

Taylor Richardson 405-241-9710

Chris Simmons · Answer

I looked into this a while back and I would have been giving up a lot of coverage in return for a premium increase near 70%.

For small timers like me with only 10 units, it seems like individual policies are the way to go.

Let me know if you find something different.

Jason Bott · Answer

@Curtis Yoder your are blending a few insurance terms, but know what you are asking.

1)  Blanket insurance is a coverage form.  It takes the total of all your property locations, adds them up, then extends that amount to each location.  Example, 10 homes @  $100k each, would give you a blanket limit of $1,000,000.  You then have $1,000,000 coverage for any 1 loss (there are restriction to this statement but wanted to keep short).

2)  You are looking for a commercial insurance product that schedules unlimited amount of locations on 1 policy.  The direct writers (state Farm, All sate, etc) will most likely not have the ability to do this.

You should be communicating with an independent broker who is in the commercial side of the business.  An independent personal lines agent may not know the market as well.

At the moment, state by state, Oklahoma is probably the toughest state to get affordable property insurance in.

Good Luck

Rhett Tullis · Answer

i have an agent i work with here in okc that handles that type of policy for many owners of multiple (in the 100s) properties.  send me a msg and i can get you his info. he may be able to help you out.