Struggling to get find homeowners insurance for 4 unit....?

Question

Hello to all, I have a question about home-owners insurance for a 4 unit rental im looking to purchase.

I have called Geico and Travelers so far and told them im looking to purchase a 4 unit rental property and I will transfer the title to my S-Corp when I am done.  So far everyone is acting like they don't insure properties owned by businesses.  Geico could not find me ANY of their brokers who would work with me.   Travelers said they could, but they still acted like they have rarely dealt with this.Am I saying something wrong? I should be saying it will be owned by my business or S-Corp right?  Is this what most people say when they call to get insurance?My fear is if I say I am the owner and God forbid something happens to the property, I transfer it to my business entity, and the insurance company says "we didnt insure the property owned by balinski investments, we insured the property owned by steve balinski"Any suggestions?Thanks

I have called Geico and Travelers so far and told them im looking to purchase a 4 unit rental property and I will transfer the title to my S-Corp when I am done.  So far everyone is acting like they don't insure properties owned by businesses.  Geico could not find me ANY of their brokers who would work with me.

Travelers said they could, but they still acted like they have rarely dealt with this.Am I saying something wrong? I should be saying it will be owned by my business or S-Corp right?  Is this what most people say when they call to get insurance?My fear is if I say I am the owner and God forbid something happens to the property, I transfer it to my business entity, and the insurance company says "we didnt insure the property owned by balinski investments, we insured the property owned by steve balinski"Any suggestions?Thanks

Am I saying something wrong? I should be saying it will be owned by my business or S-Corp right?  Is this what most people say when they call to get insurance?My fear is if I say I am the owner and God forbid something happens to the property, I transfer it to my business entity, and the insurance company says "we didnt insure the property owned by balinski investments, we insured the property owned by steve balinski"Any suggestions?Thanks

Am I saying something wrong? I should be saying it will be owned by my business or S-Corp right?  Is this what most people say when they call to get insurance?

My fear is if I say I am the owner and God forbid something happens to the property, I transfer it to my business entity, and the insurance company says "we didnt insure the property owned by balinski investments, we insured the property owned by steve balinski"Any suggestions?Thanks

My fear is if I say I am the owner and God forbid something happens to the property, I transfer it to my business entity, and the insurance company says "we didnt insure the property owned by balinski investments, we insured the property owned by steve balinski"

Any suggestions?Thanks

Any suggestions?

Thanks

Kim Tucker · Answer

National REIA has a new Insurance Partner - Arcana Insurance.

I can't speak for rental property, but when I got a quote on the vacant properties we are buying, the monthly fee was well over 50% less than what Rehab Guard - NREIG was charging me.

If you visit benefits on the National REIA Home Page, or business associates on the MAREI page, you will find the link to Arcana with National REIA special pricing.

Jeff Filali · Answer

I use REIGuard out of Kansas City for all my investment properties.  They operate in all 50 states and are great to deal with for investors.  All your properties are on one portfolio and bill, even if owned under multiple entities.  It makes it so easy to manage when you buy or sell new properties, or need to make changes.

Odie Ayaga · Answer

If you're still looking you might give @Anthony Lee a call

Johann Jells · Answer

We have a very good broker with Couch Braunsdorf Insurance Group, which is mainly in NJ and does have offices in other states, but not CT. I'm not sure it matters, we've never met the broker who gets us great prices! When we transferred from personal to LLC we informed them and there were no problems.

Our policies are with Philadephia Contributorship & Merrimack Mutual Fire Insurance Co.

James W. · Answer

Could check NREIG.  They are probably not as much but I cannot speak to the level of coverage either.

Steve Balinski · Answer

Thanks John.  From what i've been researching a 4 unit should be around 2k/ yrs.  Travelers quoted me at $4500.  The ONLY broker through Geico said 8K and has a rebuild cost of over 1 million!... (buying for 275k, built in 1990)

Liberty mutual said $2800

I will definitely let you know if I continue to struggle.  Its tough getting to local brokers because I work 8-5 every day and I'd assume most of them are closed on the weekends, but I will definitely make some calls.

John Mocker · Answer

Steve,

Not all companies will write a personal policy (for a rental it will be a dwelling/fire policy) if it is owned in the name of an LLC, Corp., or Trust.  But some do.  You need to look to a few Independent Agents that represent multiple carriers and have them find one that will do the 4 family in the name of the LLC.  The other option is to insure it on a commercial policy (Business Owners or Package policy).  If this was a 5 unit building you would have to go that route with most carriers.  Good Luck.

*If you don't find anything, PM me and I may be able to suggest some companies that would do it in CT and see if they do it in IL.

Struggling to get find homeowners insurance for 4 unit....?

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