Umbrella Insurance Policy?

Question

I use National Real Estate Group Insurance for my 7 properties (6 in Atlanta, GA and 1 in Tampa, FL) and have had property insurance coverage against perils (like fire) and an umbrella policy (excess liability), basically coverage against loss when landlords get sued by tenants.  I have paid about $6.00 per month per location for the umbrella policy,

They said they received an industry-wide as well as nationwide rate increase from their carriers on the umbrella policy and said if I want to keep the umbrella policy, I have to pay more than $100 per property more!

My questions are 1.) do you guys experience similar rate increases on umbrella policy? and 2.) do you have any recommendations on insurance agents or carriers in Atlanta Georgia?

Account Closed · Answer

No answer for you here but am following this thread.

Naga A. · Answer

Thank you all for the replies.  And Shawn,  yes, I thought that was an error but the representative of my insurance company insists that is not so.  Please let me know if you could send me revised costs.

Ned J. · Answer

Whenever I have any decent jump in insurance it triggers me to start shopping again....making phone calls and comparing plans and rates. If I find something better, I change....if I don't, I stay.

Don't ever believe ANY company that says everyone else is dramatically raising their prices too.... it may be true or it may be complete BS to trick you into just staying put. Do your own research and see what the best option is going to be for you

Jason Bott · Answer

Naga, your problem is common with investors who have their insurance in that program, but there are other options that would be less than $170 per location, or $1360 for 8 locations.

I'll PM you the companies I use with my clients who are with NREIG.

Brian Armstrong · Answer

It depends on the company. As an independent agent, I represent many companies with many different appetites. For example Company A doesn't require the underlying policies to be with them; Company B only allows up to 14 rental properties (total doors, not total roofs) before they don't want to provide the umbrella; etc.

Things are changing a lot across the country in the insurance industry. I recommend finding someone you know, like, and trust to advise you on your specific needs.

That does seem like a big jump but there's a lot of factors that I can't guess at without more details. Successful investing,

Brian

Nick C. · Answer

I can only answer #1, which is a no. I can't help on #2, all I can say is there are plenty of insurance brokers out there and I would call them all before accepting a rate increase that large.