*INSURANCE MONITORING* 100+ Units* HELP!* Need Input

[Andy Johnson]

Hello -  Recently I began realizing I dont have time to stay on top of all my insurance on a per property basis. I am looking for best practices to best monitor insurance expirations, put all the deck pages in one location, obtain quotes, pay for the policies etc. 

I would like to know what the larger private investors are doing to stay on top of this. My current plan is to pay my bookkeeper an additional $50 per month to create a spreadsheet and track the properties which will be expiring in the upcoming months and then obtain an outsourced mailbox where all the insurance notifications are sent (i.e. a virtual mailbox) and then use google drive and create folders for each property where the new insurance deck page will be stored. 

I would like thoughts and best practices from anyone out there that understands the nightmare of dealing with insurance companies, cancellation letters, calling for quotes, waiting to hear back from the agents, running the credit cards etc! Please write back and talk in detail about what you are doing to best manage your property insurance

Thanks 

[Jason Bott]

@Andy Johnson  your dealing with a common issue growing investors run into.  Once you have more than 5-10 units, there is no reason you should not have a single master policy.  

With a Master policy, you have 1 monthly/quarterly payment.  You market the insurance for the entire portfolio 1 time per year. And best of all, 9 times out of 10, these policies are more competitive, so your saving money and time.  What could be better!

If your agent hasn't already offered this, then you are most likely working with a personal lines agent who does not have access to the more affordable commercial polices.  A commercial agent will have access to these types of programs.