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Updated almost 8 years ago, 03/01/2017

User Stats

623
Posts
336
Votes
Tanya F.
  • Rental Property Investor
  • Madison, WI
336
Votes |
623
Posts

Insurance company suggestions?

Tanya F.
  • Rental Property Investor
  • Madison, WI
Posted

<may be considered political, but that's not my primary intent>

I currently have our insurance for our three rental properties at State Farm. I don't want to give State Farm our business any longer, because of their association with ALEC. I don't want to discuss politics here, but I do want to know what companies are favored by real estate investors who do not wish to support any corporations associated with ALEC.  

http://www.sourcewatch.org/index.php/ALEC_Corporations

http://www.sourcewatch.org/index.php/Corporations_that_Have_Cut_Ties_to_ALEC

So, I'm looking for suggestions for alternative companies good for insuring rental properties. We are in Madison, Wisconsin so they'd need to operate here or near here.

User Stats

931
Posts
597
Votes
Scott Schultz
  • Rental Property Investor
  • West Bend, WI
597
Votes |
931
Posts
Scott Schultz
  • Rental Property Investor
  • West Bend, WI
Replied

@Tanya F. My agent has me with Auto Owners, probably one of the most reasonable price, and they will still do cash value base instead of replacement cost, my typical 2-3 bed SFR in town insured for $60K is like $260/year with rental risk, the ones with wood burning accessories like fireplaces, and wood furnaces are $350/year. we have about a dozen with them right now, hope this helps. at some point State Farm wont cover you anymore anyway, they dont like rental risk, (i have a friend thats an agent with them)

@Account Closed I make many of my buying decisions based on political contribution, if you spend your money at a business that contributes to a PAC or organization, a portion of the profit from your sales goes to that cause. I refuse to patronize Hallmark, Sara lee,   Buffalo Wild Wings, Applebees, and a bunch of others, because the contribute to anti  2A  efforts, I am a Right leaning Libertarian, and avoid doing business with people and companies that support left leaning causes, i voting with you pocket book sends a message, and I have to feel good about where i spend my money. 

User Stats

931
Posts
597
Votes
Scott Schultz
  • Rental Property Investor
  • West Bend, WI
597
Votes |
931
Posts
Scott Schultz
  • Rental Property Investor
  • West Bend, WI
Replied

Maybe i should clarify, I prefer to do business with companies that share similar political views as I, because those profits contribute to causes I tend to believe in, if i buy a Sara Lee Pie, they make a profit from that sale, and a small portion of that contributes to anti gun efforts, which i disagree with, so I choose not to buy their product, because I dont want to support that cause, this is a simple free market concept, it does not make a huge difference, but in my opinion, every little bit makes a difference. this is my philosophy, and how I choose to spend my money, and is the right I have in a free market society

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CV3 Financial
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User Stats

180
Posts
155
Votes
Chris Heeren
  • Investor
  • Janesville, WI
155
Votes |
180
Posts
Chris Heeren
  • Investor
  • Janesville, WI
Replied

WI Mutual is the best insurance company for rentals in Wisconsin IMO - If someone can find better rates, please let me know!

User Stats

18
Posts
6
Votes
Clint Farlinger
  • Rental Property Investor
  • Cresco, IA
6
Votes |
18
Posts
Clint Farlinger
  • Rental Property Investor
  • Cresco, IA
Replied

I have no idea about their political associations, but I use Wisconsin Mutual for several of my rentals in the Madison area.  I had a large claim about a year ago (upstairs waterline broke flooding unit below) and they were awesome to work with.

User Stats

623
Posts
336
Votes
Tanya F.
  • Rental Property Investor
  • Madison, WI
336
Votes |
623
Posts
Tanya F.
  • Rental Property Investor
  • Madison, WI
Replied

Thanks for the input! Keep it coming!  We will look into Wisconsin Mutual and others.

@Account Closed said.  Simple free market concept. And it is especially relevant if it a policy from WI Mutual costs less than one from State Farm! I wish I would have found the list above earlier. Now I regret supporting them for the past 5 years.

User Stats

17
Posts
6
Votes
Christopher Patterson
  • Investor
  • Madison, WI
6
Votes |
17
Posts
Christopher Patterson
  • Investor
  • Madison, WI
Replied

My broker currently has me with Berkshire Hathaway Homestate. For my properties we found them to be about 60% the cost of Auto Owners.

There are many options for insurance and a good broker should be able to set you up! Best of luck!

User Stats

623
Posts
336
Votes
Tanya F.
  • Rental Property Investor
  • Madison, WI
336
Votes |
623
Posts
Tanya F.
  • Rental Property Investor
  • Madison, WI
Replied

So one of our tenants is an agent. He likes Auto-Owners. He also said that WI Mutual won't write an "unsupported policy" meaning that they'd also want our home, auto, or umbrella liability policy (Auto-Owners will write an unsupported policy). We have those personal policies separate and want to keep them that way.

Thanks, I'll look into Berkshire Hathaway Homestate.

Besides Auto-owners, our tenant also suggested Little Black Mutual and Foremost. Any experience with any of these?

(we won't use our tenant as our agent- but we do value his opinion)

User Stats

82
Posts
18
Votes
Nathan Letourneau
  • Investor
  • Hudson, WI
18
Votes |
82
Posts
Nathan Letourneau
  • Investor
  • Hudson, WI
Replied

Foremost has good rates.  It is a company of Farmers Insurance.

User Stats

873
Posts
350
Votes
Michael Henry
  • Real Estate Consultant
  • Brookfield, WI
350
Votes |
873
Posts
Michael Henry
  • Real Estate Consultant
  • Brookfield, WI
Replied

@Tanya F. contact @Jason Bott he is the best in the business. 

Mr. Duplex 

User Stats

1,142
Posts
1,140
Votes
Jeff Filali
Pro Member
  • Rental Property Investor
  • Broken Arrow, OK
1,140
Votes |
1,142
Posts
Jeff Filali
Pro Member
  • Rental Property Investor
  • Broken Arrow, OK
Replied

@Tanya F. I use REIGuard for all my investment properties insurance, don't know if they're affiliated with ALEC.  They operate nationwide and cater to investors needs by offering month-to-month policies, Actual Cash Value policies, Vacant Property policies, and many other investor friendly options.  Also, you can keep all your billing on one monthly invoice, which makes it easier to organize and track.

  • Jeff Filali
  • User Stats

    1
    Posts
    0
    Votes
    Ron Philleo
    • Brookfield, WI
    0
    Votes |
    1
    Posts
    Ron Philleo
    • Brookfield, WI
    Replied

    hi guys,

    Insurance for rental property is getting more limited each year. all of the carriers have experienced large losses in that market. that being said, there are still several great carriers that are committed to rental properties and investors.

    I own an independent insurance brokerage in Brookfield. Philleo Agency Insurance. I also am a real estate investor, both residential and commercial. real estate is our largest class of business we write.

    I really understand that obtaining good insurance can be difficult for many investors. We work  with investors everyday and help them solve that. if I can help answer any questions, feel free to post them or reach out to me.

    User Stats

    1,404
    Posts
    1,040
    Votes
    Rebecca Knox
    Wholesalers
    Pro Member
    • Specialist
    • Milwaukee, WI
    1,040
    Votes |
    1,404
    Posts
    Rebecca Knox
    Wholesalers
    Pro Member
    • Specialist
    • Milwaukee, WI
    Replied

    We currently go through Bob Dummer at PC insurance which was a REIA referral. I agree with Mike though too; Jason Bott is worth checking out as well.

  • Rebecca Knox
  • Rent To Retirement logo
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    |
    Sponsored
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    User Stats

    7
    Posts
    2
    Votes
    Brian Cartledge
    • Brookfield, WI
    2
    Votes |
    7
    Posts
    Brian Cartledge
    • Brookfield, WI
    Replied

    Philleo Agency Insurance is great. I've worked with Ron for about 10 years now after American Family insurance dropped us. He's helped us through some tough renewals after a major claim ($350,000 fire) and has always been there when we need a new purchase quoted.

    User Stats

    123
    Posts
    42
    Votes
    Hussain Harun
    Professional Services
    • Investor
    • Madison, WI
    42
    Votes |
    123
    Posts
    Hussain Harun
    Professional Services
    • Investor
    • Madison, WI
    Replied

    I agree with @Chris Heeren and @Clint Farlinger. WI Mutual all the way!

    • Hussain Harun
    business profile image
    Tech Savvy Landlord
    0.0 star
    0 Reviews