Saint Simons Island, GA · Member since 2017 · 34 posts · 64 votes
Hey team,
I recently purchased my first RENTAL property in St. Augustine, FL. The insurance company, Southern Oak, canceled on me because I own more than five rental properties. I thought maybe they would be concerned with how many I owned specific to FL but apparently not. Any help or suggestions for a reputable insurance company where I can find coverage for that area would be greatly appreciated. I am working with my original broker to find someone but thought I would come on here and ask. Thanks in advance!
That seems odd. You said this is the first property, but then said you had more than 5. Can you get some covered by one company and others by another company?
It is interesting you posted this as I was going to ask the same question. I have Allstate and had 1 primary and 4 rentals and just bought my 5th. I got the quote and policy but was cancelled because I have over 4 and they said I either needed to go with a commercial policy or they broker out to American Standard. I'm going to quote out but am wondering if this is standard. Is anyone familiar with residential vs. commercial policies that can give a quick hit on the differences. I'm looking for good policies but also want to bundle for the best rates and simplicity. I don't have an llc and feel a good umbrella is good enough but Allstate won't add a property to my umbrella that they are not insuring. They did say with commercial I may not need the umbrella since coverage starts at 1M. vs. 300k. I'm not against a commercial if it makes the most sense but just want to be sure I'm properly informed on my choices.