Insurance Options for Investment Property

[Joseph Ortiz]

Fellow investors,

With the recent amount of hurricanes the past three years in Louisiana, several insurance companies are not signing new policies on property. We currently use NREIG for our investment properties but they are not sure they will be renewing the policy in 2023. Does anyone have suggestions on companies they could recommend for this who are investor friendly?

Thanks in advance for any input.

Angel. 

[Bo Bond]

Joseph,

Assuming your investment location is near Baton Rouge, LA, and the limited number of carriers wanting to write coverage in Southern Louisiana, you need to find an strong independent agency with access to many different carriers (especially those with access to multiple excess & surplus lines carriers).  Trying to get an admitted carrier to write investor property / portfolios south of Alexandria is going to be pretty tough.  Anything in the area of Alexandria and north shouldn't be difficult.  We have carriers writing in those areas all day long.  

If you don't get enough good suggestions on BP, I'd suggest getting a list from the IIABL (Independent Insurance Agents & Brokers of LA) office, and look for the larger to mid-size agencies with longevity and residential / habitational programs.  You may have to call / email and enquire for specific agency details.  These agencies should have the markets necessary for your type of risk and location, along with the experience.  Hopefully there are some folks on BP that have great agents already writing a lot of this exposure in your area.  Good luck.