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Updated about 2 years ago on . Most recent reply

User Stats

603
Posts
130
Votes
Adam Craig
  • Investor
  • Cleveland, OH
130
Votes |
603
Posts

Looking for commercial property insurance - 6 properties total

Adam Craig
  • Investor
  • Cleveland, OH
Posted

Looking for commercial property insurance - 6 properties total. I am currently insurance with Nationwide but have been looking to shop it for quite some time.

These are non-residential properties.   I would like to get a quote on one property for sure that I need now and then maybe get a quote on my other 5.

Any referrals appreciated. 

Most Popular Reply

User Stats

603
Posts
130
Votes
Adam Craig
  • Investor
  • Cleveland, OH
130
Votes |
603
Posts
Adam Craig
  • Investor
  • Cleveland, OH
Replied
Quote from @Kevin Hoag:

Can you tell us what type of commercial properties you have? Are the properties all apartment buildings, office space, retail space or mixed use. Where are they located? Cleveland's rates can be great in certain zip codes and unfavorable in certain zip codes. Location plays a huge role in the rating factors with Cleveland. The best part about Ohio is that there are many options to go with because we have no natural disasters to keep carriers out of our state. Nationwide is a great carrier but depending on what you are looking to get insurance on they might not be the best fit.

 Nothing residential. They are all office/retail.   All suburbs of Cleveland, usually B areas and nothing in Cleveland itself.  44092, 44130, 44094, 44077.

What actually made me shop it aside from maybe finding better rates is that my agent said Nationwides appetite for the buildings I buy - which are usually slightly distressed with some vacancy. We fix the buildings up and get them full of tenants but my latest purchase he said they likely wouldn't be able to do because of the roof is older then 20 years and its 40% vacant.  We plan on replacing the roof and I carry a $5000 deductible so I wouldn't be making a roof claim anyway but thats what he said.

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