Insurance Advice

[Matthew Hicks]

Hi Everyone,

My landlord insurance on one of my rentals is insured by Tower Group. Recently their stock price has dropped by over 75% and their credit rating was reduced from BBB to B- by Fitch Ratings. Needless to say, I'm in the market for a new policy.

My insurance broker just gave me a quote that is over $1,000 a month higher than my existing quote and claims that is just "the market" for insuring rental properties right now. I find this nearly impossible to believe. For reference, he's quoting me ~$2,800 a year for insurance on a single family home currently rented for $1,650 a month (probably slightly under market rent).

Does anyone, particularly in the Pittsburgh area, have a good agent/insurance company that they rely on for landlord insurance? I'm also in need of vacant property, land, and construction insurance from time to time, so a complete provider is helpful but not necessary.

Again, any help is greatly appreciated.