Who is killing it on MN insurance rates.

Question

Some of my MN properties insurance renewals just went up. Some near 100% OUCH!

They are mostly single fam some 2-4 unit also. Some personally owned some in LLC (could move personal ones to LLC if needed. Need min 300k liability on personal and 1m on LLC owned (to cover umbrella requirements) Send me your go to guys or companies.

James Hamling · Answer

@Joseph Hammel it could help if you post here what some of your annual premiums are and the properties market value.

Also, are these ACV or RCV policies?

For SFR I strongly suggest going RCV, the ACV is just never worth the tiny discount given history of hail in MN. I have seen best ROI via RCV.

Recently I switched over to Am-Fam. Direct, not via a broker. I didn't expect it, when I spoke to them I was direct, I said I was shopping and I was certain they'd be way too high but if they'd like to quote it feel free. I was shocked when they blew the doors off everyone. I guess I caught it just right or something, IDK. I am still surprised to be honest.

I would suggest doing it that way. Just put together a packet with the properties listed out, est. market values, what you want to see for coverages, being as thorough as possible, and just put it out there to shop it. Make it a bidding process.

I got a couple competitive rates, but they were lessor terms and coverage. It was an easy choice end of day. I never trust just 1. In the bidding I had 3 brokers and all were way off of what Am-Fam direct gave. Again, maybe I just hit the insurance lotto that day, IDK, I am still surprised the deal I got.

John Mocker · Answer

Joseph,

My advise is to locate Independent Agents (represent multiple insurance companies) in your market that handle both Personal & Commercial.  It has been my experience that the best company for a property (price & coverage) can vary between properties.  There may be one Insurance carrier that is best for all your properties but much more likely, it will be a mix of carriers.  It is also possible that a commercial policy on all (or many of the properties) may be the best choice.  Good luck on your search.

Joseph Hammel · Answer

I have had policies with them in the past that one of the insurance brokers I work with sells that one. That price sounds super low for the property. Is that just the liability coverage or including the dwelling as well? Just checking.

Bill B. · Answer

I only have 1 property in MN but my Allstate agent set me up with an American Modern policy with $300k liability on a $700k townhome for $344/year. I switched from State Farm when they raised their rates from $450-$600 last year.

I used to use American modern for some of my Vegas properties before allstate agreed to let me exceed their maximum number of rentals limit.