Blanket Coverage for 20 properties

[Andrew Garber]

Is there an insurance company that can blanket 20 rental properties or put all those properties on one insurance policy?

[Randall Alan]

Quote from @Andrew Garber:

Is there an insurance company that can blanket 20 rental properties or put all those properties on one insurance policy?

@Andrew Garber

Yes, that exists as a commercial product with insurance agents (versus a residential product).  We looked into it for our portfolio of rentals.  The rate was higher than all the individual policies combined, so we opted not to go that way… 

Another thing to watch out for on them… if your deductible is a percentage, keep in mind it may be a percentage of a very large number… so say you had a $100,000 fire claim and you are insuring $3 million in property with a 5% deductible… your portion would be the first $150,000 on a claim - potentially - depending on how the policy was set up.  Some policies treat each unit on its own - which would be the better way to go… but heaven help you if you have a claim - if your premium is linked to all 20 properties it could get tricky / expensive at renewal time.   just make sure you understand your exposure if you need to file a claim.   Also - liability insurance wasn’t included I don’t think with the commercial policies like it is with residential - so you would have to cover that separately.  There was other things not included as well… all the niceties of a residential policy don’t always apply to commercial policies… so be sure to get clarification - ask specifically “How will this policy differ from my current policies?”  Think detached structures, pool cages, animal bite insurance, sewer backup, etc. 

all the best!

randy