State Farm for Small Multifamily Units?

[David M.]

Hello BP Members - my current insurance company (for my personal residence) is State Farm. I'm just starting out in REI and am wondering if anyone can recommend for or against State Farm to insure any potential rental properties?

I spoke with my agent yesterday who mentioned that one of State Farm's strong points is that they cover lost rental income in the event of a fire/etc. I haven't really shopped around or contacted any other agents, so perhaps someone out there has some input? I would imagine other companies would cover that as well? Does it add significant cost to the policy??

Thanks for your guidance!

PS: This is in the Lancaster, PA area if it matters, or if anyone has recommendations for a specific agent to speak with.

[Dave Lin]

@David M.

For Multi-units, less than 4 families, I use Safeco or The Philadelphia Contributionship.  The loss of rent coverage is pretty standard on normal Dwelling Fire policies.   You can see if you have a local broker who have access to the two carriers, or I would be happy to get a proposal to you.  Good Luck!

-Dave