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Updated almost 8 years ago on . Most recent reply

Angad G.'s profile image
Angad G.'s profile image
Angad G.
  • Rental Property Investor
  • from New York City, NY
  • Member since Jun 14, 2014
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User Stats

13
Posts
3
Votes
Angad G.'s profile image
Angad G.'s profile image
Angad G.
  • Rental Property Investor
  • from New York City, NY
  • Member since Jun 14, 2014
Connect
Angad G.
  • Rental Property Investor
  • New York City, NY
3
Votes |
13
Posts
Insurance

Statefarm is 1/3rd the Price?

Angad G.
  • Rental Property Investor
  • New York City, NY
Posted

Hi BP,

For my single family rentals (owned in an LLC) I have traditionally been using insurance brokers that have been recommended by my PM. I had about 80K of coverage on each house (Actual Value) and a $1MM liability policy. I was paying a premium of about $900 a year for each house. Properties are located in a noncoastal, low-income area in NJ.

I just got a quote from a Statefarm agent for about $350 per house for the same coverage. Am I missing something or was I getting ripped off before by the insurance brokers? 

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