Multi-family Investor · San Diego, CA · Member since 2011 · 29 posts · 0 votes
Hi,
I live in CA and also have a rental here. I got 1M umbrella insurance with farmers for both my residence and the rental in CA.
I bought two more rental properties this year. One is in WA and the other one in AZ. The farmers tells me that I can not add the properties from other states into my 1M umbrella insurance.
I am wondering if any of you could recommand an insurance company which allows you to do that? Thanks in advance.
Investor · Windsor, CO · Member since 2011 · 26 posts · 4 votes
15y
Hi Jerry,
I am a commercial insurance broker and we set up programs for investors like this all the time. Some captive companies (Farmers, Allstate for example) are unable to be as flexible as a broker. I would recommend contacting a local broker in your area and disclosing your situation. We work with investors to pull together many properties under one blanket policy and strucutre umbrellas over the top. Many times these properties are spread throughout the country and we don't have any issues.
If you'd like to talk to me further about it shoot me an email.
Investor · Windsor, CO · Member since 2011 · 26 posts · 4 votes
15y
Hi Jerry,
I am a commercial insurance broker and we set up programs for investors like this all the time. Some captive companies (Farmers, Allstate for example) are unable to be as flexible as a broker. I would recommend contacting a local broker in your area and disclosing your situation. We work with investors to pull together many properties under one blanket policy and strucutre umbrellas over the top. Many times these properties are spread throughout the country and we don't have any issues.
If you'd like to talk to me further about it shoot me an email.
Investor · Harvard, MA · Member since 2011 · 25 posts · 9 votes
14y
Hi Nate,
Saw your response to putting multiple properties under one policy then having an umbrella policy on top of that.
I current own 4 properties in 2 states and very soon will own 6 properties in 3 states and would be very interested in companies that could handle all the properties under one policy while hopefully providing some sort of discount.
Real Estate Investor, CA · Member since 2012 · 93 posts · 20 votes
14y
Farmers evidently has a commercial umbrella you can try to get if you put your rentals in a primary commercial policy too. It is available in certain western states. I had a Farmers agent in AZ tell me about it and quoted me on it. I am not sure WA is one of the states it covers or not. I know it did cover rentals in CA, TX, NV and AZ. If you have a Farmers agent, you may want to ask about this. A commercial policy for rentals will be more expensive though.
Investor · Phoenix, AZ · Member since 2010 · 24 posts · 7 votes
14y
If you are happy with Farmers, call our agent Keith Roby at [REMOVED]. He wrote our umbrella policy for properties in other states, some that weren't even insured by Farmers. He is an investor himself and gets it!
Investor · El Dorado Hills, CA · Member since 2012 · 1k+ posts · 1k+ votes
14y
I know of two companies that will do this... USLI and AAIC. I believe they will go up to 30 units and write in most states. Most independent agents that deal with investors will have access to both programs. The minimum premium is $160 per year but most of the quotes I do with a home, autos and a few rentals run about $350 per million. Commercial Umbrellas for more than 30 units start at $500 per million in coverage.