Insurance for Rental Property

[Claude Diehl]

My son and I formed an LLC and are closing on our very first purchase, a 3 home portfolio. Very excited, and learning a lot. I'm looking for some direction on getting rental property insurance on these 3 SFH's. I've received quotes from 4 different companies and they seem to be all over the map. Each property appraises for around 125K. Any advice on which companies to contact and approx what we should expect to pay? I am in Effingham County,GA, just outside Savannah, GA.

Thank you,

Claude

[Jason Bott]

Originally posted by @Claude Diehl:

My son and I formed an LLC and are closing on our very first purchase, a 3 home portfolio. Very excited, and learning a lot. I'm looking for some direction on getting rental property insurance on these 3 SFH's. I've received quotes from 4 different companies and they seem to be all over the map. Each property appraises for around 125K. Any advice on which companies to contact and approx what we should expect to pay? I am in Effingham County,GA, just outside Savannah, GA.

Thank you,

Claude

 Claude, ideally you want to establish the type and amount of coverage prior to getting quotes, then the right company becomes a clear choice.  

Keep in mind, insurance companies all have a "sweet spot" as far as what types of properties they want to insure.  Insurance co A might be the best fit for the $125k property with high end coverage, while Company B might be the best fit if you want to take on more risk.  

With 2200 A rated insurance carriers throughout the US, it's impossible to say if there is an exact fit.  But getting clear on your risk tolerance will lead you to options that are right for you.