homeowners insurance company or insurance broker??

[Carmela Cirilli]

I am (hopefully) closing in on my first investment property soon (yay!!) and I dont know what would be the best practice for me considering I will be investing in many properties in the near future. Should I find an insurance broker or reach out to an insurance company?

[John Mocker]

Carmela,

I am an independent agent so I may be biased.  My experience with insuring investors/flippers/etc. in this space is that you may end of doing multiple things in this area.  You may flip one property, buy & hold another, etc.   You want an independent agent with certain attributes:

1. represent multiple companies

2. have some expertise in REI or Contracting insurance

3. have companies that do both Personal Insurance & Commercial Insurance

4. able to insure properties in multiple states that you might invest in

5. are able to insure coastal properties if you intend to invest in NJ coastal areas

You can find potential agents by checking with others who are doing what you plan on doing.  I would speak to several and find who you feel will give you the time to explain what you need and your options.  You may want to have several quote on the first property to see how they perform.

Good luck on the investment