Need condo insurance

[Maria G.]

Hello,

Is there an article with recommendations of insurances or a post? If so, I am not finding it, and I would be thankful to have one.

[Maria G.]

Hi @Annchen Knodt

It took me a long, long time to choose an insurance. I ultimately went with Hippo from a local broker. I would have gone with Lemonade but they would force me to have a "property loss max" (coverage C) of $20K, higher than I needed. Since I don't have any personal belongings in the rental, I wanted to keep that one at $10K (enough to cover the appliances I own).

I used BBB and this article (from cleasurance.com) to guide me. I checked cleasurance on BBB (founded in 2016, A+ rating). At the time I bought the policy (almost 3 months ago), this is the summary of what I found through them:

1. Lemonade (4 years old): 4.87 (over 5) and 89% reliability. 67 complaints (49 open closed in the past 12 months). It has a BBB rating of B+.
2. Hippo (3 yo): A+ on BBB and 1 complaint.
3. Travelers (167 yo): A+ and 386 complaints (152 closed in the past 12 months).
4. Safeco (108 yo): A and 1000 complaints (338 closed in the past 12 months).

Other reference articles I read were:

https://www.policygenius.com/h... 

https://www.bbb.org/us/ny/new-york/profile/insurance-services-office/policygenius-inc-0121-147942 

A pro tip, indirectly related: "Before closing on a property, ask for 3-5 years of loss history from the current owner."

I hope this helps you :)