All Forum Posts by: Alozie Nwabeke

Alozie,

We insured homes and rented dwelling througout the Northeast.  I would be greatly surprised if the Surplus Lines policy was less expensive For The Same Coverage.  Often the surplus lines quotes are based on lower coverage for the Perils insured against (not special form but only named perils) and Actual Cash Value (depreciated value) vs. Replacement Cost.  

I have found that often, the best options for rental dwellings come from the Regional Carriers not the National Carriers but it is not absolute.  Look to Independent Agents (represent multiple carriers).  If you have questions on the above or have trouble locating ones that represent companies who operate regionally send me a PM.

The most competitive quote coming from a surplus lines insurer is surprising, it's worth reading your Declaration Page in fine print for that offer. I'd approach that one with healthy skepticism. 

You're doing the right thing going through an independent agent and I would echo what @Luan Oliveira mentioned about comparing coverages if you're using the big carriers (Liberty, Geico, Progressive, Traveler's, MAPFRE etc...). With any independent agent, they will have carrier preferences so just be aware there. Most of the times those preferences help you, but worth asking your agent the reasoning behind a certain carrier. 

FWIW Geico does not write home insurance, it may seem so, but they have business arrangements to have it underwritten by different top carriers. So they [Geico] may be very competitive on price, but the complexity of service is not worth it.