All Forum Posts by: Jacob Passmore

Nick,

Good afternoon! I know a few folks in the area! I'll shoot over a connect!

Thanks!

@Jon-Michael Clark

It's likely you have reached your threshold with the carrier you are currently with. Some insurance carriers will stop at 5 under their personal lines guidelines, some 10, etc..... In my opinion, once you cross over 5+ properties in your portfolio your options open up, coverage's can increase and rates get stable (think less geographic dependent etc). 

@Ernest D. I write a ton of flood insurance, I may be able to get you pointed in the right direction. I'll shoot over a PM.

@Account Closed

Sent you a PM

@Pratish Halady

Forgot the tag 

It Seems like those figures are low for the amounts of coverages. Which leads me to believe they are ACV or ACV roof structure etc. something doesn't jive there. 

@Karla Talancon

Absolutely that can be done, there are several carriers that are willing to write a program like that. I sent over a PM

@Nancy Wang

Pm sent

@Amber A.

There are some carriers down here that will offer flood as a companion to the dwelling policy. If it's not in a floodway it's usually super cheap. We write a ton of flood insurance in central Texas! 

@Rigo Medina

Correct I'm an independent.. But sometimes, maybe often times it's not about the lower premiums.

A few of the advantages are:

Ability to move to other carriers

And greater capacities for investor growth.

Some very basic (there is more to it than this, but for simplicity of explaining) examples:

Hailstorm comes through DFW, your properties are insured with farmers.. Farmers takes a large loss in the area, the following year either raises rates, increases deductibles or reduces their willingness to write business. 

As an independent I would have you placed appropriately with company A, same hailstorm rolls through.. Now company A raises rates, increases deductibles etc.. As an independent with access to multiple carriers I would just move you to another appropriate company B.

To hit on the second point.. A lot of times farmers, farm bureau etc will cap the amount of rental properties you can have insured with them could be 5, could be 10. But usually there is a cap. 

As I mentioned it's not exactly as cut and dry as I've explained, there are other factors etc.. I dont want to make it seem negative towards any companies, farmers etc.  

Also a quick note, independents deal with "big" insurance companies as well, it's not a size or capabilities thing. Most independents have contracts with some of the largest insurance companies in the world. 

Does that help any?