All Forum Posts by: Tj Simmons

Hi Greg - thanks for the comment on my post! My Original question still stands. what Carriers are you seeing that have competitive priced policies. that is my question. I did not ask how to shop insurance. 

Thanks for your comments! 

Hi Joe - thanks for your input, I appreciate it! 

I would agree for the most part, but that still does not answer my genuine question of who YOU see having good pricing currently! That is really my main question. I understand the best way to shop insurance and how to structure and handle it, I am an investor who also has been an insurance agent for almost 5 years now. I was just curious to hear across this platform, who was currently "Competitive" for insurance coverage. Loving the responses thus far.

I think anyone that takes the approach you explained and is not an insurance professional - is working with a good agent. The Agent should explain how the industries work, and that is exactly it. Philadelphia Insurance was a huge Habitaional and Multi-family insurance carrier in the state of Michigan for over a Decade up to the year of 2020. in 2019 they had insane claims, to the tune of over 10 million in paid out claims in Michigan - so they stopped writing those types of policies in Michigan, and "got out" of the market. You want to make sure the agent you are working with is following market trends, and finding the next best place for your coverage. That is another reason I made this post - to hear market trends across different areas. 

Nam, great info! I was not aware that AARP does Insurance on rentals! I was not even aware they were a Property and Casualty insurance Carrier, you learn something new every day! 

We work with Liberty Mutual and they are not very good at 1-4 unit investments, but better on the newer, larger, apartment buildings. 

Great Point Owen! Looks like you are another Insurance agent in Michigan - thanks for responding - but you did not answer my question - what specific carriers are you seeing with the best competitively priced policies for rentals, currently? That is what my question was. 

Thanks! 

Wow! Filipe that is very interesting to hear because AAA does not do Commercial insurance here in Michigan, and we do not use them for our investors, or dwelling fire, or investments at all! We do write AAA and have tons of clients with their home and Auto - but never investments! I will have to look into this! Thanks for the suggestion. 

Great Point John. I could have worded that better.

When Discussing, I usually say "the Most competitively Priced coverage". But I know a lot of people do not think like that, and when they are looking for quotes they are "Looking for the cheapest" so was just curious to hear what people were seeing. 

Interesting to hear you say Foremost! I am not sure if you are in Michigan, but I have not seen Foremost be the most competitive in about 4-5 years for my Clients, but every state is different! Insurance is just like many other industries where prices ebb and flow all year long. I currently use State Auto insurance for my Investments. My Mother uses Fremont Insurance.

I am curious to hear who everyone uses for Insurance Coverage - as far as Carrier Goes? 

I am seeing a lot of Success with State Auto insurance, Aegis, and BHHC, for my Rehabs/Flips/Rental Clients. 

Who do you see competitive pricing for insurance? 

Thanks in advance! 

My Mom has always has rental properties in the city of Grand Rapids growing up, I thought she had the craziest story when she told me that one of her properties one time my step-dad pulled up to it to check on it, and the whole GARAGE door was stolen. Taken off. Gone. Opener and all. What the world!?

But now that I work with landlords on their insurance, one of my clients told me a story that he had a stand alone single stall garage on a cement slab, completely GONE one day when he pulled up to one of his rentals,

INSANE!

what’s your craziest stolen story?

@Bijou Diaou

I bought a duplex and did not evict the long standing,low paying tenants at close, and rather thought “what is the use of getting rid of them if they are paying” wrong, they caused my life so much stress, and took so much time from our lives when in reality we would have been able to rent it out SO quick in this market to ANYONE better, we should have just went that route.

Besides any legal reasons to keep the tenant in, I will most likely evict anyone in a property that I am buying because of my experience, others may think differently.

I’m in insurance and do real estate investing - I think it helps a ton because I can also work with investors and pick their brain and almost use them as mentors moving forward on my own deals.

I went to school for geology before I joined the family business🤦🏼‍♂️ do not use it at all except my wife my jewelry and I will help her identify stones sometimes.