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Insurance (by Johnny B. [MA]) May 21, 2019 3:32 PM
       Insurance (by Jeff [CO]) May 21, 2019 4:28 PM
       Insurance (by MB [WI]) May 21, 2019 6:53 PM
       Insurance (by Robert J [CA]) May 21, 2019 8:38 PM
       Insurance (by Nicole [PA]) May 21, 2019 9:02 PM
       Insurance (by Still Learning [NH]) May 21, 2019 9:15 PM
       Insurance (by Jason [MI]) May 22, 2019 3:01 AM
       Insurance (by Jason [MI]) May 22, 2019 3:07 AM
       Insurance (by Jeff [CO]) May 22, 2019 12:30 PM
       Insurance (by Lynn [MA]) May 23, 2019 11:01 AM
       Insurance (by Johnny B. [MA]) May 24, 2019 5:44 AM
       Insurance (by RentsDue [MA]) May 24, 2019 6:36 AM
       Insurance (by Lynn [MA]) May 24, 2019 12:35 PM
       Insurance (by Johnny B. [MA]) May 24, 2019 3:42 PM
       Insurance (by Steve [MA]) May 24, 2019 5:01 PM

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Insurance (by Johnny B. [MA]) Posted on: May 21, 2019 3:32 PM

Do you have an individual insurance policy on each of your rentals or a commercial policy with all rental properties listed on the one policy? All my rentals are residential property financed with residential loans. However my insurance agent is telling me that instead of having a separate policy for each property it would be better coverage and more cost effective to have a single commercial policy with all rentals listed on the one policy. Does anyone have experience with this ó pros and cons? Also wondering if the lender would have any issues with this, as I have residential loans and need to furnish proof of insurance each year.

Insurance (by Jeff [CO]) Posted on: May 21, 2019 4:28 PM

I have never heard of multiple properties under one policy. --76.120.xx.xx

Insurance (by MB [WI]) Posted on: May 21, 2019 6:53 PM

I just pulled all of my properties into a commercial/business insurance policy like this; however, I moved all of the properties into one commercial loan as well. I do end up saving money by having one commercial policy over multiple individual residential policies. I haven't come across any cons yet to this point.

Insurance (by Robert J [CA]) Posted on: May 21, 2019 8:38 PM

A landlord friend would not listen to me and had all of their insurance policies with one company. I told them to spread things out with different insurers to limit cancellation or worse.

My friend had his Home, Auto and Rentals with one company. He also let his sister-in-law borrow an extra vehicle weekly. The sister-in-law had a major accident and as a result, ALL of my friends rates went UP! Auto, Home and Some Rentals..... He had been getting a "Good Landlord" and "Good Driver" discounts. Not anymore.... --47.156.xx.xx

Insurance (by Nicole [PA]) Posted on: May 21, 2019 9:02 PM

I have commercial insurance - not sure but I believe it's called a "master policy". I have a separate declaration page for each property. Billing is broken down per property. Coverage broken down per property.

Insurance (by Still Learning [NH]) Posted on: May 21, 2019 9:15 PM

2 buildings in LLC with commercial loans on one insurance policy with 1 umbrella policy. Both buildings are listed with their values on the declaration page.

Insurance (by Jason [MI]) Posted on: May 22, 2019 3:01 AM

I am in process of moving mine to commercial... I have switched 15 so far an went from would guess avg cost of 650 a year with 2500 ded per home to 4300 a year for 15 with same or better coverage on all homes with 1k ded.. My only draw back right now is umbrella for commercial is 1500 per year compared to about 400 for 3 million in personal... But she is looking into it since all my homes are in my personal name... Might have to have 2 umbrella or increase liability on each home from 1 mill to 3 mill... Still figuring it out

Insurance (by Jason [MI]) Posted on: May 22, 2019 3:07 AM

Mine are free an clear so dont no about loan part of it.. I like idea of all my rentals on 1 policy.. Will keep my primary an cars with 1 1 rental house at 2 other places just in case need to switch or anything

Insurance (by Jeff [CO]) Posted on: May 22, 2019 12:30 PM

It's not right or wrong, but I run each building as a separate business. Co-mingling them wouldn't work for me. --76.120.xx.xx

Insurance (by Lynn [MA]) Posted on: May 23, 2019 11:01 AM

JohnnyB would be interested to know if there is a significant cost savings. I have maxed out the number of policies with one of my carriers and going to 2nd carrier for the ones that the first carrier doesn't pick up is more $$$

Insurance (by Johnny B. [MA]) Posted on: May 24, 2019 5:44 AM

Thanks for the replyís everyone; I appreciate the feedback. Lynn(MA) - Iím in a similar position as you. I currently have all my properties insured with one carrier that also has my primary homeowners policy. However, with a new purchase I now exceed the limit of individual policies they will write. So far Iíve received three quotes going the commercial policy route (some companies call it a business policy). It basically lists each property separately on one policy and also separately identifies the coverage and premium amount per property. Of the three quotes Iíve seen vs. the totality of all individual policies, one was lower, one was about the same, and one was way higher. The one that was way higher Iím not considering. But the coverage on the new policy quote that was lower and the one that was about the same is better coverage than I currently have. So considering pricing on the commercial quote is favorable, the coverage is better, I get the convenience of having one policy vs. many policies, and it solves my problem of maxing out on policies, Iím going to go the commercial route. Given your position it sounds like you may also be able to save money going the commercial policy route. Itís worth at least looking into. Also as an FYI for anyone else following, this type of policy was ok with my bank and residential loans because of the fact that each property is listed in the policy separately with its own identification of coverage and premium. This was a learning experience for me, hope this helps someone else.

Insurance (by RentsDue [MA]) Posted on: May 24, 2019 6:36 AM

I have all of my rentals in a business policy. When I first switched the policies it was cost effective, now it is not. I am switching them back to normal policies at a savings of about $1000.00 per year per home. Once they have the policies the rates go up significantly every year- and I have newer builds. It covers me for more potential liabilities, but not really things I need. For example: it includes business practice insurance that would cover me if someone who worked for me showing apartments screwed up. Iím the only one who shows the apartments so itís not insurance I need.

Insurance (by Lynn [MA]) Posted on: May 24, 2019 12:35 PM

Rents, the company I use for my homeowners and several of my fire policies which they have been raising rates consistently every year by at least a $100+ per property. I have an agent that I used for HO6 policies, their rates went up once but they are much higher than my homeowner's carrier. I also have a policy for a small commercial building who I got a good rate with, so this warrants some investigation and out of complacency I need to get on this.

Johnny are you coming to the meeting Tuesday night? maybe we can catch up there or off-line.

Insurance (by Johnny B. [MA]) Posted on: May 24, 2019 3:42 PM

Lynn - yes Iíll be at the meeting next week. Interestingly enough I think the speaker for this months meeting is an insurance agent. Have a good long weekend, see you on Tuesday.

Insurance (by Steve [MA]) Posted on: May 24, 2019 5:01 PM

Lynn & Johnny B planning on seeing you both Tuesday evening. Maybe JKJ will be able to join us for some pizza & stimulating conversation. --96.237.xx.xx

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