I'm starting shopping for better priced insurance for my NJ rentals. My insurance jumped 20% this year alone. Anyone with a recommendation? Currently using Farmer's.
My insurance has gone up 50% in last couple years. Anyone with good recommendation for insurance carriers for rental properties in NJ?
byu/jmd_forest inrealestateinvesting
Posted by jmd_forest
3 Comments
Been dealing with same mess on my properties – rates are just insane right now. I switched from my old carrier about year ago and shopped around with like 6-7 different companies. What helped me was getting quotes through independent agent who works with multiple carriers instead of going direct to each one. They found me coverage that was about 30% cheaper than what I was paying before
Also might want to check if bundling helps – some carriers give decent discounts if you do multiple properties with them. And raising deductibles can help too if you’re comfortable with that risk. The market is pretty brutal right now but there’s still deals out there if you dig around enough
Its same everywhere else .. rents don’t increase as fast as expenses are
We’ve been happy with Steadily