Commercial Rental Property

Mar 6, 2018

  1. sk337sk337
    Offline

    sk337sk337 Expert

    Posts:
    54
    Likes Received:
    1
    State:
    Tennessee
    I need a company in Tennessee to quote commercial rental properties (duplex, single family, 4 unit town houses, etc). I have an existing client with about 70+ units he wants me to quote. Anyone have any recommendations? I've tried SES and multiple brokers but none are competitive with their current company.
     
  2. Markthebroker
    Online

    Markthebroker Guru

    Posts:
    676
    Likes Received:
    541
    State:
    California
    First off, that's residential income property, not commercial. Different type of insurance, at least here in California. Secondly, if indeed he has a 4 unit townhouse, then he is either the HOA, or owns the units individually, and can't be written on the same policies as the others because it's a different ownership type as he does not own the structure completely. Again, I am speaking from experience in California. I would go to Mercury, but again, that's California.
     
  3. sk337sk337
    Offline

    sk337sk337 Expert

    Posts:
    54
    Likes Received:
    1
    State:
    Tennessee
    I appreciate the reply! It's considered commercial property here since his business owns them. The townhouses are all his and it falls under the same commercial property since they're all rentals. I had them insured a number of years ago but he went with another company and wants to come back to me.
     
  4. Markthebroker
    Online

    Markthebroker Guru

    Posts:
    676
    Likes Received:
    541
    State:
    California
    That doesn't sound right. Its residential property. Whether it's owned by a corporation, llc, individual or partnership, it's still residential property if its being used as a residence. Residential property is residential property, regardless of who owns it and how. Either way, regardless, it would likely still be written on a commercial policy.

    Commercial property is commercial property. If it's being used for commercial use; a factory, flower shop, or autobody repair, it doesn't matter if the building is owned by someone personally (as many are) or by an llc or corporation. It's still commercial property. This also would be written on a commercial policy.
     
  5. sk337sk337
    Offline

    sk337sk337 Expert

    Posts:
    54
    Likes Received:
    1
    State:
    Tennessee
    Still looking for a carrier for these properties.
     
  6. myfakename
    Offline

    myfakename Super Genius

    Posts:
    109
    Likes Received:
    6
    what company is he with currently?
     
  7. sk337sk337
    Offline

    sk337sk337 Expert

    Posts:
    54
    Likes Received:
    1
    State:
    Tennessee
  8. myfakename
    Offline

    myfakename Super Genius

    Posts:
    109
    Likes Received:
    6
    You might try AutoOwners
     
  9. sk337sk337
    Offline

    sk337sk337 Expert

    Posts:
    54
    Likes Received:
    1
    State:
    Tennessee
    I don't have them but had another agent check with them and it's way higher
     
  10. Markthebroker
    Online

    Markthebroker Guru

    Posts:
    676
    Likes Received:
    541
    State:
    California
    I don't know if you have them out there, but I would try CIBA and other programs.

    If you don't know what a program is, because a lot of people don't, it's basically a group policy.
     
Loading...