Farm Bureau for a Landlord policy

[insurancequestion]

I have been search with no luck something that can compete against a Farm Bureau landlord policy.

I have a prospect that has this policy for about 30 of his rental properties that he rents out to students here in Texas. He has told me that is policy has 1 deductible for the same catastrophic loss. So if a tornado or something came through and wiped out 8 of his properties..he would just have to pay $2500 to get the all fixed. I kept thinking that this has to be wrong, but he keep saying it is accurate and that he has used it before. I am thinking that the premiums would be really really high..but they are not. The whole policy includes his primary home and autos and all of his rental properties...

Does anyone have any idea of what can compete against a policy like this?

Thanks

 

[fed up]

Might be best to just keep moving. You cant compete against everything

 

[Allen Trent]

I have been search with no luck something that can compete against a Farm Bureau landlord policy.

I have a prospect that has this policy for about 30 of his rental properties that he rents out to students here in Texas. He has told me that is policy has 1 deductible for the same catastrophic loss. So if a tornado or something came through and wiped out 8 of his properties..he would just have to pay $2500 to get the all fixed. I kept thinking that this has to be wrong, but he keep saying it is accurate and that he has used it before. I am thinking that the premiums would be really really high..but they are not. The whole policy includes his primary home and autos and all of his rental properties...

Does anyone have any idea of what can compete against a policy like this?

Thanks

what state? Most Farm Bureau are state specific or in some cases operate in a handful of regional states. generally speaking, I am surprised they would knowingly be issuing landlord policies for college housing. Agents I know with Farm Bureau tend to have to write such policies via other carriers or surplus lines carriers when full time college housing involved in residential housing

 

[adjusterjack]

He has told me that is policy has 1 deductible for the same catastrophic loss.

There they are, those words in bold. Emphasis on "told."

Have you actually read his policy to see if that is true.

The insurance buying public is clueless.

"I was told" is the most dangerous phrase in the English language.

 

[insurancequestion]

no, I have not read his policy yet. He mentioned that he has used the 1 deductible for a the same catastrophic loos in the past. I don't know that to be true. I have called and emailed other Farm Bureau agents out of the blue and asked them...they all said yes...but for the life of me...I can't imagine that to be true...how on earth could a insurance company have one deductible for 20 plus properties for the same loss.

 

[Allen Trent]

no, I have not read his policy yet. He mentioned that he has used the 1 deductible for a the same catastrophic loos in the past. I don't know that to be true. I have called and emailed other Farm Bureau agents out of the blue and asked them...they all said yes...but for the life of me...I can't imagine that to be true...how on earth could a insurance company have one deductible for 20 plus properties for the same loss.

Possibly blanket coverage on 1 policy, not individual policies on each property. I believe this happens on commercial policies also like Apartments & Condos

 

[marindependent]

Move on. There are lots of older legacy policies out there that you need to ask yourself if they are worth researching in order to win the business.

Put a bug in his head that what he is telling you seems unusual. Go back to him in a year or wait for him to come back to you.