Multi-family Home Insurance - New York

Dec 8, 2015

  1. adamsagency
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    adamsagency Expert

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    Anyone know of a good place to go for competitive insurance rates on Multi-family home insurance? Some of these homes are quite old, and the places I've submitted to aren't that accepting of the risk.

    Open to options and ideas.


    Thanks.
     
  2. JohnWalker
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    I had this same problem last month. I was working with a real estate investor who owned 23 of them all over 9+ units.

    I had to use a surplus lines broker. Preferred markets won't accept buildings over 30 years old.
     
  3. HCCIA
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    Lloyds tends to be less expensive than many of the standard markets on these! I write them all the time with them!
     
    HCCIA, Dec 8, 2015
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  4. Blastr17
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    Where are they located?
     
  5. HCCIA
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    Lloyds of London. Find a surplus agent. They all carry Lloyds.
     
    HCCIA, Dec 8, 2015
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  6. nyc2phi
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    I think he meant the homes not the carrier.

    I've seen Middle Oak take some weird stuff in NY.

    How many units per building and is it owned under a corp or individual?
     
    nyc2phi, Dec 9, 2015
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  7. ABAInsurance
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    ABAInsurance Super Genius

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    Tower Insurance
     
  8. nyc2phi
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    nyc2phi, Dec 10, 2015
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  9. robtmccarthy
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    robtmccarthy Super Genius

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    MiddleOak is not easy to deal with... they want large schedule then they want agents to go take photos of all of them and submit for a quote?.... yeah thanks but no thanks... and then you only want certain ones... well that helps my investor with 10+ houses ... you want 3 but only tell me that after i drove around and took photos of them all??? yeah thanks but no thanks!

    Also tower is back in the game.... Wesco paper, slightly more restrictive guidelines then tower which is probably good.
     
  10. Arnage150
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    Are you guys sure MIddleOak is writing in NY? I'm signed up with them and have contacted them several times about writing business and they say they aren't writing in NY. If so, who is your contact there?

    Tower is back and whorey as ever. I am an AmTrust agent but don't have access to their habitational or lessors program. I still have to go through a wholesaler which is annoying. That being said I just got a quote for a 4,000,000 restaurant lessors risk in NYC for $17k. No one else was even close. I wonder how long it takes for this ship to sink?
     
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