New Insurance Co. Demanding 3 Liability Policies on One Property.

[nyc2phi]

There's a reason why landlord policies are more expensive then regular homeowners policies, they present more risk. Normally detached structures on your property are covered under coverage B in your HO3 and I would check to see what this portion of the policy is costing you opposed to the liability. Like DJ said the liability part of a policy is usually not very expensive. I actually like that they separated the liability here you should feel more adequately covered.

Who was the old carrier growing at 25%?

 

[cheyennein]

O.K. Let me lay this out very simply....Everything on one deed......( Old Insurance ) $500.00 Deductable.... Policy 1 - Primary Residence, Full replacement value $500,000 liability. Policy 2 - Rental, Full replacement value, No liability. Policy 3 - Rental, Full replacement value, No liability.....Would not renew Policy 1 Would renew Policy 2 & 3........( New Insurance ) $5,000 Deductable....Policy 1 - Primary Residence, Replacement or Cost whichever is less. $500,000 Liability. Policy 2 - Rental, Same terms, $500,000 Liability. Policy 3 - Rental, Same terms, $500,000 Liability.....(Old Premium Total ) $871.00 ( New Premium Total ) $2,597.59 Also the new coverage on the dwellings is 25% less.....Personal Property is 50% less.....Now you tell me ......What's wrong with this picture......I am actively seeking a new Insurance carrier..........
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P.S They are also charging me a multible dwelling fee on each policy $94.00 ............Give me a break...........

 

[Blastr17]

What carrier dropped you and what carrier is giving you the new policy?

 

[cheyennein]

I'd rather not say at this time for reasons I'm sure you can understand..................What I can say is, I was with my old carrier for 9 yrs & the new carrier for 2 weeks............

 

[cheyennein]

Well I now have 3 new Insurance Policies.....With more coverage than I had with either of my previous carriers.....With just one $500,000 liability Policy covering everything.....Higher dwelling coverage, Higher personal property coverage, Higher medical payment coverage & I'm insured for everything under the sun including my own stupidity......I was lucky enough to find an agent, broker who used to be an underwriter & could understand my problem & he explained how & why it happened......Him & I just sat there & shook our heads at the incompetance of people.....Needless to say he gets all my business & most importantly I will be shouting his name from the roof tops.....NOW..... Here's the best part, my total premiums are only $112.00 more than my original insurer with a lot more coverage....So in actuality I'm paying the same thing if you factor in this years rate increases..........And to top it all off $500.00 deductable.................

 

[nyc2phi]

Nice!

It's hard for us on here to give you the correct answer without seeing all the details but I am glad you found someone to review it and put you in the right product.

 

[cheyennein]

I sat & talked with 16 differant agents, brokers & In house Co. agents. And it totally amazes me how inept & incompetent they were. I knew in my gut I was getting a snow job & I wouldn't stand for it..........

 

[Milkman1265]

So you did you get a policy that would cover the premises for 500k liability total for the whole area and just have property coverage for 3 buildings?

Do they have different door numbers on the deed? I think north sea does single policy with multiple buildings.

If so its probably a lot cheaper to raise liability to 1mm/2mm for a very low cost

I've written some multiple buildings on one property with 1 liability but they had 2mm per occurance it was a motel with desperate buildings

 

[cheyennein]

Yes......each building has it's own number..........

 

[Milkman1265]

I think you got it solved already right?

Just wanted to go further in discussion,

But i remember when i did the hotel, if the buildings has its own door number on the title, it needs to be separate policy, if not you can schedule it as property only on one policy. I dont remember my conversation with the underwriter.