Insurance!

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills
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funeshah
Posts: 31
Joined: Thu Aug 28, 2014 11:05 am

Insurance!

Post by funeshah » Thu Apr 20, 2017 8:10 am

Hi - I have several properties through the years (i.e. when I moved for job/work, I continued to hold on to these properties as rental properties). I currently insure each one separately and was primarily looking for the best price at the time for that specific property.

My homes are spread across 2 different states (NY and NJ). One of the homes is in a flood zone, so I have flood insurance in addition to regular hazard insurance.

I also have a separate auto policy, and have purchased umbrella insurance through them.

Ideally it would be nice to get all these plans under 1 roof. Are there companies/firms that would do this? If so, would i have to remove my insurance payments from my escrow?

Thanks,

Rupert
Posts: 2661
Joined: Fri Aug 17, 2012 12:01 pm

Re: Insurance!

Post by Rupert » Thu Apr 20, 2017 9:28 am

Almost any major insurance company will do this, although some won't write homeowners' policies in certain areas. If I were you, I'd let an independent insurance broker (i.e., one not captive to a particular insurance company) call around and get quotes for me. No, you don't have to remove your insurance payment from escrow. You just need to let your mortgage company know that you've changed insurers and let your insurance company know where to mail the bill.

btenny
Posts: 4159
Joined: Sun Oct 07, 2007 6:47 pm

Re: Insurance!

Post by btenny » Thu Apr 20, 2017 4:34 pm

I have similar issues out west. We are sort of a snowbirds. We have two homes, three cars and a boat in two states. We get about a dozen bills for this stuff spread out over the year. It drives my wife nuts tracking this stuff. So I tried to simplify my bills and put all the insurance under one roof. I found it was expensive versus the multiple company approach I have now. I would have had to spend $500ish extra per year to get one bill from one company. Plus the one bill would just be a itemized statement with each of the items insured separately with different policies. I would still have all the multiple policy extra paperwork. So I did not do it. I did not try to price this a lot of places but I did talk to my two insurance companies and third independent broker. My current main two companies cannot even do this. I have to work with two different sales associates and two different call centers. Each is licensed in one state and can only sell in one state. The gotcha is state laws require agents and companies to be licensed in a state to sell insurance in that state. So most companies have separate insurance polices for cars and houses and each different states.

By the way this seems to be almost the same for health insurance in many areas. The companies organize in one state and set up networks in one state and then sell insurance for that one state per that states laws. But many people like me live in different states part of the year.

So I am always worried I will get into some big insurance argument due to state boundaries. So far Medicare and BC/BS do not seem to care.

If you find something good let me know.

Good Luck.

August
Posts: 64
Joined: Wed Dec 04, 2013 9:03 pm

Re: Insurance!

Post by August » Thu Apr 20, 2017 5:31 pm

A great starting point would be to talk to a few local independent agents. An independent agent (as opposed to a captive agent-like State Farm, etc) can give you quotes from several different companies for you to compare.

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