Is there an advantage/disadvantage to insuring half of your properties with company A and half with company B.

My thinking is: if I have a claim at one property and all of my properties are insured with one company all of my premiums will go up.

Versus if I have half of them insured with another company then only half my premiums would go up.

I have never had a claim so I am a bit nieve to what occurs after a claim. Does the premium on just the property with the claim go up or do they go ahead and raise all your premiums on all your properties?

All advice appreciated! Thanks

Bubbles,

I prefer the clout of a larger account. My agent does NOT want to lose ME!

But we do have several companies to cover different types of properties as Ken mentioned.

Here's a cautionary tale: a good friend of mine who is also a landlord had multiple properties insured by the same insurance company.

There was a kitchen fire at one property. 18 months later, teenager of another tenant purposely set a fire inside a closet and then left the house.

Luckily the neighbor saw the smoke and called the fire department and it was put out pretty quickly (not a total loss).

That makes two fires within two years. Insurance company dropped all of his insurance on all of his properties. Now he can't find insurance, so those that were mortgaged the bank called the mortgage's due!

He did find insurance, but it was absolutely skyhigh and almost ruined him.