Insurance for properties held in trust located in a different state
I’m currently with State Farm, but they won’t renew my policy after selling my third home, which wasn’t rental property. I think this decision was linked to my homeowners policy. The trust itself is established in the same state, so I’m curious if that makes a difference. Should I be looking to work with a commercial broker for this situation?
It sounds like you’re navigating a complex situation with your landlord insurance and trust structure. Since your homes are held in a trust and located in another state, you’ll want to explore insurance options that are tailored for properties in such scenarios.
Here are some steps you might consider:
Commercial Broker: Yes, working with a commercial insurance broker can be beneficial. They are typically more familiar with the intricacies of insuring properties held in trusts and can help you find coverage that meets the specific needs of your situation.
Specialized Insurers: Look for insurance companies that specialize in landlord insurance, especially those that understand the nuances of properties held in a trust. Some insurers might have specific policies designed for multi-property owners or those handling properties in different states.
Trust Structure: Since the trust is an entity within the same state, it may provide some advantages. Make sure your broker understands the trust structure and can advise you on any implications it might have for your insurance needs.
Policy Types: Discuss different policy types with your broker, including liability coverage, property damage, loss of rental income, and more. Ensure that the policy aligns well with your investment strategy and risk tolerance.
Multiple Quotes: Don’t hesitate to shop around and get quotes from multiple insurers. This will not only help you find competitive rates but also give you insights into the different coverage options available.
Local Regulations: Since each state may have different regulations regarding insurance, make sure your broker is well-versed in the laws of the states where the properties are located.
By taking these steps, you should be able to find a suitable landlord insurance policy that meets your needs, even with properties held in a trust. Good luck!