You should also not assume you are getting the best price for property insurance available. I heard numerous horror stories of property insurance going through the roof last year (including on my personal residence), but our company’s prices didn’t budge. This was because our insurance broker was able to create a Frankenstein’s monster of a policy by slicing and dicing our portfolio amongst five different insurers.
Needless to say, he built a lot of loyalty with us.
At a minimum, it’s worth shopping your portfolio every year or two. That’s how we found our current broker. We asked for quotes from four or five insurance companies and ended up saving something like 20%. These kinds of savings can be critical.
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