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Property insurance for investment single family home in Phoenix... (local or remote?)

Hi, I'm in the process of purchasing an investment property in Phoenix, AZ. I'm out of state from the NE. What's your advice on choosing the property insurance carrier for this property? Should I go with my own agent in NE? or should I go with somebody local?
  • January 17 2011 - Gilbert
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Answers (6)

I would check rates from several companies and then decide which to choose.
  • September 10 2011
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Wow! thx... never thought of that about insuring while home is vacant... I'll keep that in mind. Thx!
  • February 07 2011
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Personally I'd go local since the agent will be familiar to what claims happen most often locally. However, you may be able to save by bundling with other insurance you have. I realize this question is a few weeks old, however I have a piece of advice that could be very important. When you are insuring a rental home, make *very* sure that the policy you carry includes insuring the home while it is vacant. Most don't cover you at all once the home hasn't been occupied for 30 days. And the insurance companies *do* send spies out to see if the home is occupied. This is a lesson you *don't* want to find out the hard way, trust me.

Good luck with your investment!
  • February 07 2011
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I have found talking to your current agent can ususally give you the most competitive rate if you are using them for multiple insurance purposes, i.e. current home, cars, boats etc... Also ask about discounts for having smoke detectors, a burglar alarm, or dead-bolt locks, etc...
Be sure you insure your house for the correct amount.  Remember, you're covering replacement cost, not market value.   In this market those 2 numbers can vary quite a bit.

  • January 17 2011
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I would go with a local agent.
  • January 17 2011
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Your own agent can probably give you discounts for bundling all your insurance needs. I'm sure they can do a search on the property for insurance claims history and if it's in a flood plain that would cause your premium to increase. You definitely want to get these things checked out within your inspection period.

You can also check out the Flood Risk Profile of any home yourself and find an insurance agent servicing the area in case you want to shop insurance providers. Click the Flood Risk Profile above or go to floodsmart.gov
  • January 17 2011
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