As global economies move, investment and insurance markets do as well. As far as the insurance markets go, we’ve seen a lot of companies have their capacity cut, and/or rates increased. There are some large companies out there that may lose their programs all together. At REI Choice, our A+ rated program through Arcana and Lloyd’s of London is going strong. Our master polices were renewed, and we have plenty of excess capacity.
We are going to see some rate increases at the end of October though, so now is a great time to lock in some of the best rates in the industry. Any policy bound within the next two weeks will have their premium rate locked in for the next 12 months.
As part of our renewal, we’re also looking at the standard deductible increasing to $5,000. The standard deductible is currently $2,500. As long as you bind your policy within the next two weeks, you’ll have the $2,500 deductible locked in for the next 12 months as well!
If you have any questions, please call us at 214-247-7727.
Our easy online portal makes it fast and convenient to place new coverage. In less than five minutes, you can quote, bind, and print your insurance.
Thank you again to the hundreds of investors that trust us with their more than $100,000,000 worth of investment property. We’ll continue striving to meet your needs.
Really hope you keep the deductible at $2,500 max, or at least keep that as an option. For the properties with underlying mortgages through traditional banks, they usually set maximum deductible requirements a lot lower than $5,000.
Thank you for your comment. We are certainly going to retain that option. The insurance market for residential investors is becoming more and more volatile and the $5000 deductible is becoming the new normal. However, in recognizing that some still need the $2500 deductible, we are offering the $2500 at a 10% surcharge. I hope that helps!
Andrew Costlow
REI Choice Insurance
Thanks, it does help! My traditional bank’s requirement is actually $1,000 max deductible. They didn’t say anything when I switched over to the $2,500 deductible I have with you currently, but I don’t want to push it!