10 Replies Latest reply: Feb 3, 2020 3:14 PM by twobitrentals RSS

    Do you have CBIZ for your insurance?

    twobitrentals CommunityAmbassador

      I am up for renewal and am comparing insurance companies. I just got a quote from Proper Insurance which was much higher than CBIZ, but proper pointed out that CBIZ is requiring a $15,0000.00 deductible for water damage. WHAT? I have sent a message to CBIZ asking for clarification of this higher deduction....does it mean a broken pipe,, a neglectful guest/owner, or a weather related issue?

       

      I Had a roof blow almost completely off a LTR and the water damage was extensive. Servpro charged a fortune to dry everything out to prevent mold.

       

      Anyone have the answer as I sit and wait for them to respond.

       

      Did everyone know about this increased deductible???

        • Re: Do you have CBIZ for your insurance?
          bonesxxx Active Contributor

          Yea I got that and also am up for renewal this month.

           

          I don't know if it's available in your area but I posted a while back that State Farm now has a STR rider for their rental policies.  I switched to them from CBiz and got double the coverage for half the price.  I think they are rolling it out state-by-state so it may not be available in your state yet but it's worth checking.

           

          If not, I'd wait to see what CBiz says about the water... my guess is it's for flood damage given what's happened in Houston and other areas in the midwest this past year.  But, as you know, never guess when it comes to the fine print

            • Re: Do you have CBIZ for your insurance?
              twobitrentals CommunityAmbassador

              I Do remember you talking about it and that actually promoted me to start looking, but the quotes I received for the big names were so much higher, than CBIZ, but not if it doesn’t cover weather related storms producing water damage. My property is in the Midwest where there are plenty of storms and that would be a deal breaker for me. If in fact it does include storm damage I may have to go back to those quotes and get better informed of the coverages. I have requested the $2500.00 deductible which helps greatly with premiums overall.

               

              I Am grateful you opened that discussion as it got me on the hunt for best coverage with best premiums.  Thank you. I was shocked to discover that CBIZ who I have used for a while would now require a huge deductible for water damage. I’ll report back if/when I find out if it includes storm damage.

              • Re: Do you have CBIZ for your insurance?
                wildiris Senior Contributor

                Very expensive water damage can result from a plumbing problem - either a frozen pipe that bursts or a malfunctioning toilet.  I know of homeowners who experienced both situations and literally had tens of thousands in damage, even hundreds of thousands.  I don't have CBIZ for my insurance, but does it include protection against flood damage as a type of commercial policy?  All of the policies with which I'm familiar (and these are residential policies, not commercial) exclude coverage for damage resulting from a flood.  You have to purchase a separate flood insurance policy.

                  • Re: Do you have CBIZ for your insurance?
                    twobitrentals CommunityAmbassador

                    No, not flood insurance at all, that has to come from the national flood. The thing that concerns me the most is storms. We are usually here during the winter months and so would be aware of furnace failing, and have the water shut off if gone for extended periods during any cold periods we would be away. I suppose a guest could do damage, but again, more concerned about storm damage than anything else and $15000. Deductible is just too high if that is included in the their water damage exclusion from regular deductible.

                     

                    I Haven’t heard back from them yet.

                      • Re: Do you have CBIZ for your insurance?
                        scowol Active Contributor

                        While the approaching renewal date is prompting you to consider switching carriers, keep in mind that you can cancel and sign on with another carrier of your choice at any time during the year.  So if you feel like you need/want more time to shop around, you can renew with your current carrier and then cancel mid-term on any date (you just can't backdate) and get a pro-rata refund for any unearned premiums you paid.

                         

                        When bonesxxx posted on the more tranditional carrier (State Farm) offering VR insurance, I got a quote.  It was drastically lower.  (thanks again to bonesxxx!)  I still had 7 more months on my policy before the renewal, but staying with CBIZ was just tossing money away.   So I canceled my CBIZ policy the second I was bound with State Farm and got a refund from CBIZ.   My agent said the higher prices are just because so few carriers offer VR insurance.   State Farm did a lot of research apparently and looked at their stats and the loss ratio was no worse than a regular traditional landlord risk.  They figured this out because there are still thousands and thousands of owners who have had VRs for a decade or more and they continued to (unknowingly) renew their decades old landlord policy every year for their VRs.  And a surprise is that they covered those losses on the VRs even though they were insured on a traditional landlord policy.  Apparently a claim denial and the ensuing lawsuits and bad publicity is not worth it, so they just quietly covered them (and still do).  This is all per my agent in the business for 30 years...

                  • Re: Do you have CBIZ for your insurance?
                    green_mango Active Contributor

                    I was offered both Proper & CBIZ, similar price, though CBIZ a hair less.  I picked Proper and a year later wasn't renewed due to wildfire risk.  I reached back out to CBIZ who said they weren't issuing new policies in my area, but were renewing policies - so I wished I had gone with them  

                     

                    I don't recall the deducible info - we've always picked a high deductible simply because we like the lower premiums and only use insurance for something really significant.

                     

                    Foremost is another insurer that specializes in short term rentals if you want a 3rd quote.

                    • Re: Do you have CBIZ for your insurance?
                      twobitrentals CommunityAmbassador

                      Got the email today that stated it is only a broken pipe, or guests leaving water on somewhere, or an appliance leaking causing damage. It is not due to storm damage. So, there is that assurance that if a tornado or wind tears part of your roof off and you get water infiltration it is covered. Still shopping Around to see if that is my best option.