Why can't I find insurance for my metal building?

6,792 Views | 9 Replies | Last: 6 yr ago by gus1390
mhnatt
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My permanent residence is in College Station but I'm posting here because of the awesomeness of the Aggie Network

I have an 8,000sqft commercial metal building (warehouse-like with storefront windows only in the front - that I rent out to a bicycle shop) in Webster, TX (Nasa Rd 1) that was built in 1973 that I rent out and need structural property insurance. State Farm has been the insurer the whole time and zero claims have been made for at least 20 years, yet they continue to increase the premiums on average of about 10% each year or 60% since 2013. Their repeated excuse is simply "it's near the coast" (which would only make valid sense on the initial purchase of insurance, not growing since it isn't getting any closer to the coast), or "we have no idea except that it was 'across the board' increase".

Being that it is a commercial metal building near the coast, many companies tell me that they cannot insure it. Somehow I fail to believe that State Farm is the only option. Any recommendations?

Thanks!
Fonzie Scheme
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AG
Try an independent insurer that can shop companies. My folks did that on home and auto, and fired State Farm.
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OnlyANobody
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I don't know if this is something he could offer or not, but you might try Dwight over at Program Insurance Group. (979) 485-9990. But next week. He's honeymooning this week. <3 <3 <3
Rexter
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You need a rider for whatever agreed value you can come to. Barndominiums are usually insured that way. I'm not sure on commercial. The issue is that the building is insured for X when replacement cost is Y, which is substantially less than X. You have to have the rider to insure for Y. At least that's the way it was explained to me.
Reloadags1998
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AG
Call my office at 281-417-3000 and talk to Chris. Our specialty is commercial insurance and have a number of markets that insure buildings even in coastal areas.

The trouble you are having is based on a few undesirable items like being near the coast and tenant occupied vs owner occupied. Most "name brand" carriers simply do not want to deal with it. The premium increases in coastal/wind areas over the last 10 years has been amazing for sure.

I would tell you contact me direct but I'm on vacation and not able to do anything that requires a dependable cell service or internet Chris will be able to handle it however.

Adam Koch
Stupe
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S
I was going to suggest that you call ReloadAgs.

He's independent and if there is an underwriter out there that will insure something, he'll find them.
hadgroves
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yes, Dwight is on honeymoon, however his team is happy to help until his return. 512-848-7210 will be happy to help you. I am the owner of Program Insurance group and that is my cell.
hadgroves
RolloInsurance_Morgan
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Feel free to email me if you would like help with your metal building, we can get it done on with one of our numerous carriers. My email is Morgan.Moudy@rolloinsurance.com and I would be happy to help you.
tbone94
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I sent you a text, Mike. -Tim
gus1390
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I'd recommend you check with Dwight Groves as well, Mike
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