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!
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!