- Mar 5, 2016
- Reaction score
We are experiencing similar issues. I'm going to take the lowest bid (which seem astronomical) for now to avoid any gaps. Hopefully, I can find a better rate and better coverage soon.We are right in that ballpark also. It's unbelievable how many variables there are. For us, it's a historical old house built out of wood. Our rural volunteer fire department is just 1/2 mile down the road bus has the worst rating there is. That really has affected our premiums. Some companies won't even do a quote for us.Thanks for sharing. Agreed, it is impossible to compare. It does ease my mind to know others are paying as much so I appreciate thatThanks, PhineasSwann! You're information was helpful. I did put a call into Wolf/CBIZ Specialty Insurance. They said they have experienced a high volume of inquiries for B&B insurance and are backlogged at the moment. It will be a few days before I can speak to anyone. They do appear knowledgeable so I'm interested in hearing what they can offer. The lowest quote I have received is from a cooperative for $4,286 year. Can anyone tell me if this number seems inflated? I know it varies state to state and base on the amount of coverage. I'm just curious. This seems expensive and the policy, as is, is not very comprehensive nor are my liability limits high. I have spoken to two local Liberty Mutual agents. I learned that here in NYS you have to go through a broker that works with Liberty Mutual. Otherwise, local agents only write personal lines...When we first bought our B&B, we used Wolf out of Maryland (now called CBIZ Specialty Insurance) . They're specific to the B&B and hotel industry, are a big sponsor of industry associations, and understand all the right questions to ask and to make sure you don't leave out any coverage you may need (umbrella liability, liquor, etc). When it came time for renewal a year later, we had a policy in place that we could shop to other agencies in our area that detailed all the specific needs we had as a B&B.
If you're willing to pay a slightly higher rate for the first year, I'd recommend going the route we took. If you want a cheaper rate from the get-go, take the time to shop around with your in-state agencies. We're now with Liberty Mutual through a local agent..
.So our premium for the next year is $5,148, plus another $726 for the company truck. But it is impossible to compare with your quote without looking at exactly what is covered and for how much.Nika said:The lowest quote I have received is from a cooperative for $4,286 year. Can anyone tell me if this number seems inflated? I know it varies state to state and base on the amount of coverage. I'm just curious. This seems expensive and the policy, as is, is not very comprehensive nor are my liability limits high.
.. Thanks, again.