Insurance for 2-family building in E. Boston

I own a 2-family in Eas Boston and accidentally let my policy lapse 8 months ago because the premium bill did not get forwarded when I moved. I had been with the carrier for 15 years without a claim but they refuse to reinstate my policy. I need fire and liability coverage, and I don’t want to go to the Fair Plan. Any suggestions?


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8 months without a bill? You should have known and questioned the problem…that’s what the company is going to assume. I’d contact a good agent and see what markets they have. If not, fair plan will have to do…

Were you late on payments prior to the 8 month lapse?

Just call around, there’s lot of insurance companies. I’ve gotten good quotes from Quincy Mutual, The Premier, Holyoke Mutual Insurance. You just need to find an agent that writes policies for these guys.

The other thing I’ve noticed is that some agents have very firm rules of how much they’d write on a policy. I had one company willing to write me a 400k policy and another one who wouldn’t go below 500k because they claimed that was what the replacement cost was going to be and wouldn’t budge. It was the same insurance company, just different agents.

I just hope you’re not too near the water, those rates tend to be pretty high and the fair plan might actually be cheaper.


I hope you go with the agent that wouldn’t budge since he’s doing his job and looking out for the management of your risk. Many policies come with a co-insurance penalty that will cause many problems when a partial loss hits. Example, if you’re not insured to the stated %, the company will apply the formula found within the contract to establish the ultimate payment…sometimes resulting in 1/2 the loss amount. Insurance to value is a big problem for most policies since cost of construction has increased more than 40% in the past 2 years (Katrina & Rita = supply and demand). My bet, your policy is underinsured.

If the other agent wouldn’t budge then they were probably looking out for your interest. In Insurance, this is a soft market and some agents will stear you wrong to compete on premium.

About the water…if you’re close, the fair plan will most definitely beat the other markets since most companies are filing for huge rate increases in the coastal markets.

good luck!

Henryinma and gsuidiot have already given you some good ideas. I will be brief. Find and E Boston agent who cares. Insure for replacement values, carry at least 1mil liability(it is only slightly more expensive than 500k), loss of rents coverage for the actual loss sustained, and flood coverage if applicable.

I am an agent west of Boston but you need a local agent who knows the market and which companies will have an interest. A Quincy, Norfolk and Dedam are local companies who specialize in property and a good agent will try and place you there before the Fair plan. Because of the cancellation and the length of time it was uninsured a standard company may not want to take a chance there is a pre-exsiting problem for the first year. If so go to the Fair plan then back to the standard market after one year. If you offer to pay the full annual premium to a standard company that will usually convince them that you are a good risk. Prove to them you are worth insuring and that you are a good manager who made a mistake.

I agree with gsuidiot, how could you not know there was a problem when you did not get a bill for 8 months? Maybe 2-3 months but not eight. I have a reminder in outlook for every 3 months to check each of my properties to make sure all insurance is paid and up to date and I do this even though I in the business and own the agency. Good luck,