Client: A real estate investor buying a single-family rental in Fresno · Coverage: Landlord Dwelling Policy (DP-3) · Status: Bound
The problem
The lender's processing team sent the buyer four insurance quotes, ranging from $1,432 to $2,243 a year, and coverage had to be bound before closing.
How Pierce helped
- Quoted a DP-3 special form, the broadest landlord dwelling form, which covers the home on an open-perils basis
- Laid the five options side by side so the client could compare coverage as well as price
- Collected the mortgagee clause, loan number and vesting from the processor
- Sent the binder and evidence of insurance to escrow the morning after the client said yes
The result
The Pierce quote was $1,398.91 a year with taxes and fees: lower than all four lender-provided quotes, with $500,000 on the dwelling, $1,000,000 of landlord liability, $25,000 loss of use and ordinance or law coverage. The client chose it the same evening, and the policy was bound to start at closing.
Why it worked
Comparing the policy form, not just the premium, showed the client he was getting broader coverage for less money, and handling the escrow paperwork directly kept the closing on schedule.
Related coverage
Insurance for Real Estate Investors & Landlords · Rental property insurance · Insurance before escrow closes
Facing something similar? Call 888-391-5981 or request a quote. A licensed agent will review your situation.
Client names and identifying details are withheld for privacy. This story is based on an actual account handled by our agency, as documented in our files. Coverage, pricing and results for your business depend on your own details.