Obie Insurance: Entering into renting homes as a business offers fantastic amounts of money, though it creates numerous risks. Liability issues aside, even minor carelessness may lead to significant degradation of one’s business financially. That is where insurance becomes necessary – not as a way of preventing losses but as aid when they occur.
Launched in 2017; Obie is shaking the landlord and real estate investor market. The primary goal behind starting Obie was to transform how insurers distribute their services and products with developments towards appropriate technology needed by 17 millions” American Landlords” who are making money from property investments like single family houses or multi-family units among others. Importantly, it enables you to choose your preferable ways of acquiring your insurance such as quotes online or through personal agents or industry cooperation partner organisations.
Obie is just beginning to show what it can do with a starting number of over 6,000 active policies and more than 20 billion US dollars secured by an insurance policy. The company has raised 39 million US dollars in funding, making it well positioned for further transformation.
Among insurance for landlords, Obie stands out. In this field, getting coverage is quick and easy through their online quotation system. This is rare in the lender domain today.For me if I want any schema I don’t have to struggle with claims or managing my policy because their service offers us a user-friendly dashboard therefore I can file claims at an instant there are some issues with our property.
Table of Contents
What is Obie Insurance?
Obie Insurance is an insurance provider that specialises in landlord insurance for residential rental properties, and it is driven by technology. To facilitate speedy insurance processing for property owners and real estate investors, the company uses data and technological methods. For this reason, the purpose of Obie is not only to simplify traditionally convoluted time spans and procedures but also to create individualised policies intended specifically for landlords of rental houses.
Why You Should Care About Obie Insurance
- You’ve probably faced the stress that comes with dealing with insurance for real estate. You will understand why Obie is becoming popular among people who lease out properties and shareholders in the buying of properties.
- Fully Digital Procedures: this means that one can carry out everything concerning an insurance policy right from requesting a quotation to making a purchase online without any need for overlong paperwork or phone calls.
- Catered to Individual Needs: irrespective of whether you own a single home or own several houses, Obie’s insurances are customised for landlords.
- Fast and Effective: it takes you only some minutes to have a quotation and even buy a policy; thus, you are left with enough time to take care of your properties..
Core Features and Benefits of Obie Insurance
Understanding the core features of Obie Insurance can help you determine if it’s the right fit for your rental property needs:
- Property protection covers physical damage to the property and keeps your investment intact against normal risks such as fire, wind or vandalism.
- Liability protection covers medical and legal expenses resulting from accidents occurring on one’s own property giving an individual peace of mind in case of tenants or visitors falling ill.
- Loss-of-rental-income coverage ensures that any loss incurred through no fault of yours due to a covered loss will be reimbursed in addition to preventing financial hardships when repairs are being done.
Standout Features of Obie Insurance
Obie is more than just another insurance provider. Here are some standout features that make Obie a top choice for landlords:
- A vast range of property covered: Obie provides insurance for numerous types of properties including single family homes, multiplexes, apartment buildings and condos.
- No Limit on Properties: There are no restrictions on the number of properties you can insure through Obie, making it ideal for real estate investors with extensive portfolios.
- Insurance for both short and long term rentals: Obie has got you covered regardless of whether you’re renting out a property for a short-term (like a vacation home) or extended period.
- Financial Stability: Obie only partners with the leading carriers who underwrite their policies so that your cover is provided by firms that are financially sound.
Pros and Cons of Obie Insurance
Pros:
- Quickness and Convenience: Get an estimate in a few minutes and buy your policy online.
- Widely Accessible: It is possible to get Landlord insurance in every state including Washington D.C.
- Affordable: With Obie’s efficient, tech-centric strategy you’ll save as much as 25% on your insurance compared to other companies’ services.
Cons:
- Inadequate Client Support Availability: One potential disadvantage for certain people may be that customer help is unavailable on weekends.
- Third-Party Claims Handling: Although Obie can help you file a claim, the partner carriers handle the real work.
- No Specific Mobile App: There isn’t one available right now to manage your policy while on the road.
Who Should Consider Obie Insurance?
Obie Insurance is an excellent fit for:
- For Newbie Investors in Real Estate: For those new to this world, Obie serves as an instant and inexpensive means to cover their very first rental home.
- Ease-seeking landlords: To keep away from the usual complications encountered when looking for insurance, Obie has an online portal that is user-friendly.
- Owners of Short-Term Rental Properties: When renting your house short term, Obie specialises in your specific needs.
When to Explore Obie Insurance Alternatives
While Obie is an excellent choice for many, there are situations where you might want to explore other options:
- Comprehensive Business Needs: Next Insurance is one supplier that offers a wider range of coverages if your business incorporates more than just rental properties, such as retail components.
- 24/7 Customer Support: The Hartford might be a better option for people who would rather have a single point of contact for claims and round-the-clock customer support.
- Bad Claims History: Tivly may be a better option for your company if it has a poor claims history because it works with more than 200 carriers to secure coverage for even high-risk enterprises.
Obie Insurance Alternatives
If Obiedoesn’t satisfy all of your demands, you might want to look into these other options:
- Next Insurance: Ideal for companies in need of insurance covering more than just rentals.
- The Hartford: Excellent for people who want round-the-clock customer service and a single point of contact.
- Tively: Offers coverage alternatives from several carriers, making it ideal for small enterprises with a history of unsatisfactory claims.
Obie Insurance Options: Tailored Coverage for Landlords
As a specialised insurer, Obie offers a range of business insurance options, primarily focused on the needs of landlords and real estate investors:
- Landlord insurance is the main product that Obie offers and combines coverage for property, liability, and loss of income.
- Dwelling Coverage: Offers protection for the building’s structure and comes in three different types (DP1, DP2, DP3).
- Other constructions: Provides complete protection for every area of your property by including detached constructions like garages.
- Medical Payments: In the event that someone is hurt on your property, no-fault insurance helps pay for their medical expenses.
- Business & Personal Property (BPP) insurance shields your company’s movable, tangible assets, like tools or equipment that are used on-site.
- Insurance for short-term rentals: Specifically made for short-term rentals, including vacation houses.
- An endorsement known as “Vacant Home Insurance” covers properties that are not inhabited at the moment and is helpful for house flippers or during tenant changes.
What Properties Does Obie Cover?
Obie specialises in rental property insurance across a variety of building types:
- Single-Family Homes
- Duplexes, Triplexes, Quadplexes
- Apartment Buildings
- Condo Units
Whether you’re insuring a single property or a large portfolio, Obie has you covered. However, note that Obie does not currently insure mobile homes.
How Much Does Obie Insurance Cost?
The cost of Obie Insurance varies based on several factors, including:
- Property Type: The characteristics of the property’s composition.
- Location: Geographical aspects such as crime or weather hazards in the area.
- Coverage Level: The type and quantity of coverage chosen.
- Claims History: Your premium may be impacted by prior insurance claims.
- Amenities: Extra features like playgrounds or pools on the property may have an impact on the price.
The Quote Process: Fast, Simple, and Transparent
Getting a quote with Obie is a breeze. The process is entirely online and can be completed in just a few minutes. Here’s how it works:
- Property Information Input: Provide information about the property you wish to insure as well as your contact data.
- Obtain and Customise a Quote: Obie will provide a quote with three levels of coverage if you qualify. After that, you can modify the policy to suit your requirements.
- Obtain Insurance: You can easily purchase the policy online after deciding on your coverage.
If Obie is unable to issue a quote immediately, they will follow up with additional questions to better understand your property.
Obie’s Customer Service and Support
Although Obie’s customer service is limited to weekdays, they offer several valuable services:
- Dashboard for Policy Management: After requesting a quotation, you are given access to a dashboard where you can manage your policy and file claims.
- Risk Map Service: Obie offers a personalised risk report that includes information on the area surrounding your property, including flood zones, wildfire danger, and distances from fire stations.
- Obie Private Client: Covering companies with between 100 and 10,000 units, Obie’s Private Client service is intended for investors with substantial portfolios.
Obie Partner Insurance Carriers
Obie partners with several top-rated insurance carriers to provide coverage, including:
- Accelerant Specialty Insurance Company: AM Best rating of A- (Excellent).
- American National Lloyds Insurance Company: AM Best rating of A (Excellent).
These partnerships ensure that your policy is backed by reliable, financially stable companies.
Reviews and Customer Feedback
Obie Insurance has received positive feedback, with 4.9 out of 5 stars from approximately 706 reviews on Google till date. Customers praise the company for its excellent customer service, ease of obtaining insurance, and the availability of coverage in challenging markets like California and Florida.
Has anyone used Obie Insurance?
Yes, a lot of landlords and real estate investors have used Obie Insurance. At present, Obie boasts more than 6,000 active policyholders and has obtained over $20 billion in coverage. This suggests that a sizable portion of people and companies have selected Obie for their landlord insurance requirements, demonstrating their expanding popularity and level of trust.
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Faq’s
Final Thoughts: Is Obie Insurance Right for You?
Obie Insurance is an excellent choice for landlords.
When was Obie established?
In 2017, Obie was established.
Obie’s headquarters are where?
Obie’s Chicago headquarters are situated at 167 North Green Street.
Which fundraising round is Obie currently in?
Series B – II is the most recent investment round for Obie.
What was Obie’s raise?
In all, Obie raised $38.73 million.
Who are Obie’s investors?
Battery Ventures, Brick & Mortar Ventures, DivcoWest, FundersClub, MetaProp, and eleven other investors are among Obie’s backers.
Who are the rivals of Obie?
Hippo is one of Obie’s rivals.
What goods is Obie selling?
Among Obie’s offerings are Insurance Policy and one additional.
Who are the clients of Obie?
One of Obie’s clients is Knox Financial.
Disclaimer: The information in this “Stock Profile” blog post is for informational purposes only. It is not financial advice. Always consult a qualified expert before making investment decisions.
