The impetus of this article is simple – we are asked multiple times a day by well-intentioned investors... More...
As an investor, property manager, or property owner, you rely on the professionals on your ‘investing team’ to provide sound advice and to take care of issues in the areas in which they are considered to the ‘the experts’.
The truth is that most agents deal strictly with run-of-the-mill traditional homeowners and auto insurance and very little else – regardless of what their advertising or business card might state. While all property and casualty insurance agents are legally licensed to sell insurance policies for residential property, most of them are, unfortunately, unfamiliar with real estate investments and non-owner occupied units. More often than not, this results in you, the property owner, ending up woefully underinsured or, worse yet, insured with the wrong type pf policy which means denied claims and financial loss.
Losses DO happen – and when they do it’s not the time to find out that you weren’t properly insured or that your favorite auto insurance agent didn’t understand the risks that you face as an investor. Some of the many things that could happen:
Residential insurance, which includes dwelling or landlord coverage for rental properties, may sound easy, but policies vary greatly from one company to next in terms of the actual coverages provided as well as price. Many insurance companies simply don’t want to insure rental or investment properties so they reduce coverages to the bare minimum and raise premiums to maximize their profit while reducing their exposure to loss. This means that you pay more money for less insurance coverage. Of course you as the consumer may have no idea of this, and most ‘captive’ agents which are limited to selling only the policies offered by whatever company it is that they represent won’t tell you – assuming they realize it themselves.
At Insurance For Investors, we specialize in finding the right insurance solutions for real estate investors and professionals and we offer specialized products for:
If you would like to speak with us regarding your insurance needs or your investing situation, please contact us at (512) 501-4010 or (800) 299-8994 and we will discuss your situation and let you know how we can help. You may also request a quote by clicking here.