Real Estate Investor Insurance Provided By Our Agency
Investing in real estate has its hazards but can also be rewarding. Ensuring you have the right insurance is crucial to protecting your investment properties from potential dangers while providing you with peace of mind.
Physical Structure
Liabilities
Equipment breakdown
Fair rental value
Ordinance of law
Physical structure coverage
Risk Factors
If a storm damages an apartment building’s roof, the owner can file a claim against their physical structure coverage.
Solution
This type of coverage protects the building’s structure, like its foundation, roof and walls. It also covers detached structures on the property, like garages and maintenance buildings.
Liability coverage
Risk Factors
You may need to pay medical expenses and legal costs when a tenant, customer of a tenant or guest at a residential property sustains an injury.
Solution
Typically, this type of coverage doesn’t cover everyday misfortunes of tenants, such as a tenant slipping and falling in his kitchen. But if a leaky roof causes a guest to slip and fall in a common area such as a lobby, liability coverage can pay medical costs and legal bills.
Equipment breakdown coverage
Risk Factors
Landlords can face big repair and replacement cost bills if a power surge damages a building electrical system resulting in damage of a grass cutting machine or a heating boiler exploding.
Solution
Equipment breakdown coverage can help a landlord repair or replace damaged equipment.
Fair rental value coverage
Risk Factors
While tenants move out of the office building due to the tornado damage, the landlord needs to pay for its repairs.
Solution
This type of coverage can help pay for lost rental income if a building becomes uninhabitable due to a covered loss. For instance, if tenants must move out of an office building to repair tornado damage, fair rental value coverage can reimburse the landlord for a portion of the lost rental income.
Ordinance of law coverage
Risk Factors
Oftentimes, older rental properties don’t meet current building codes.
Solution
If a property sustains a covered structural loss, ordinance of law coverage can help cover the additional cost of reconstructing the building to meet the current codes.
What is Real Estate Investor Insurance?
Real estate investor insurance specifically targets property managers, family offices, trusts, and individual and corporate real estate investors. Often referred to as "landlord insurance," this type of insurance can be applied to a variety of rental properties. At Direct 2U Insurance, we simplify the process of insuring investor property portfolios in California.
Essential Coverages for Real Estate Investor Insurance
Avoiding the pitfalls of under-insuring, over-insuring, or selecting inappropriate insurance for your investment properties is crucial. Consider the following coverages:
Property and General Liability
Workers Compensation Insurance
Flood Insurance
Wind/Hail Insurance
Earthquake Insurance
Cost of Real Estate Investor Insurance
The cost of real estate investor insurance differs greatly and is influenced by factors such as the property type, condition, size, location of the property, owner profile, and previous claims.
Maintaining a good cash flow means paying for only necessary coverage. Having the right insurance for your real estate investments in Ontario can help protect you from significant and unexpected losses.
Importance of Appropriate Coverage
Understanding your existing policies and regularly consulting with a trusted insurance agent from Direct 2U Insurance is essential. This ensures that your coverage is adequate and up-to-date. Being underinsured when a disaster strikes can have catastrophic consequences, making it too late to adjust your coverage.
Contact Direct 2U Insurance today to learn more about securing your real estate investments in California.
Already have Real Estate Investor Insurance? Switching is easy
It might be time to switch insurers whenever the service that your existing insurer provides doesn’t meet your needs. For example, if you have a poor claims experience or an unexplained rate increase, it might be time to consider other options
If you cancel a previous policy before a new policy is effective, you could run into some serious financial problems.
Contact us today to help you with multiple options to choose from.
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