Real estate investment is an exciting, and sometimes risky, venture. There are unique liabilities and factors to consider when insuring your property. We’ll help manage those risks and help keep your investment protected.
If you invest in real estate, getting the right insurance coverage is a vital way to help protect that investment, although there are several risks to take into account. Understanding those risks can help you determine which insurance coverage options you need for continued success and coverage from the unexpected.
First, you’ll need the same basic coverages as with standard landlord insurance. These include must-haves like personal liability and property damage, plus optional extras that are well worth considering, such as insurance against lost rent while a property is being repaired.
Next, you’ll need to check how your policy deals with periods when properties are vacant. Some risks are higher during this time, such as those associated with a burst pipe or a fire. If nobody’s in the property, these disasters might not be discovered until the damage is severe.
If you are doing improvement work on a property, such as a renovation or extension, you may need builders risk and installation insurance. This covers liability for injuries to construction workers and helps protect against damage to property, such as vandalism or severe weather, while the property is still under construction and more exposed.
To find out more about insuring your property portfolio, contact us today.
As an independent agency, we are here to help you find the right coverage.
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Call us at (352) 333-3775 or request your free quote online today.
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