Insurance—A Necessary Consideration for Real Estate Investments
October 25th, 2008 Categories: Real Estate Investment Notes, Real Estate News
Insurance that real estate investors should consider for rentals are listed below. By all means this should not be considered as a complete list. It is simply a “head start” to guide you in the right direction.
Of course cost is the final determination that will prevail when shopping for insurance, so shop as you find necessary and select what is required.
Just like a lighthouse land mark you want to have a safety net around your investment and your immediate assets.
Insurances to consider:
- Hazard Insurance
- Landlord’s Liability ($ 5,000,000) with Personal Injury Protection (an endorsement type of landlord’s liability).
- Dwelling/structure not covered by Association
- Wind and Flood Insurance
- Earthquake insurance
- Mold and bio-agent insurance
- Animal insurance protection
- Loss of rental income insurance
- Assessment (inadequate insurance obtained by association)
- Damage (a result of a legal liability for an event emanating from one’s unit)
- Discrimination Insurance
- Excess Liability Insurance
- Sewer line insurance (sewer line gets blocked and sewage backs up into residence or rental unit)
I also ask that if I have left something out do let me know. There may be an insurance that may be mandatory to have in specific locations (like flood insurance along coast lines).
Your comments are welcomed.
