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Rental Property Insurance: Tips & Advice

Hey this is Jeremy the owner of an insurance agency in your host for the YouTube channel that you're on right now shine Insurance to talk about investment property just thinking about is homeowner's insurance probably what most of your investment properties will be this is when someone living in the property that is not you and the third is vacant properties properties that don't have anyone living in them first time homeowners insurance call with your tenant give me devil so that your tentative sign something in a green the people that are working on the claim itself look at that lease agreement has a way of deciding who's responsible for whatever it is that happened especially if it's a liability claim types of insurance coverage on your investment properties one is going to be property coverage is simply coverage for the structure itself if a fire happens if a tornado happens if something structure of the home we're going to take it back to the way it was before we're going to rebuild it or fix the damage based on the insurance policy that you purchase the first kind of coverage you have is prop is liability coverage for bad things to happen because of your property on the front steps or if there was either needed medical attention or they hired a personal injury attorney and either way your insurance policy has liability coverage there to help deal with that situation in my opinion what happened at least 500,000 if you have more properties which means more exposure to bad things and maybe even have a million-dollar liability really depends on how much exposure you have how many properties do you have and what your comfort level is with your liability coverage how much coverage you want to have you never really go to liability coverage because if something bad happens you want to make sure that you have enough liability coverage on your policy to feel with even the worst structure and liability coverage covers for bad things that happen to other people because of your property those are the two types of coverage will talk about let's start with property sure are building for the amount of money with actually cost to replace it have nothing the amount of money you got a great deal it's probably going to be higher than the amount general properties are insured from between $125 a square foot to square foot for super super nice properties are you definitely want to talk to your insurance agent and talk through the property coverage limit the building coverage limits for your property and make sure that they're properly insured great place to talk about the co-insurance clause if you under insure your property if you don't insure it for the actual amount even a small claim they're going to clemson tuition in actually give you even less money than they should if you haven't so percentage of what the hell should be in church for if you see a 100% coinsurance Clause that's kind of concerned that means that you're going to be penalized if you turn it off. What's the time when I write when I put policies in place for investment 80% sure all the way 200% replacement you have a contract clause on your policy 80% is what you want to see if you have 100% you better make sure that you actually are insured to the replacement cost of the property and our claims are paid in the four types of coverages we want to talk about if that house would have burned down then you wouldn't be getting in for the amount of money would make off of that structure so if you're getting rents of $10,000 per is set at $10,000 details on business income coverage it right now but definitely make sure you have business income coverage on your policy there's other types of coverage on the policy or cyber liability all different kinds of little things that I'm not investment properties don't I have and make those decisions if your insurance agent included something the liability coverage make sure the co-insurance clause 80% and you should be all set you have multiple properties is at least $2,500 insurance policy definitely what you want to avoid having a slightly higher. Smart idea I want to come out and take a look at it and there's a few things that there or it might suggest you make changes about so I thought I just point it out if you have any stairs in your house either outside or inside they're going to want to have a hand railing on those stairs older roofs they may decide to either change the coverage on the roof it's probably going to be a claim soon and we don't want to ensure the property so you would have to replace the roof another insurance company is willing to insure a house with an old furnace has handrails you know the fact that there's fire extinguishers in the house or smoke alarm you have a sprinkler system in your apartment complex that'll be a positive as well as all those kinds of things sure that it's up to the standards that if you are looking to invest in properties is a great investment there wonderful way to invest your money and make money on top of that over the course of time lots and lots of people invest in property insurance

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