What is Real Estate Investor Insurance?
Investing in real estate can be a very exciting and profitable venture. Some do it full-time, generating revenue by investing in real estate, while others have unrelated full-time jobs and only invest in real estate on the side as an additional way of making money. Whatever the situation, it is important to understand that investing in any kind of real estate comes with a risk, and it is always a good idea to get the right insurance to protect yourself and your investments.
Types of Real Estate Investor Insurance:
One of the most important things when it comes to real estate investor insurance is identifying which types of coverage your property may need. Every property is different, therefore it is helpful to have a competent and reliable insurance broker that you trust consulting on your situation and needs.
The three main types of protection required for real estate investors include:
Property protection, which protects the property itself from issues like fire, flood or wind storm.
Income protection, which protects the income generated from properties, and
Liability protection, which protects landlords and investors from lawsuits.
Additional coverage that may be applicable to real estate investors, depending on the property, includes, but is not limited to:
Replacement cost coverage
Sewer and water line backup
Equipment breakdown coverage
Builders risk insurance
Short term rental insurance
Heritage site protection
Let us be part of your team!
At McFarlan Rowlands, we understand that real estate investors work with many different people, tight deadlines, and quick turnaround times. For this reason, it is extremely valuable to have an insurance expert as part of your team, in addition to lawyers, a construction team, appraisers and real estate agents. Our experienced brokers are prepared to provide you with the knowledge and choice in protecting your livelihood and are ready to help mitigate potential risks and protect your investments.