An “Umbrella Policy” is an additional insurance policy that provides an extra layer of liability or lawsuit protection. In general, this is a policy that many people with higher incomes or higher net-worth should consider purchasing. And remember, people who own real estate income property would probably fall into one of these groups. Most ‘Personal [...]
… or Townhomes, or Patio Homes with a Master Insurance Policy There are many great opportunities for investors when it comes to rental condominiums, but some investors don’t realize that condos can be a complicated minefield if you don’t understand what you’re doing. In this article, I am going to limit my discussion exclusively to [...]
Home insurance is designed to put the investor-owner back where he or she was before a storm or a fire turns a great rental property into a pile of ashes and debris. Remember, the correct insurance amount must be enough to rebuild the home in case of a severe or total loss. We are talking [...]
The liability limits on the owner’s/landlord’s insurance policy are perhaps the most important part of the overall insurance package. This is where you do not want to just ‘check a box’ and say, “Liability Insurance – Yes I’ve Got That!” This is where everyone needs to look at the policy limit and decide if that [...]
NOT IN-EXPENSIVE and NOT THE ‘MAGIC ANSWER’ Too many people think they know what an “Umbrella Policy” is and how it works. Unfortunately many people, including investors, property managers, and real estate agents, do not have a clear and correct understanding. What is an “Umbrella” policy? It is NOT one policy that combines several separate [...]
In Arizona, residential investors and home-owners always insure for the cost to-rebuild. The vast majority of residential homes are newer, and by insuring for cost to re-build, the owner knows that there is enough insurance coverage to replace the house with a new one if something really bad happens. The “Parable of the Twins”: Brad [...]