Real Estate Investor Risks Can Be EXTREMELY Damaging
Real Estate Investor Risks Can Leave You EXPOSED
Here at Benchmark Insurance, we have seen a host of real estate investor risks, some of which could only be described as Landlord Horror Stories. These are the stuff of nightmares, and not only do they put the tenant(s) at risks, but they can leave you extremely exposed and open to anything - from liability costs to fines to lawsuits.
What Kind of Real Estate Investor Risks Can There Be?
There are all kinds of real estate investor risks and subsequent landlord horror stories that are possible. As mentioned, at Benchmark we have seen our fair share. We have seen Marijuana grow operations and other drug related issues, such as tenants believing they can deal drugs on property or simply using illegal drugs themselves. We have also seen cases of vandalism, issues of hoarding, and everything in between. These issues also range in their levels of severity as well, from merely a nuisance to the landlord or other residents, to an extreme issue that can result in property damage, death, and lawsuits. There is simply no telling how extreme issues can go. Thus, if you are a real estate investor, then you need to maintain coverage.
How To Mitigate Real Estate Investor Risks?
First and foremost, if you are a Real Estate Investor, then you need to make sure that you have the right kind of insurance. That not only means you need to right coverage for your property type, but you must also know if you need additional liability coverage as well. For example, a multifamily investor would need different coverage than someone that simply uses their property commercially.