Do You Have Multifamily Housing Insurance?
If You Do Not Have Multifamily Housing Insurance, Then Your Investment May Be At Stake!
Do you have multifamily housing insurance? If you do not, and you are a real estate investor that focuses specifically on this market, then your investment may be at risk! Here's why:
What Is Multifamily Housing Insurance?
True to what it sounds like, multifamily housing insurance is strictly for multi-resident properties, such as apartments. This type of insurance is strictly for any issues that may be associated with a multifamily property, such as damage to the property directly.
This is different than other insurance types because it is highly specialized and applies to multifamily units, and the potential problems that they may bring.
Why Do You NEED Multifamily Housing Insurance
Anything can go wrong with a multifamily property. We have seen the following:
- Dog Bites
- Drug Deals
- Destruction of the property
- and more!
All of these can carry serious liabilities that can potentially undermine your investment. You need the RIGHT insurance in order to protect your investment. If any of the above should happen, your tenant could not only potentially sue, but you could run the risk of paying out considerably.
For example, in one case of a dog bite, we saw a tenant sue and win a million dollar lawsuit because the investor did not have the right kind of insurance.