Why Everyone Should Have Flood Insurance

If Your Property Experiences Flood Damage, Are You Protected?

We Offer Tailored Flood Coverage For Your Property.

Many situations could cause flooding within a property, however, many people are unaware of this risk and bypass flood insurance. Today, we are going to review why flood insurance is essential for your property.

Inches That Cost A Fortune 

It’s terrifying to think that one inch of water can be the cause of severe home damage. Unfortunately, the costs of repairs can easily rise to 20k if you experience any type of mild flooding in your property. This fact alone, is enough to consider the value and importance of being insured for floods.

The department of insurance stated that more than 20% of flood insurance claims are coming from low-risk areas. This not only emphasizes the importance of flood coverage but also illustrates just how unpredictable flooding can be.

In many ways, flood insurance and car insurance are similar. Let’s say you’re driving a car without insurance. You might be driving carefully to avoid accidents, but you can’t control what is happening with the rest of the drivers. In other words, accidents happen, and you have to be protected. The same principle applies to flooding. If a natural disaster occurs, you have to be prepared for the damaged done to your property.

It Can Happen When You Least Expect It

A broken pipe, a hurricane and even a leaking water heater can cause flood damage within your property. Although, with good flood coverage, you can have peace of mind knowing your property is protected.

Flooding is unpredictable and you never know when or where it will occur. Therefore, even if you are in a low-risk area, you should consult with your insurance agency about the best rates and coverage offered.

If your home floods and you file a claim, you will get a visit from the insurance carrier. Once the inspection is over, you should receive compensation for the damages. This relieves the liability from you by ensuring you have the funds to fully restore your property.

Final Thoughts 

Flood insurance is essential for your property. To ensure you are getting the best coverage and rate, communicate with your insurance carrier. Additionally, to save money on repairs, insurance premium is a great resource to have. In conclusion, the insurance claim check is a very important part of the process. It’s going to ensure you get adequate compensation for the damages done to your property.

Shop The Best General Liability Insurance For Contractors

Are You Looking For The Best General Liability Insurance For Contractors?

We Have The Best General Liability Insurance For Contractors!

Do you know what the best general liability insurance for contractors is?  If you are a real estate investor that is hiring subcontractors, or if you yourself are a general contractor, then you are going to need, at the very least, general liability insurance.

What Is The Best General Liability Insurance For Contractors

One of the most important aspects of knowing what kind of insurance to shop for is understanding your specific needs.  For instance, did you know that general insurance alone is not enough to cover all aspects of a job site?

For example, if there are injuries that can occur then it may be a necessity to also consider getting worker’s compensation.   

Why You Need The Best General Liability Insurance For Contractors

As mentioned, at the very least you need to have at least general liability insurance for any kind of construction endeavor you are taking.  Whether you are fixing up your property or whether you are outright doing large scale renovation work, you must be protected.

The same is true for anyone that works in the construction industry, anyone who is doing work on their commercial investment, or so forth.

When it comes to coverage, the old idiom, less is more does not apply!  The more covered you are, the better protection you will have from any potential liabilities that may occur.

 

We Have Commercial Property Insurance Articles To Help You Invest Smarter

We Have Commercial Property Insurance Articles That Help You

Commercial Property Insurance Articles Related To All Manners of Insurance

Did you know that we have a wide range of commercial property insurance articles?   You should also know that Benchmark is a company that handles all types of insurance, no matter what the market may be. 

We Have A Variety of Commercial Property Insurance Articles

Did you also know that Benchmark produces at least three blog posts a week?  This is because we want YOU to be comfortable with insurance!  Insurance shouldn't be scary and you should not be afraid to shop the best insurance rates for you. 

In addition, while other insurance companies will simply give you general liability and call it a day, we want to know what you are doing, what risks may exist, and so forth, so that we can offer the best coverage possible. 

Commercial Property Insurance Articles For Any Niche

We also have information that is catered to many different niches.  For example, if you are a real estate investor, you may want to know about the previous claims history of your home.  Or, if you work in construction, have you considered getting workers' compensation?

We have the information you need to protect your assets and get the RIGHT insurance for your needs!

We make shopping for insurance easy, so contact us today! 

Does A General Contractor Need Insurance?

Does A General Contractor Need Insurance?

We Can Answer Why Does A General Contractor Need Insurance

Have you asked yourself the question, "Does a general contractor need insurance?"  This is most likely because you yourself are a general contractor yourself or you are a real estate agent  that is looking to consider this type of insurance for your employees.

In either case, back to the question:

Does A General Contractor Need Insurance?

The answer is not as complex as you might think, but does require some dissection.  The State of Texas does not require you to be licensed as a general contractor, but does require you to be bonded for special projects.  In addition, it is also important to consider the fact that while the State of Texas does require you to obtain general liability insurance workers' compensation is not required.

However, you still need to find insurance if you want to protect your assets.

Thus, a more important question would be:

Why Does A General Contractor Need Insurance?

As mentioned, to answer the question you would need to consider the way in which insurance would protect your assets.  For example, if you are a contractor and your subcontractor does not have insurance, and they get injured while on the job, then you would be held liable.

If you are real estate investor that is doing construction on the property, you are automatically a general contractor if you hire workers or artisans.

Thus, you need insurance. 

Subcontractor Insurance Is A MUST If You Are Dealing With Contractors

Do You Have Subcontractor Insurance?

If You Do Not Have Subcontractor Insurance, Then You May Be Liable!

Subcontractor insurance is essential if you are doing any kind of work on your real estate investment property.  If your contractor is injured, or if a construction default happens, you do not want to find out too late that your insurance company will not pay!

That is why it is important to know what kind of insurance you need before you begin any kind of home construction project.

What Is Subcontractor Insurance?

True to what it sounds like, subcontractor insurance is specialized insurance that will address specific worker concerns, such as a construction default. It will help when it comes to artisan contractors, such as plumbers or electricians, as well as general construction projects.

Beyond this, you also want to consider workers' compensation, which will help take care of any liabilities or claims should an injury or death occur while on your real estate investment property.

Why Do You NEED Subcontractor Insurance?

Quite simply, general liability insurance will not  cover many different claims associated with home construction, such as a workers' injury or a construction default.  As a real estate investor, you want to spend time engaging in what really matters, and by having the right kind of insurance, you can save considerable time and money!

Contractor Insurance Liabilities Do Exist And Can Hurt Your Real Estate Investment!

Do You Know What Contractor Insurance Liabilities Might Exist?

Contractor Insurance Liabilities Can Completely Hinder Your Investment

Did you know that contractor insurance liabilities might exist right on your real estate investment property?  If you are doing construction work on your property, and you are working with contractors, here's what you need to know:

What Are Some Contractor Insurance Liabilities?

Essentially, any injury that a contractor faces can become contractor insurance liabilities.  There are a number of hazards associated with the construction of your real estate property, even if you do not think there are.  For example, your contractor may step on a nail and get an infection, they may fall off a ladder, or suffer some other type of injury.

If you are not properly covered, then you may be liable for any one of these!

How To Protect Yourself From Contractor Insurance Liabilities

The best way to protect yourself in the event of an accident or an injury, is to make sure that you have the right insurance. You should also know whether or not your contractor is insured or uninsured right out of the gate. If they are not insured then this is yet another way in which you may be liable!

There are also other ways to protect your investment.  For example, you should also consider getting workers' compensation, subcontractor insurance, and so forth.

Get protected today!

Your Real Estate Investment Insurance May Be Affected By Building Components

Are Your Real Estate Investment Insurance Rates High?

Did You Know Your Real Estate Investment Insurance Rates May Be Affected By Building Components?

Have you gotten a Real Estate Investment Insurance quote that seems a little higher than normal?  Or, are you shopping for insurance rates and need  to know what the comparable rates might be?

Why Real Estate Investment Insurance Is Importance

You know that you NEED insurance, but why is it so important that you have it?  Because anything can happen!  If your real estate investment goes through a flood, and you later rent it out.  Will your tenant then complain of mold issues?  Insurance acts as a type of buffer to protect you and your assets.

That is also why it is important to get the best insurance rates possible.  The key is to keep rates low while still offering you viable protection.

How Building Components Affect Real Estate Investment Insurance

The construction elements of a building are extremely important when it comes to a real estate investment.  As previously explained, components such as the type of building (brick for example), plumbing, electrical, and other aspects of construction will all determine what insurance rates you might see.

The same is true for wiring.  Depending, on what type of wiring you have in your real estate investment property, you may be paying MORE for insurance?

That is because copper wiring has become the preferable industry standard. That means if you have aluminum wiring, then you may not even be covered for insurance, and if you are, you will pay out more in insurance.

You NEED A Commercial Property Liability Insurance Quote If You Have These Building Components

You Need To Get A Commercial Property Liability Insurance Quote

A Commercial Property Liability Insurance Quote WILL Protect Your Investment

Getting a commercial property liability insurance quote is essential in protecting your investment.  That is because, construction Liabilities can really matter when it comes to insurance rates.   Thus, if you are a real estate investor, you need  to know all aspects of the structure of the property.

Why Do You Need A Commercial Property Liability Insurance Quote

Construction elements are essentially the building materials that went into the construction of your real estate property and will then determine what kind of insurance rates you will see.  This is because certain building elements, such as the type of plumping you have in your real estate home, can be rated higher or lower than others.

That means if something were to happen with your real estate investment property, then you may be held liable!

What Should You Consider When Getting A Commercial Property Liability Insurance Quote

Quite frankly, building components will  matter because they will determine what type of insurance rates you will see, no matter what the construction element is.

For example, a brick veneer building will warrant a better rating, as opposed to other types of building materials, especially depending on the masonry involved.  This is simply because some building construction materials are hardier than others, are more sustainable and long lasting, and essentially, are less prone to damage.

The same would be true of central heating, which typically rates higher and thus, offers you a more comparable rate. Other building elements that make an impact are the type of window units, plumbing, and so on.

It is important that you know what construction elements went into your building so you can get the best rate possible.

Contractor Insurance Pricing, What You Should Know

IF YOU ARE A REAL ESTATE INVESTOR, YOU SHOULD BE AWARE OF CONTRACTOR INSURANCE PRICING

Contractor Insurance Pricing WILL Fluctuate

Did you know that contractor insurance pricing will change depending on many different factors?  It is important that you know how and why in order to get the best rates possible.

What You Need To Know About Contractor Insurance Pricing

When it comes to real estate investments, oftentimes to save time and money you will hire contractors or subcontractors to do work on the property.  However, do you know if you are dealing with insured or uninsured contractors?

Knowing the answer will help you determine what kind of insurance rates you might receive.  In terms of pricing, if you are dealing with insured subcontractors than you should expect to see lower rates.  In addition, consider what costs you are also doing per year, such as resources, hiring, and so forth.

Why Contractor Insurance Pricing Matters

Quite simply, knowing what kind of pricing exists, or can exist rather, will allow you to make the best decision for your individual insurance needs.  For instance, if you did not know that subcontractors need separate insurance, then you could potentially face major liabilities later on.  As a real estate investor, you want resources to go to what's important.  Thus, knowing what rates you should expect will allow you to make more informed decisions.

Contractor Insurance, Minimizing Risks With New Contractors

ARE YOU A REAL ESTATE INVESTOR LOOKING INTO CONTRACTOR INSURANCE?

IF YOU HAVE HIRED A NEW CONTRACTOR FOR YOUR INVESTMENT PROPERTY THEN THEY NEED CONTRACTOR INSURANCE

If you are a real estate investor who has hired contractors to work on your investment property, then you need to have general liability contractor insurance.  This is especially true if the contractor is new and/or uninsured themselves.

Here's what you need to know:

How Does Contractor Insurance Help

Contractor insurance will help you in the event that:

  • A construction default has occurred
  • A subcontractor suffers an injury
  • You get sued over an injury or accident that occurs

These are just some of the risks that you can face when it comes to new contractors.  In insurance, we often say, “not knowing is not an excuse – and someone has to get paid.”  That is simply the reality of insurance, even if you are a real estate investor looking into real estate properties casually.

Quite simply, having this type of  insurance can protect your assets and give you peace of mind.   When you are a real estate investor, it also allows you to focus on what really matters - investing.

Worker's Compensation and Contractor Insurance

Not only do you need contractor's insurance, but it is also a good idea to consider getting workers compensation as well.  This is also helpful because it allows you even more asset protection for your real estate investment.