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Claims History, Why This Matters In Real Estate Insurance

WHY IS THE CLAIMS HISTORY IMPORTANT?

CLAIMS HISTORY ALLOWS YOU TO KNOW WHAT POTENTIAL DAMAGES YOU MIGHT BE IN FOR REGARDING A PROPERTY.

Did you know that claims history is one of the most important need-to-know aspects of buying a property?  Whether you are a real estate investor who wants to flip the property,  to rent it out, or simply have the property as a future viable investment; you are going to need to know the claims history of the property to make a better, more informed decision.

The Importance Of Claims History

In the most basic sense, a claims history will let you know what types of claims have been made on that particular property.  For example, if the property is in a Hurricane-prone location, then it is very possible that the house has seen claims made regarding flooding, wind and hail damage, and so forth.  That means if the house has already suffered through flooding, and resulting damage from that, would it be possible that there might be mold issues in the future?  While this may not necessarily be the case, it is possible given the property's history.  As a real estate investor, you need to be aware of any potential liability in order to better protect yourself and your assets and know the details of your investment.

The C.L.U.E. Report, A Way To Your Property's Claims History

Real estate investors need to be aware of what they are buying, period.  The C.L.U.E. Report allows you to get a 'clue' by alerting you to the general history of the property, including any past claims that have been made.  As mentioned, this can protect you and your investment in the future.
When it comes to real estate insurance, claims history is an invaluable tool that will help you better prepare for the future, allowing you to make a smart, informed real estate investment decision.
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Insurance Claims, Here’s What You Need To Know

Are You Having Trouble With Insurance Claims?

Filing Insurance Claims Are Necessary For Your Investment

Insurance claims can be a complicated process and, at times, that complexity can cause discrepancies, general confusion, or act as a time drain. Here's what you need to know about insurance claims.

What Insurance Claims Are For 

Insurance claims are essentially the way in which you make a formal request, as an insurance policy holder, regarding a policy event or to seek after loss coverage.  For example, if you are a real estate investor and your house suffers fire or flood damage, then you would need to make an insurance claim in order to get coverage for the damage.  Your agent would need to access the damage and determine if it would be covered under your policy.

What You Need To Know About Insurance Claims

Insurance shouldn't be scary!  That is the number one thing you need to know about insurance claims.  However it is also imperative  to first and foremost, know what kind of investor you are.  For example, if you own an auto garage , then you will need a different type of insurance than if you owned a restaurant.  The same would be true when it comes to niches within specific industries.  For instance, flipping houses as a real estate investor requires different insurance than does being a multifamily investor.

Aside from knowing what type of investor you are, you would also need to document everything.  It is good standard to keep documentation at all times, but it is especially important when it comes to insurance claims.  Having a conversation with your agent it also extremely important as well.

Avoid the headache, because we have a claims consulting process that is simple to understand and is just as effective.

 

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Need Real Estate Insurance? Make Sure Your Agent Asks The Right Questions

REAL ESTATE INVESTORS, DOES YOUR INSURANCE AGENT ASK THE RIGHT QUESTIONS?

YOUR INSURANCE AGENT SHOULD UNDERSTAND THE TYPE OF INSURANCE THAT REAL ESTATE INVESTORS NEED

Too often, real estate insurance agents make a significant misstep by failing to ask the appropriate questions. For example, information such as who you are subcontracting (and whether or not they are insured), what kind of investment property type you have (for example are you housing for students or section 8 housing), as well as what type of construction you might be undertaking, are all relevant information. An insurance agent that specifically deals with this type of insurance will not only know to as these questions, but they will also know what the answers mean in terms of what types of real estate insurance rates you will see.

The Problem With Not Knowing About Real Estate Insurance

Without specific and direct questions, your agent will simply not know what type of insurance you will need for that particular property. This can cost you significant time and money in the long run. For instance, if you are a multifamily real estate investor, then it is suggested you get dog bite coverage, liquor liability if you have a pool, and a number of other liability and coverage types. All of this would give you the best rates possible  for the type of insurance you need. 

Real Estate Insurance Know-How

Watch the video below and learn exactly what your insurance agent should be asking and how it important it is to determine what type of real estate insurance you need before making any final decisions. Remember, if you need real estate insurance, we make it easy to shop for insurance and get the best rates possible.