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.
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.