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.

 

How Much Does General Contractor Insurance Cost?

How Much Does General Contractor Insurance Cost?

If You Are a General Contractor Or Are Working With Contractors, You Need To Know!

Do know how much does general contractor insurance cost? If you are a general contractor yourself, or you a real estate investor looking to hire contractors, then this important information you should know.

How Much Does General Contractor Insurance Cost?

The amount that you will pay for insurance will vary significantly, depending on several different factors.  For example, if you are a general contractor - are your subcontractors insured or uninsured?  This matters because with uninsured subcontractors you will end up paying a lot in more in insurance than if they are insured.

In addition, if you are a real estate investor, and you are having work done on the property, then this automatically makes you a general contractor.  This would be another way in which your cost of insurance can differ.

Variables On How Much Does General Contractor Insurance Cost?

As showcased above, the type of insurance rates you will see will differ depending on the type of construction job that is being completed.  Insurance can cost $80 per week, or it can cost $100 per week.  This is why these variables greatly matter.

Looking to get insurance?  Don't worry, we make it easy to shop the most affordable insurance rates. 

What Insurance Does An Electrical Contractor Need

What Insurance Does An Electrical Contractor Need?

You NEED The Right Kind of Insurance, Or You May Be Held Liable

If you are an artisan, a contractor that specializes, you may have asked yourself, "What insurance does an Electrical Contractor Need?"  You could ask this if you were looking into insurance as a plumber, HVAC, or other type of artisan.

Or, if you are a real estate investor that is looking for additional coverage for the contractors you hire, you may have also considered the question:

What Insurance Does An Electrical Contractor Need?

First and foremost, General liability is needed to protect you, even if you are the real estate investor who is contracting out employees.  It is important to remember that, if you are a real estate investor that is subcontracting work, then this automatically makes you a General Contractor.  Thus, you need the right coverage.

In addition, for specific artisans, specialized insurance, such as Electrical Contractor General Liability Insurance would offer additional coverage that General Liability would not cover completely.

Why General Liability Isn't Enough!

General liability, true to its name, is very general and thus, only gives you the basic in insurance.  This means that you are left exposed if you do not have the right coverage, or if the coverage you have has insurance gaps.

Don't be left exposed!  Let us help you find the right insurance for your needs!

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. 

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.

Do You Have An Insured Subcontractor? Here’s Why You Need To Know

The Difference Between An Insured Subcontractor and One That Is Not Insured Is Vast

Insured Subcontractors Can Allow You To Have More Formidable Insurance Rates

When shopping for real property insurance, you need to know if you are dealing with an insured contractor, or one who is uninsured.  This is most prevalent in the real estate and construction industries, but matters in any commercial industry.

Why It Matters If You Have An Insured Subcontractor

The reason this is important is because, when it comes to most commercial industries, who works on your property or commercial property, and whether or not they are insured, matters.

An insured subcontractor matters because it can affect insurance coverage.  Not only will this help mitigate risk, but it can also help lower your insurance rates and insurance premiums as well.

Building contractor insurance, general contractor insurance, and other aspects of insurance coverage (even as general as electrician insurance) is vital so that you can be certain that, should something happen, your risks will be covered. It is equally important to verify insurance.

How To Know If You Have An Insured Subcontractor

The best way to know is to simply ask.  No matter what scope of industry you are in, you need to be mindful of who you are working with.

Thus, this is a conversation you need to have with your subcontractor before they are hired.  An open line of dialogue with your contractor is good practice in general as it can often raise specific red flags if they are non communicative or do not respond well to your questions.

Why You Should Know If You Have An Uninsured Subcontractor

Are You Working With An Insured Or Uninsured Subcontractor?

Why Is Important To Know If You Have An Uninsured Subcontractor?

If you are in the construction industry, or are hiring for your real estate or small business project, then you need to know if you are dealing with an uninsured subcontractor.  Here's why this is important.

Are You Dealing With An Insured Or Uninsured Subcontractor?

The best way to find out if you have an insured or uninsured subcontractor is to simply ask.  If you are not comfortable asking directly then there are many websites and review boards that would help you determine what type of insurance the subcontractor may have, if any.  Do not be afraid  to open up a line of communication to determine what type of insurance they might have, as it would directly affect you.

In addition, it is also important to know what type of insurance they may have, as insurance types can differ from industry to industry, and from specialization to specialization.   For example, you must know if they are a general contractor or a sub, or artisan contractor.  An artisan contractor typically refers to those in specialized fields, such as HVAC, plumbing, etc.

What Happens If You Have An Uninsured Subcontractor?

If you do subcontract all of your work, then you need to know whether or not your subcontractors are insured or uninsured.  This is because insured subcontractors, who can show proof of insurance, will allow you to get a better rate.  Whereas, uninsured subcontractors will not only mean that you will have higher rates, but if anything were to happen on the premise, even if it is solely their fault, you may still be held liable.

Remember, this is important no matter what scope of industry your business might fall into.

Are You Shopping for General Contractor Insurance?

Do You Need General Contractor Insurance?

More Importantly, What Do You NEED To know When Shopping for General Contractor Insurance?

As a general contractor, when shopping for insurance, it is possible that you can go to the wrong agent or agency when shopping for general contractor insurance.  Essentially, if you go to the wrong agent or company, and they lack working knowledge of general contracting – then you can find yourself with gaps in coverage.

In addition, if you own a construction firm or are a real estate investor flipping houses, this type of insurance is often a must-have.

What Is General Contractor Insurance?

General contractor insurance, true to its name, offers additional protection when it comes to contractors.  Whether that means that this is an issue of builder's risk, or whether it means that the coverage is there to protect property damage or a job that is not sufficiently done, or is not done to completion.

Why Is General Contractor Insurance Needed?

It is often needed because general contractor liability insurance can pick up where general liability insurance leaves off.   In addition, general contractor insurance can be highly specialized.  For instance, what kind of work are you actually doing?  If you are doing plumbing, this should be stated, if you are doing concrete, this should be stated, and so forth.

Moreover, you have to also state what sub contractors you are working with, as their insurance coverage matters.  General contractor coverage WILL help protect you and your assets.