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.

Do You Know The Harris County Insurance Rates?

If You Need Insurance Then You Need To Know Harris County Insurance Rates

Knowing The Harris County Insurance Rates Will Help You Get The Most Comparable Rates Possible

Are you a real estate investor looking into Harris County Insurance Rates?  Further, do you own multiple properties?  Here's what you need to know!

Harris County Insurance Rates

Whether you are buying homes outright, or buying houses specifically to flip, you must be aware of the recent Harris County Insurance Rates.   For Harris County specifically, real estate insurance rates are approximately 0.75c per $100 in coverage. Thus, if you have a property that is around $100,000, then you should expect to pay around $750 per year for coverage.

That would cover the entirety of the property.  If you were to add in general liability, one should expect to see around $100 more on top of the above-mentioned figures.  Again, this is what the expectation would be for real estate insurance coverage in Harris County.

Why Harris County Insurance Rates Matter

As showcased above, knowing the insurance rates in your county matter because, when you are shopping for insurance, you need to know if you are receiving a comparable rate or not.   As a real estate investor, your time and money matter, that's why it's essential.

Aren’t sure what rates would best fit with your needs?  Need to know what kind of liability coverage you might need?

Contact us to today!

What You Need To Know About Contractor Insurance

If You Are Hiring A Contractor To Work On Your Property, Then You Need Contractor Insurance

Contractor Insurance Can Help Protect Your Real Estate Investment

Do you know if your subcontractor has contractor insurance?   Further,  are you yourself a contractor or are you hiring a contractor for your investment property.

Why Contractor Insurance Is a Viable Investment

If you are hiring a general contractor, then you MUST make sure that they are insured. If they are not insured, then the insurance will ultimately fall on you, the real estate investor.  Most new investors are unaware of this fact; eager to begin or finish up an existing project.  However, even if the investor has all the right intentions, even going as far as getting homeowners insurance or general liability coverage, they must still make sure that their contractor is insured, or at least be aware of the status.

If you are hiring different subcontractors, then this makes you a general contractor by default.  This means that you need general contractor liability insurance, otherwise you can potentially put yourself at risk.

Contractor Insurance Is Not The Same As General Liability Insurance

As mentioned, general insurance is the most basic type of insurance and does not offer the full extent of coverage, especially if you are a contractor or are working with a contractor.  Thus, it is imperative to consider getting contractor insurance in order to better protect 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.

Commercial Investor? Shop The Best Rates For a Package Insurance Portfolio

If You Have A Large Commercial Portfolio, Then You Are Going To Need The Best Insurance Rates Possible

Package Portfolio Insurance May Be Necessary If You Have Multiple Properties

A Package insurance portfolio is an ideal choice for real estate investors.

If you are a commercial real estate investor, then it is likely that you have multiple properties in your portfolio, or are highly considering it.  After all, the more investment properties, the more revenue you can potentially generate.  However, seeking after insurance for each property can often become a time drain.   This is one way to help:

What Is a Package Insurance Portfolio?

A package portfolio essentially consolidates your insurance for each property into one single policy.  This is extremely helpful because it not only allows you to focus on what really matters - investing, but it also has additional benefits, such as larger claim amounts and the ability to pay only once a month.

What To Consider When Obtaining a Package Insurance Portfolio

First and foremost, you need to consider the best insurance company for real estate investors; not only their rates, but what kind of questions their insurance agents ask and what kind of deals they can get you.

For instance, when it comes to real property insurance, consider how big your investment portfolio is.  Do you have multiple entities?  Do you have separate policies for each property?  This matters because you can consolidate entities into one policy, which then gives you better coverage and offers a lower premium.

Your ultimate goal is to find an aggressive insurance agent that understands real property.

Workers Compensation Death Benefits, How Does It Affect You

Death Benefits Is A Component of Workers Compensation

Death Benefits Can Help Provide For A Family Through Settlement

Death benefits are often a key component of any insurance policy, whether you are getting commercial or personal insurance.  In addition, it can also be a core component whether you are on the receiving end or are looking into this benefit type as part of workers compensation.

What Are Death Benefits?

In short, death benefits is the specific amount paid to the beneficiary after the insured has died.  For instance, in personal insurance, it is the typical life insurance policy, whereas in many businesses it is a key component of workers compensation.

Death Benefits And Workers Compensation

There is no doubt that workers compensation death benefits vary by state.  In fact, in the State of Texas, worker’s compensation is not even required.  However, what happens when an employee dies while on the job?  Even if the death is not a work-related death, it may be possible to be liable, no matter the scope of industry.

This is why knowing workers compensation death claims is so important, as they can greatly vary.  For instance, it is often customary that insurance will pay 75% of the employee’s weekly salary to the spouse, for the rest of their life or until the spouse is remarried.

Thus, while worker’s compensation may not be required, workers compensation death benefits is such another reason that showcases why workers compensation benefits in Texas, even if is not required, is essential.

Finding The Best Insurance Rates When Shopping For Insurance

Learn How To Get The Lowest Insurance Rates Possible

Insurance Rates Matter! So You Need To Be Strategic When Finding the Right Insurance Company For Your Needs

Do you know how to shop for the best insurance rates?  Whether you are looking for commercial insurance (real estate insurance, construction insurance, healthcare insurance, food and beverage insurance, auto garage insurance, etc.) or personal insurance (car insurance, life insurance, health insurance, and so on) you need to be mindful of certain factors.

What Affects Insurance Rates?

There are many different things that can affect insurance rates, such as the type of industry you may be in and the kind of coverage that you are seeking. For example, if you are in the food and beverage industry, and you sell alcohol, then you may want to consider getting liquor liability.  In a general sense, your insurance rates are also affected by the type of risks associated with your individual business, such as if your real estate investment is in a high crime area.  

How Do You Get Lower Insurance Rates

First and foremost you need to consider the cost of insurance in relation to your needs.  What are you willing to pay for financial security or a viable return on investment?  When it comes to shopping for insurance, financial factors certainly come into play.  You also need to research the best insurance companies that will meet your needs while offering you key coverage for any liabilities that might occur.

Thus, you primarily get the best rates by shopping around for insurance.  You can also get lower rates through lowering any potential risks involved in your investment.  For example, if you have a real estate investment you can get updated roofs, wiring, air conditioner, and so forth.