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.

 

Commercial Property Cost Per Square Foot And How It Relates To Insurance

Do You Know Your Commercial Property Cost Per Square Foot?

Knowing Your Commercial Property Cost Per Square Foot Can Help Determine What Insurance Rates You Get!

Do you know your commercial property cost per square foot?  The reason why this is important is because it allows one to have a better understanding of the potential insurance rates that can be expected, and as a real estate investor, you want to make the most strategic moves for your investment.

What Is Your Commercial Property Cost Per Square Foot?

To find this number, you would divide the total number of the overall square footage by the price being asked.  Or, the overall price of the home.  Thus, for example, a commercial property that sells for $100,000 would be divided by 2,000 square foot which would then be $50 per square foot.

This gives you the specific price on your property investment, and as a real estate investor you want to know exactly what your commercial property is worth.  This could then help you understand how feasible it is to flip, or to simply use it commercially.

Why Do You Need To Know Your Commercial Property Cost Per Square Foot

As mentioned, the cost of your property is one, of many items, that will help you determine what kind of insurance rates you get.  For example, if you live in Harris county then you should expect specific interest rates as opposed to if you lived in another county.

Knowing what interest rates you should receive can greatly work to allow you to determine key investment strategies for the long run.

Public Liability Insurance for Rental Property, Do You Need It?

Do You Need Public Liability Insurance for Rental Property?

If You Have A Rental Property, Then You NEED Public Liability Insurance for Rental Property

Do you need Public Liability Insurance for Rental Property?  Let us put it this way, if you are a real estate investor, and your tenant falls down the stairs, are you covered?

What Is Public Liability Insurance for Rental Property?

In the most basic sense, public liability insurance will protect you against tenants who claim personal injury or property damage from incidents connected with your property.

For example, suppose that a tenant is coming down the stairs and takes a fall.  If it can be proven that you did not property maintain the stairs, and you do not have insurance, you can pay significantly out of pocket.

In a similar vein, if your tenant's car is damaged because the gate malfunctions, and you do not have the right insurance, this means you will also pay significantly.  This is not counting all of the losses that could potentially be generated during a lawsuit.

Why Do You NEED Public Liability Insurance for Rental Property

As showcased from the above scenarios, if you are not properly insured, and an incident happens on your property, then you could be held liable.  This means you could pay out a great deal in the long run. Even beyond your primary insurance rates. 

There have even been cases in which a real estate investor has been left in financial ruin simply because they do not take the time to get the right insurance for their needs.

Make sure that you are properly covered.  Getting a quote on your property is only a click away. 

Is Commercial Property Insurance Deductible? Here’s What You Need To Know!

Are You Looking To Receive A Commercial Property Insurance Deductible?

Your Agent Must Ask The Right Questions To Know Whether Or Not You Can Receive A Commercial Property Insurance Deductible

If you are a real estate investor, then you may have wondered whether or not you qualify for a commercial property insurance deductible.  To determine that, here is some information that you need to know.

What Is A Commercial Property Insurance Deductible?

Quite simply, a deductible allows insurance to become more affordable to the masses.  For example, if a property owner had to pay every loss then there is no doubt that the insurance system would begin to buckle.

In short, a deductible is the amount that you would need to pay before any type of coverage kicks in, or rather, the amount before the insurance company pays out for any type of losses sustained.  As one can imagine, deductibles can differ wildly.

How Do You Know If You Quality For A Commercial Property Insurance Deductible?

This is something that your insurance agent must determine, and in order to do that, they must ask the right questions!  Your real estate agent is going to determine the nuances of your insurance plan, any potential liabilities, and so forth, before a determination is made.  This is a part of your initial policy, so your insurance agent must ask the right questions from the start!

Ready to shop for the right insurance?  Our insurance agents are always standing at the ready!

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!

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.

Home Insurance Galvanized Plumbing And Other Structural Liabilities

Home Insurance Galvanized Plumbing Can Lead To Major Insurance Liabilities

ARE YOU AWARE OF ANY POTENTIAL INSURANCE LIABILITIES YOUR INVESTMENT PROPERTY MIGHT HAVE? Such As Home Insurance Galvanized Plumbing

Did you know that  Home Insurance Galvanized Plumbing  and other structural issues can seriously cost you? When choosing a real estate investment, you really should know what an insurance company likes and does not like to see with your property.

How Home Insurance Galvanized Plumbing Can Lead To Insurance Liabilities

One of these potential liabilities is galvanized plumbing.  This refers to galvanized pipes, which are pipes that have been dipped in a protective zinc coating, that was originally supposed to prevent corrosion and rust.

However, galvanized pipes can present the following issues:

  • Low water pressure
  • Uneven distribution of water
  • Leaks
  • Discoloration of water

As one can see above, galvanized plumbing is not ideal when it comes to choosing pipes and plumbing for an investment property.  If it is already in existence, this can be equally problematic.  No matter what kind of real estate investor you are, it is important to consider the risks associated with galvanized plumbing.

Curbing Possible Insurance Liabilities Like Home Insurance Galvanized Plumbing

As one can imagine, the above presents potential liabilities for real estate investors, whether they want a long-term investment or whether the real estate investor has plans to utilize their home commercially, such as renting it out.

In these cases, it is very probable that an insurance agent will not sign you to a policy without replacing galvanized pipes, and getting other potential issues fixed.

To learn more, watch the video below:

Here’s A Few Reasons Why You NEED Workers Compensation!

Do You Know What Benefits Workers Compensation Offers?

Workers Compensation Benefits Are Vast and If You are a Small Business Owner – You’ll Need to Know Why!

The first thing you need to do as a small business owner, is to figure out whether or not your state requires Workers Compensation.  For the State of Texas – workers compensation is NOT required.

That said however, the question then becomes - should you still obtain workers compensation?

Why You Need Workers Compensation

The answer to this is a resounding yes!  Workers comp benefits are vast, and this is because it offers a mutual benefit to both employers and employees.

Consider, for example, that without worker’s compensation your employees are not covered if they have any injury caused on the job. In addition, it is estimated that there was approximately 95 billion paid to workers comp carriers last year. Coupled with that is the fact that it is also estimated that there is over 4,000 deaths a year due to work related accidents and illnesses, such as breathing in bad air.

As a whole, YOU need worker’s comp.

How Do You Get Workers Compensation?

Getting workers compensation for your employees is relatively easy, no matter what scope of industry your business falls into.  To get it, first determine what type of industry your business resides in.  It is also important to consider the following:

  • The types of employees you have under you (contractor, for example)
  • The type of work that they do (roofing, for instance)
  • The number of employees
  • Compensation

These are just a part of the information that your insurance agent will need t o know.  It is always important to open up a dialogue and voice any concerns that you might have.