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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.

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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.

 

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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.

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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. 

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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!