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.