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Claims History Of The Property Is Essential!

DO YOU KNOW THE CLAIMS HISTORY OF YOUR REAL ESTATE INVESTMENT?

CLAIMS HISTORY WILL REVEAL NEED-TO-KNOW INFORMATION ABOUT THE PROPERTY.

When it comes to real estate investments, home history is important.  The Claims History of a property will give you a window into any previous discrepancy it may have had prior to purchase.

What Does Claims History Show? 

The claims history of a property can answer the following questions a real estate investor might have:

  • Has the home been flooded?
  • Was there fire damage?
  • What about wind or hail damage?

For example, the history of the home may reveal that the house has sustained flooding damage after the most  recent hurricane.  Thus, you, as a real estate investor, can then make a more formidable investment decision.

Why Is Claims History Important?

These are all important because it can impact future liabilities.  For example, if there was past flooding on the property, will there be mold issues later on? Additionally, if there was fire damage, will this create ventilation issues? The more you know, the better prepared you can be.

Remember, you can also get a C.L.U.E report to find detailed information on the property you intend to purchase.

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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.

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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.