Archive for August 2012

Are You Getting the Most out of Your Landlord Insurance Quote?

If you’re content to be happy with any landlord insurance quote, you’re going about things all wrong!

Instead, you need to make sure that your quote comes with these 3 things:


Your landlord insurance quote needs to meet your exact needs.  If that means adding certain things — like extra liability insurance — you should be able to do it quickly and easily.  No matter what situation you’re in, good landlord insurance isn’t one-size-fits-all.

Think of it this way — if you can substitute a baked potato for fries at your local fast food joint, you should be able to make some changes to something as important as your landlord insurance quote without any trouble!

Flood insurance

In most cases, flood insurance is a completely separate entity.  You usually have to buy it all by itself — meaning you have to add one more bill to the pile every month.   There’s nothing like a “flood” of checks going out the door to make you feel terrible about your financial situation!

Luckily, though, a good landlord insurance quote will eliminate that extra headache by including affordable flood insurance in your policy.

Equipment breakdown insurance

You would probably think of this if you were getting a commercial insurance policy, but it’s vital to your residential landlord insurance, too.

Think about it — you’re got equipment that’s essential to keeping tenants in your building, paying their rent.  If the air conditioner breaks or if the refrigerator stops working (and you don’t have the money to fix them right away), tenants may be able to break their leases and move out.  If you want to keep everything running — without the risk of major repair and replacement bills hanging over your head — you need to make sure your landlord insurance quote includes equipment breakdown insurance.

If your quote leaves it out, you might be the one having a breakdown down the road!

Are You Making Any of These Commercial Property Insurance Mistakes?

Commercial Building Insurance

No matter how hard we try to educate people, you wouldn’t believe some of the mistakes we see them make!

Do yourself a favor — check out these common commercial property insurance mistakes, and make sure you’re not making any of them

Covering just the building

Yes, you want to make sure that your structure is covered, but what about the money it generates?  The best commercial property insurance will also come with rent loss insurance — meaning that if you can’t collect rent for some reason, your insurance company will write you a check.

Not buying enough coverage

We can totally understand the desire to save a little cash — but a few bucks in savings now can easily turn into thousands of dollars’ worth of expenses later!  Remember, buying commercial property insurance means thinking about the worst-case scenario.

What if your building burns to the ground?  If you don’t have enough building insurance, you’re stuck with nothing more than a pile of ashes.

What if one of your tenants sues you for tripping over that cracked tile in the lobby?  If you’ve don’t have liability coverage, you’re on your own.

What if you need to make a bunch of repairs to get the building up to code?  If you don’t have building ordinance insurance, you’ll be writing checks all by yourself!

Not understanding what you’re buying

You just bought a giant commercial property insurance policy?  Great!

So, what does it all mean?

If you don’t know, you’re making a huge mistake.  Depending on the size of your building, the value of your commercial property insurance policy can be hundreds of millions of dollars.  You need to understand every piece of fine print before you sign on the dotted line.  If you have questions, ask.  If your agent can’t give you good answers, you’ve got the wrong one!

Get a free commercial property insurance quote

Landlord Insurance — You’re Way Too Vulnerable Without It!

Landlords Fingers Crossed

Landlords Fingers Crossed

If you’re like most landlords, every time you get a new tenant, you cross your fingers and hope that all of those background checks and credit checks did the trick — and that your tenant is going to treat his financial obligations with respect.

But what if he doesn’t?

When you turn your keys over to someone, you don’t have to rely on finger-crossing.  Instead, you can rely on a landlord insurance policy!

With one, you’ll be covered in case something happens and you can’t collect rent.  In fact, you’ll hear people around the industry call this type of coverage “rent loss insurance”.

So, how does it work?

Let’s say your house catches on fire and can’t be lived in for a few months — and, thus, you can’t have anyone living in it and paying rent for a few months — your landlord insurance policy would kick in and pay you what you would have made from a tenant.  In some cases, landlord insurance will even reimburse you for legal expenses if you and your tenant get into some kind of dispute!

Think you can get away with not having one of these policies?

Think again!

What would you do if you missed out on even just a couple of rent payments?  If you’re like most landlords, missing rent could send you into a financial black hole.  Why leave your own financial security and credit rating in the hands of a stranger, when a simple insurance policy can protect you?  Why make yourself any more vulnerable than you need to be?

You may hate to think about worst-case scenarios, but at least you can feel better knowing that landlord insurance can be your safety net.

Hey, anything’s better than finger-crossing, right?!

Get a free landlord insurance quote

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