It would be best if you had specialty insurance as a real estate investment property owner. Because landlords are more exposed than typical homeowners are, standard homeowner’s insurance may not be sufficient to cover you and your investment property. Here are a few suggested and readily accessible investment property insurance options from Everett Insurance serving Glen Allen, VA, and surrounding areas.
For your real estate investment property, you will undoubtedly require property insurance. It is a requirement of your lender if the property is financed. To safeguard your investment, you should continue having this coverage even after the property has been paid off. Depending on the property’s location, you may also want to research specific riders for your insurance, such as earthquake or flood coverage. Another optional rider to consider is water line insurance. This protects you if the water line breaks along the property line to the foundation. Your property insurance representative can go over all the available riders with you.
This kind of insurance means that you, as an investment property owner, are protected against lawsuits and liability claims from workers or tenants. It includes things like someone becoming hurt while on your property, whether they are a visitor, trespasser, employee, or renter. If the landlord was found to be at blame for the damage, it might also reimburse the cost of replacing the tenant’s belongings. The specific terms of the insurance policy will determine the specific coverage. Liability insurance often covers expenses like hospital bills, court charges, and settlement costs.
Real estate is considered a good investment, with lots of profit potential. Protect your investments with the right kind of insurance. In Glen Allen, VA, Everett Insurance can help with all your real estate investment insurance needs. Contact us today to learn more.