Transcript
When you're a real estate investor, there are a lot of things you need to think about - from finding the right property to getting the best financing. But one thing that's often overlooked is insurance.
While it may seem like an unnecessary expense, the truth is that insurance is an essential part of being a responsible real estate investor. From protecting your investment properties to safeguarding your personal assets, there are various types of insurance that every real estate investor should consider.
Here's a look at some of the most basic types of insurance every real estate investor should have:
Property insurance: This type of insurance protects your investment property from damage or destruction. Whether it's fire, storms, theft, or vandalism, property insurance can help you recoup your losses and get your property back on track.
Liability insurance: This type of insurance protects you from legal liabilities arising from injuries or damages that occur on your property. If someone is injured on your property and sues you, liability insurance can help cover the cost of legal fees and any damages awarded.
Business interruption insurance: This type of insurance protects your business from lost income if your property is damaged or destroyed. Business interruption insurance is a great way to protect your company from the many risks that can happen in business. Covered perils typically include theft, fire, windfall or lightning strike, and more.
Make sure you read through all of these policies before getting any kind so there aren't any surprises when they arise - because nobody wants an unexpected expense on top of their existing worries.
