REInsurePro’s Tenant Protector Plan (TPP) is a truly distinctive offering that helps investors and their tenants in the event of a property loss caused by tenant negligence. While we always recommend that that landlords require their tenants to carry renters insurance, the TPP adds an extra layer of protection for both parties.
Well-kept trees can add value to properties, help save energy, and reduce crime. The downside? Falling trees or large limbs can cause costly damage. In 2022, 6.4% of claims reported to REInsurePro were due to tree-related damage.
Coverage relating to trees and other greenery on a property can vary widely depending upon the specific circumstances of an incident. Some policies may include limited coverage, while others exclude it. Depending on the cause of a fallen tree and if it was healthy or dead at the time it fell, coverage for property damage or bodily injury may or may not be available.
Many assume that coverage for garages, fences and other outdoor property is automatically included in their insurance policy as these items are located on the same land as the main house. Coverage for “Other Structures” is usually always included in standard Homeowner’s policies. However, coverage for investment properties operates differently, and some “detached structures”, or “outdoor fixtures” may not be included unless your client specifically requests coverage for those items.
Our thoughts are with all of those who were affected by Hurricane Ian.
Unfortunately, some unethical individuals wish to take advantage of those who have just suffered a loss. Service providers may attempt to exploit your clients’ difficult situation by pressuring them into signing an unread contract and inflating repair costs.
REInsurePro has been named to NU PropertyCasualty360 Luminaries Class of 2022 in the category of Technology Innovation. This professional recognition program honors innovation in the property and casualty insurance sector.
If your investor clients have properties in coastal locations, it might not always be clear if they have coverage when a tropical storm or hurricane passes through. Damage may occur because of the force of winds, rain driven by those winds, storm surge, and flooding. Some carriers get very specific about separating these coverages versus covering damage occurring in one storm event under the Named Storm peril.
REInsurePro is thrilled to be named a 5-Star Program Administrator by Insurance Business America magazine again in 2022.
While rental, renovation, and new construction are the most common types of investments we work with, REInsurePro is able to cover more creative investment strategies as well. Let’s look at some of these popular strategies and how we insure them the right way.
While your investor client’s Property Coverage protects damage that happens to their investment property, (i.e. the physical building), your client’s Liability Coverage protects their financial well-being associated with that property (i.e. if their negligence at that property were to harm someone else). Property policies intended for investment properties usually exclude Wear-and-Tear due to animal nesting or infestation, while General Liability policies for their property will often have limitations on the coverage offered for dogs and other animals, such as injuries due to dog bites.
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