Out-of-pocket repair costs for damage caused by common home appliances, furnaces, and HVAC systems can hurt your clients’ businesses. REInsurePro’s Equipment Breakdown offering helps protect investors and their properties by covering the physical and financial
It is commonly assumed that water damage resulting from a burst pipe is covered under all policies. However, Water Damage as a result of a burst pipe is NOT covered under Basic Form coverage, only
Thanks to the explosion of platforms like Airbnb and HomeAway, property owners have found new ways to make money, but it’s also raising important questions about the appropriate insurance coverage needed to protect these investments.
Generally, if an item is excluded from the Property Coverage on your investor client’s property, it is likely not covered in their Liability Coverage either. Keep in mind that while your client’s Property Coverage protects damage that happens to their investment property, (i.e., the physical building), Liability Coverage protects their financial well-being associated with that property.
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.
Copyright © 2020 REInsurePro. All Rights Reserved.
A division of National Real Estate Insurance Group.