MYTH: A claim made by the property’s previous owner shouldn’t affect the subsequent owner’s insurance rate. How great would this be? Not having to pay for the “sins” of the
Many property owners think they automatically have coverage for Sewer Backup at their investment property. However, most homeowners and business insurance policies do not cover Sewer Backup unless it is
You have likely heard it before; it is easier to keep a client than it is to get a new one. Acquiring a new client can cost up to five
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
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.
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.
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