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.
Many people assume that pools, trampolines, and other recreational equipment sitting in the yard are insured. Some people also assume that if a person is injured while using this outdoor equipment, coverage will be available to help reimburse any medical expenses. In truth, policies can vary quite a bit on this topic. Some may include these items while many will choose to exclude them as they are considered attractive nuisances.
Coverage for mold, mildew, and fungus is usually either completely excluded or may be very limited depending upon the policy. Although many people assume that they will have at least some coverage for mold, it is most often the case that mold, mildew, fungus, and their bi-products are excluded.
The year 2021 continued to be an interesting year in the insurance market, with extreme and unique weather events and ongoing uncertainty around COVID. The industry as a whole continues to experience a rapidly hardening property market, a trend that accelerated in 2020, but had been snowballing the previous five or six years. It is common for the market to cycle from hard to soft every five to ten years, so it is increasingly important for investors to ensure that their insurance agent is advising them on ways to “ride out the storm” while still maintaining adequate coverage.
Helping your investor clients understand the difference between Flood, Water Damage and Sewer Back-Up is a common challenge. Which covers what exposure? How can your client purchase these coverages if they are excluded from their current policy?
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