The weather is warming up and now is great time to help your clients prepare for upcoming risks that come with spring and summer weather. It may be surprising how much advance planning is necessary. Thunderstorms, flooding and tornadoes are approaching, so how can you relay the importance of this preparedness to your investors and clients?
According to the U.S. Geological Survey (USGS), all 50 states have some potential to experience damaging earthquake shaking, and there are about 20,000 earthquakes around the world each year. Yet,
It has been another chaotic year for the property insurance market. Many investors and homeowners have recently experienced required increases to insurance value, premium increases, or both. The last few
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
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.
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.
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.
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.
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