16 Jun

Ep. 043 – Insuring Your Rental Property, with Alex Bell

In this episode, Alex talks about everything you need to know about insuring your rental property.

Key takeaways:

– Investors thing insurance is all the same, but it’s not….A lot of insurance coverages have gaps.
– Broad form coverage vs. named perils.
– You want coverage in present value or today’s dollars.
– You are only covered for 30 days of vacancy….then you need a vacancy endorsement.
– You always want to make sure there are no gaps in coverage.
– Tenant vandalism is often not covered.
– What is rental income insurance and why you might need it.
– Co-insurance vs. stated amount coverage.
– Most insurance claims deal with water damage. Most policy do not provide coverage for flood.
– Insurance is about risk transfer…what do you deem to be valuable.
– Insuring a rental property that you also live in.
– Tenants insurance and why you want your tenants to have it.
– It’s all about systems and best practices.

alex

I am a commercial insurance broker with a focus/specialization in the Real Estate vertical. My entire practice is focused exclusively on working with real estate developers and investors. I have access to best in class solutions/products through every stage of the real estate cycle. Simply put, due to my expertise in this space I have been able to negotiate better rates/terms with insurance companies for real estate investors and property management groups. The goal or deliverable to my clientele is to advocate as a trusted advisor and provide mentoring with respect to insurance for all aspects of real estate investing.

Meet Alex at www.DaltonTimmis.com.