MULTIFAMILY PROPERTY INSURANCE:
How do savvy property investors know they are getting the best deal? There really isn’t any way to know for certain, unless you research your market. You may end up uncovering savings, but not having buyer’s remorse is reward enough. If you relate to any of the below points, it may be time to consider shopping your insurance:
2. Looking to Grow Not many real estate investors go into the industry without expecting to grow their business. If you start with just a few units, sticking with a local agent that you already know is not a bad thing, but if you are looking to grow and expand your portfolio, it’s likely your local mom and pop agency will not have the markets to grow with you.
1. Haven't Shopped Since Pre-COVID If you haven’t shopped for over a year, then it’s worth it to see what kind of property insurance rates are out there. While some carriers have increased rates, there are also many carriers that are offering discounts to properties that have been properly maintained and updated.
3. Disappointing Claims Experience Everyone thinks it, and it’s okay to say it: insurance is a necessary evil. You hope to never have to use it, but when you do, you’re glad it’s there! But a bad claims experience can put an even worse taste in your mouth – you paid all that premium, and for what? Maybe your agent didn’t know what to look for in the policy, so they couldn’t tell you what gaps in coverage you had. Reading the fine-print is also a necessary evil – for agents! Making sure you are with an agent who pays attention to the little details can help save you time, money, and maybe some tears.
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