Investment & Construction Insurance
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Insurance is a topic that is often overlooked by real estate investors and landlords, even though it is a vital part of every successful property investing career. In the event of a partial property loss, a total property loss, or even a liability lawsuit, if you are not properly insured, you could find yourself financially devastated, your real estate investing career in jeopardy, or worse yet, your life savings wiped out and a large judgment against you.
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With the proper insurance in place, you can hedge yourself against large losses that could wreak financial havoc. It is important to realize, however, that you must find a proper balance between being insurance rich and cash poor. You want to make sure that the amount you pay in insurance premiums alone does not place a financial hardship on you and your business. If you find yourself in a financial hardship due to insurance costs, it may be time to rethink your investment.
Expert Advice
It is also important to note that you should always speak with a professional insurance agent to discuss your particular situation and needs. Every property is different. A property in a coastal area has different insurance requirements than one surrounded by farm land. Under-insuring an investment property, over-insuring an investment property or having the wrong types of insurance on the investment property can all produce disastrous results.
