Your rental property is at risk. Maybe not now, but in the near future, you could face property damage, the need to rebuild, or an angry tenant/guest filing a lawsuit against you. What do you do? Don’t get too sweaty; this is why you have landlord insurance! The problem? Most landlords have coverage that BARELY protects their properties when something goes wrong, leaving their entire portfolio vulnerable just to save a few dollars. This is a HUGE mistake and could cost you far more than you know.
To help demystify the world of rental property insurance, we brought on Christian Bachelder from The One Brokerage and Darren Pettyjohn, co-founder of Proper Insurance. Together, these two policy powerhouses discuss the BEST ways to protect your properties, the unknown risks that so many rental property investors aren’t aware of, and the common mistakes rookies make when choosing a rental property insurance policy.
But that’s not all. Christian and Darren will give you the exact questions to ask your insurance agent/broker, uncover why umbrella policies are a MUST in this business, and explain why big insurers are leaving high-risk states like California and Florida. This discussion could save you hundreds of thousands, if not MILLIONS when something goes wrong at your property!
In This Episode We Cover
The most common mistakes rookies make when getting landlord insurance
CRUCIAL questions to ask your agent BEFORE you buy a policy
Umbrella insurance vs. LLC protection and which is a better bet for investors
The three most important parts of your insurance quote and numbers to pay attention to
Short-term rental property insurance and why AirCover just won’t cut it
Renters insurance and the unbelievably cheap protection it provides tenants
And So Much More!
Links from the Show
Find an Agent
Find a Lender
Ashley's BiggerPockets Profile
Ashley's Instagram
Tony's BiggerPockets Profile
Tony's Instagram
Real Estate Rookie Facebook Group
Join BiggerPockets for FREE
Submit Your Real Estate Rookie Question!
Find Insurance For Your Rental Property
The BiggerPockets Guide to Landlord Insurance
Rookie Reply Episode 296
Richer v. Travelers Case
Connect with Christian & Darren:
Christian's BiggerPockets Profile
Christian's Instagram
Christian's Email
Darren's BiggerPockets Profile
Darren's Website
Check the full show notes here: https://www.biggerpockets.com/blog/rookie-307
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email: advertise@biggerpockets.com
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189: House Hacking: How to Live for Free and Build Wealth in The Background
188: Rookie Reply: Networking Tips That’ll Increase Your Net Worth
187: Making Twice as Much with Half as Many Doors and 100+ Flips
186: Rookie Reply: How to Close on Off-Market Properties
185: 11 Doors and Returning to Real Estate After an 8-Year Hiatus
184: Rookie Reply: Should You Rent to a Bankrupt Tenant?
183: Ditching the "American Dream" & Finding Ways to Live a Wealthier Life
182: Rookie Reply: Rent Out Your Primary Residence or Sell and Buy Rentals?
181: 9 Doors While Deployed and Investing from Afghanistan, Iraq, and Africa
180: Rookie Reply: How to Buy Your First Rental With No (or Low) Money Down
179: From Freak to Financially Independent & Beating the Average Joe to $1M
178: Rookie Reply: Why Real Estate Debt Isn’t So Scary
177: Gang Houses, Animals, and 17 Units by Capitalizing on Properties People Avoid
176: Rookie Reply: Tony’s Troublesome Shreveport Deal ($29k LOSS)
175: Changing Their Family's Fate by Building a 600+ Unit Portfolio (At Age 20!)
174: Rookie Reply: How to Structure a Real Estate Partnership
173: $1M in Real Estate in Just 1 Year (and How You Can Do It Too!)
172: Understand ANYONE Around You (Including Yourself!) Using One Simple Tool w/Nick Baumgart
171: The 2022 Housing Market Explained: Is Now a Good Time to Buy? w/Dave Meyer
170: Rookie Reply: ARM vs. Fixed-Rate Mortgages (Which Is Better For Cash Flow?)
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