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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50: Rookie Reply: I Have Analysis Paralysis, What Should I Do?
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48: 4 Ways Newbies Can Finance Deals with Richard Kelly
47: 0 to 7 Deals in a Year Using Other People's Money with Andres Bernal
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45: On-Air 2021 Goal-Setting and Accountability Plans with Rookie Investors Beth Henson, Jackson Seedott, and Jordan Crockett
44: The Top 10 Real Estate Rookie Questions Answered by Tony and Ashley
43: Defeating 5 Years of Analysis Paralysis to Do 4 Deals in 2020 with Jacqueline Smith
42: Bed and Breakfast House Hacking with Lauren Keen Aumond
41: Using Hard Money & BRRRR to Go From 2 to 80 Units with Kyle Mack
40: Using the “AREA” System to Buy 21 Houses in Just a Few Years with Anam and Aamir
39: $500 Per Door on Multifamily Properties (During COVID!) with Thomas Tsitouridis
38: Balancing a Career, Family, and Lots of Deals with Active Duty Service Member Adam Whitney
37: New Co-host Tony J Robinson: Scaling with Short-Term Rentals
36.5: Programming Note: Show News
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