Don’t Lose A Valuable Asset In Your Real Estate Business By Not Having Enough Insurance Coverage On Your Properties

Real Estate Investing Tip- For those of you who live in extreme weather states like I do here in Florida, it’s really important to make sure your properties are properly insured. Property values generally go up each year and insurance policies usually raise in value by about 3 percent each year at renewal which may or may not be enough to cover a catastrophic event on your property.

Check with your insurance broker to make sure you have enough coverage on each of your investment properties and your own home. Make sure you have a complete set of photos downloaded on a disc or a thumb drive for each of your properties so you can prove what you need to replace. A few years ago we had a fire in one of our properties and it burned two sheds that were attached to the back of the house. The insurance adjustor tried to tell us there was no evidence of the sheds so we provided photos and got paid for them.

We also had a break in last year in a workshop attached to our vacation home. Because we had a complete set of photos we got paid for everything that was taken. Keep a hard copy of the declaration pages of each of your insurance policies in a plastic zip lock bag locked away or download those pages on a thumb drive you can quickly grab if you are evacuated during a storm.

Taking just a few steps can insure that you get paid if there is a problem with one of your investment properties. Your investment properties are an asset that you want to protect.

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