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
Learn more about your ad choices. Visit megaphone.fm/adchoices
422: Rookie Reply: How to Invest with $100K & Managing Home Renovations
421: Turning a “Failed” Property Into a $7K/Month Rental by Doing THIS Instead w/Kayley George
420: From Pizza Delivery Driver to 11 Rental Units Using Savvy Seller Financing w/Greyden Piechnick
419: How to Use Science to Find the Right People for Your Real Estate Business w/Richard Davis, Ph.D
418: My Property Manager Robbed and Ghosted Me ($40K Stolen!) w/BiggerPockets CEO Scott Trench
417: The “Underrated” Assets That Offer HUGE Cash Flow & Multiple Income Streams w/Dylan Kidd
416: How to Find & Fund MORE Real Estate Deals in 2024 (Tips from a PRO!) w/Henry Washington
415: $9K/Month Cash Flow, Scaling FAST, & Saving Thousands in Taxes by Doing THIS w/Riley McFarland
414: Financial Independence at 29 by Quitting Rentals to Invest in THIS w/Dillon Leonard
413: Rookie Reply: How to Invest in Real Estate While Working 9-5
412: Stay-at-Home Mom to “Accidental” Investor with a $600K/Year Business w/Terri-Leigh Huleis
411: ‘The Bachelorette’ Alum Tyler Cameron on Building a $3M Portfolio in 3 Years!
410: Fundamentals of Funding: How to Finance Real Estate Without the Big Banks w/Henry Washington
409: Fundamentals of Funding: How to Get Approved for a Mortgage (Step-by-Step) w/Jeff Welgan
408: Fundamentals of Funding: How to Find the Right Lender for Your Next Rental w/Joe Coleman
407: Stop Paying Someone Else’s Mortgage: Beginner Steps to Buy Your FIRST Home w/Aaron Mann
406: Inside Our FIRST Commercial Real Estate Deal (A 13-Unit Hotel!) w/Tony & Sara Robinson
405: Financial Freedom in 3 Years by Scaling with Small Multifamily w/Dan Marklin
404: Rookie Reply: The Rental Property Expenses You CAN’T Afford to Miss
403: House Hacking Blunder to $2.7 Million in Small Multifamily by Doing THIS w/Sean Reischel
Create your
podcast in
minutes
It is Free
The emPOWERed Half Hour
BiggerPockets Real Estate Podcast
BiggerPockets Money Podcast
BiggerPockets Business Podcast
BiggerPockets Daily
The InvestHER Podcast