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
262: How to SCALE Your Real Estate Portfolio in 2023
261: How Nancy Rodriguez from 'Love is Blind' Hit Financial Freedom BEFORE Fame
260: Rookie Reply: When Can You Refinance and How to AVOID Taxes on a Home Sale w/Amanda Han
259: No Down Payment? No Problem! Three Creative Financing Options to Consider w/Pooja Jindal
258: Rookie Reply: How to Find Out Who Owns a Property and Direct Mail 101
257: Rookie to Real Estate Investor: Seller Financing, STR Markets, & Lowball Offers
256: Rookie Reply: Escaping the Corporate Rat Race and Property Management Q&As w/Isaac Lane
255: How to (Legally) Avoid Taxes by Investing in Real Estate w/Amanda Han
254: Rookie Reply: Can You Put Offers on Multiple Houses? w/Jake Kain
253: How to Build Your Financial Foundation BEFORE Investing in Real Estate w/Malia Gudenkauf
252.5: How to Buy Your First Rental Property in 11 Steps
252: Rookie Reply: Tenant Not Paying Rent? Here’s What to Do w/Alexandra Burnham
251: Rookie to Real Estate Investor in 90 Days: LIVE Mentorship Calls
250: Rookie Reply: 2023 Risks, The True Cost of Owning Rentals, and Live Q&A w/Pace Morby & Jamil Damji
249: Simple Steps to Start, Scale, and Grow a Real Estate Business in 2023
248: Rookie Reply: Do You NEED an LLC for Rental Property?
247: From $40K in Debt to 4 Properties and How to Snag a Low Mortgage Rate in 2023 w/Lindsey Iskierka
246: Rookie Reply: The 3 Signs of a Perfect Rental Property Market
245: Escaping the “Grind" through Van Life and Cross-Country Investing w/Tony Clark
244: Rookie Reply: How to Estimate Rehab Costs and Where to Find the Right CPA
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