Purchasing an investment property is to live the American Dream. Not only are you a home owner, but you’re also a business owner. Protecting your investment is critical, and securing the proper insurance coverage provides the protection that you need. Whether you own just one or multiple investment properties, Harry Levine Insurance matches you with a policy or policies that keep the unforeseen from dashing the income producing and resale gain potentials of your investment(s). Many people choose to go without insurance coverage or simply forget to seek counsel when buying aggressively priced real estate, but no matter the purchase price what matters is the cost to rebuild after a fire, flood, lightning strike, hurricane, tornado or other disaster.
Did you know that while many condo units are covered by Master Association Policies, those policies typically only cover the exterior portion, or shell, of the unit. Floor covering, cabinetry, interior walls, plumbing fixtures and other interior items are the sole responsibility of the unit owner. The same holds true for your furnishings and movable belongings that may be inside! What’s more, is that the Master Association Policy does not cover the unit owner’s third-party liability! You could be named in a third-party law suit for bodily injury or property damage that occurred on the premises even if you were not present or aware of an incident.
Today’s world is characterized by an ever changing dynamic business, legal and financial landscape. The issue of tenant discrimination and wrongful eviction has become an enormous source for court cases and it continues to grow. Securing Tenant Discrimination type liability coverage may be one of the most important risk management steps that investment property owners can take – even if you already have a professional property manager overseeing your leasing.