307: How to Protect Your Rental from Fires, Floods, Lawsuits, and Liability

Real Estate Rookie

BiggerPockets

How To, Education, Business, Investing, Entrepreneurship

4.8 • 1.7K Ratings

🗓️ 26 July 2023

⏱️ 70 minutes

🔗️ Recording | iTunes | RSS

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Summary

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: [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is real estate rookie episode three hundred and seven.
0:04.9	If you build 50 to $100 or $150 a month, whatever it ends up being into your
0:09.8	pro forma, it's never going to be an issue as you build out your portfolio.
0:14.6	We see this with a lot of people we ensure, right?
0:18.3	Versus if you build out 10, 15, 20 properties and then all the sudden you
0:24.4	realize you've had sort of a back alley agent or whatever it is.
0:29.4	Now you have this additional expense to your business that you really weren't
0:34.8	calculating for from the beginning.
0:36.9	My name is Ashley Care and I'm here with my co host, Tony Robinson.
0:40.6	And welcome to the real estate rookie podcast where every week, twice a week,
0:44.4	grouping you the inspiration, motivation and stories you need to hear to kick
0:48.2	start your investing journey.
0:49.6	And today we are talking about something that is both exceptionally educational,
0:54.8	but as equally terrifying and we're talking about insurance for your rental
0:59.7	properties.
1:00.8	And today we have on two guests and both of these guys have just like a
1:05.0	tremendous amount of experience and knowledge when it comes to the short
1:09.0	terminal space, but they're actually kind of coming from two different
1:12.3	perspectives.
1:13.8	So we have Christian who actually, in addition to being insurance broker,
1:17.8	also runs the one brokerage with David Green.
1:20.2	And then we have, and we also have Darren who runs proper insurance, which is
	...

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