Is There A Different Insurance For Property Investors?

​Your business is your largest investment. Insurance is not just there to protect against large losses caused by earthquakes, floods, or fires. Your insurance may also ensure that your biggest asset is protected. Many investors are aware of one aspect of property investing, and it goes without saying: you have to have insurance. If you are not adequately insured, you may find yourself financially vulnerable in the case of a partial property loss, a whole property loss, or even a liability lawsuit.

Different types of insurance options fit for property investors that may help cover against unexpected property loss and lawsuits.  

Types of Insurance for Property Investors
Different types of insurance options are available for property investors that may help cover unexpected property losses and lawsuits.  

Here are the main types of insurance for property investors you might consider investing in.

Liability Insurance 
Liability insurance may cover costs associated with work-related claims, including compensation for injuries to workers or damage to property.

 This type of insurance may provide security for the following:

• Loss of income
• Property damage 
• Medical expenses
• Rehabilitation 
• Lawsuit
• Other needs that can arise because of an incident

Hazard and Fire Insurance
Hazard and fire insurance are designed to protect against the financial consequences of a loss related to fire, accident, or other forms of physical damage. Hazards are the damage to the structures caused by storms, fire, or theft.  

Flood Insurance 
You might need flood insurance if your property is located in an area prone to floods. Flood Insurance is a form of protection that may cover damages to your property caused by flooding.  

The flood insurance may compensate for:

• Water damages due to broken pipes
• Floods
• Hurricanes

Loss of Income Insurance
This insurance may protect you if your property becomes inhabitable due to fire or natural disasters. If you are a landlord with a property rented by tenants, then this insurance may be helpful to you.

Landlord Insurance
Also known as rental property insurance, this type of insurance usually has the different types of coverage that a property investor needs. Note that this type of insurance does not cover your renter's belongings.

 Landlord insurance may cover the following:

• Property Damage
• Lost Rental Income
• Liability Protection
• Hazards

Final Thoughts
As a property investor, you mustn't overlook your biggest investment. All businesses can face times where they cannot operate due to circumstances beyond their control. If you have a business, insurance may be necessary to protect you against any losses. 

At Hayek Insurance, we do our best in making sure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (805) 496-8835 or Click Here to request a free quote. Any coverage discussed is not guaranteed. Contact us today to go over your specific needs and we are happy to help you find a policy that works for you and your budget!