Helping You Sleep At Night

When your real estate investing, especially in the red hot market of Alberta, gets down to the nitty gritty of the details, remember that the proper insurance coverage is imperative. You are doing your due diligence in scoping out the right home or investing property so make sure you have an insurance agent working with you that knows not only the insurance market, but the real estate market as well.

Common sense dictates that you don't remove conditions on a property until you have your insurance coverage confirmed. However,when the real estate market is going crazy it is sometimes tempting to remove it too soon as there are other buyers right behind you. Don't! You may have an odd property that is not insurable and you need to know that before you buy the home.

Have your agent confirm that your coverage is at replacement cost and includes rental loss insurance. This will be invaluable if the property becomes uninhabitable for any reason as it will continue to pay you the rental amount until the home is ready to be rented out again. Discuss this extensively with your agent to be sure you are covered. If he is knowledgeable it will be a no brainer for him.

Have your insurance agent be very specific about policy exclusions. There are different levels of coverage at different premiums and you need to be able to sleep at night knowing that your property is covered. These details are simple to discover and have saved many of those investing hundreds of thousands of dollars in the past.

Rhonda Hoffman

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