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Understanding Insurance Language: Named Insured vs. Additional Insured

Insurance can be complicated, and policies contain words and phrasing that can confuse many people. For some, they don’t read their insurance policy, so they may not know what’s in it.  At APIA, we care about our clients. They are the ones purchasing the insurance and it’s their money so, we want to make sure they are educated on what they paid for.

Property Investor Insurance: Actual Cash Value vs. Replacement Cost Value

property investor insurance, property investment insuranceInsurance policies are difficult to understand, we all know that. ACV, RCV, what does it all mean? Clarification of the insurance language is important.  There are very few people who will read a policy cover to cover and understand what it means. This article is intended to take basic information of property investor insurance and explain what it means to you.

Understanding Insurance Policy Language: Vacant Home Insurance

investment property insuranceIn the world of insurance, there are many different types of insurance policies.  Each of these policies has coverage for that specific policy type such as an automobile, home, and life policies. Insurance is important and sometimes required by law.  People know this requirement, so they purchase a policy.  The question is, do they really know what the policy covers or does not cover?  Probably not.  There are insurance companies who care about their clients and believe that if they are going to spend the money, the policyholder should know what’s included in coverage and if there are any restrictions. Vacant home insurance is one of those that you need to pay attention to.

Insurance claims The cost of an insurance policy should never be the only factor in your decision-making process because we all know, you get what you pay for. No matter what your purchasing, the price is always a factor, but it should never be the only factor, especially when you’re purchasing an insurance policy. Price is important but it’s not nearly as important as the coverage that you are purchasing to protect yourself and your business. The problem with only considering cost is this, your insurance doesn’t matter until you really need it, and then you get what you pay for. Everyone wants a lower premium until it’s time to file a claim.

The Insurance Claims Environment When Massive Catastrophes Occur

insurance claims, disaster recovery insurance, insurance adjustersConsidering the major catastrophes that have occurred during the latter half of 2017 in our country, it’s the appropriate time to talk about the insurance claims process and how catastrophes of this nature affect people who have basically lost everything. The hurricanes that affected the Texas Gulf Coast, Houston, the State of Florida, Puerto Rico and the US Virgin Islands and the devastating California wildfires have created total mayhem when it comes to insurance claims being filed by people just trying to get back on their fee.

A Few Important Facts About Force Placed Insurance

force placed insurance, property insurance, property managementThe necessity of having complete property or home insurance coverage is no secret. However, what happens when a resident stops paying their homeowners insurance, or if the lender doesn’t believe the coverage is sufficient? This is where force placed insurance comes into the picture. This type of insurance guarantees the property is fully protected, no matter if someone is living in it or if it’s currently vacant. As it deals with the industry and business of managing multiple properties, here are a few important factors to know.  

Property Insurance and Five Things Every Landlord Should Consider

property insuranceLandlords need to have property insurance not only to protect their property but themselves as well. There are many different factors and variables to consider when searching for the perfect insurance policy. Not all parts of the policy may apply to you, but it’s always better to be over-protected than under-protected. Here are five things a landlord you should keep in mind consider when searching for property management insurance.      

What Is the Purpose of No Fault Insurance?

no fault insurance, OREO insurance, property insuranceAs the owner of multiple properties, you should consider obtaining no fault property insurance coverage. When you decide to own rental properties, you never know what kind of damage or personal injury could happen to the tenants and their guests. You also don’t know if the tenants would ever decide to sue you. If this were to occur, your homeowner’s insurance policy won’t provide coverage or pay the claim. With no fault insurance, you’d be able to file an insurance claim even if you had nothing to do with the damage or injury.

What to Look for in a Property Investment Insurance Company

Property Investment Insurance, property management insurance, REO Property InsuranceA typical homeowner's insurance policy will not work for investment properties. Homeowner insurance is specifically for a "Home Owner".  The owner or family should be the persons living in the property.  If an investor with a rental property should accidentally have a home owner policy, there is a great possibility the coverage could be compromised.  This could be a costly mistake for a property investor.