If you own real estate in the Allen, TX area and use it for commercial purposes, you have special considerations when attempting to protect it from unforeseen circumstances. Various forms of real estate investment insurance available from the agents at Texas Independent Insurance can give you the coverage you need for your business venture.
What is Real Estate Investment Insurance?
It’s a type of liability insurance that protects inventors who rent property and buildings used for offices, service and retail businesses, and residential properties used for investment purposes. These policies frequently contain terms covering reconstruction costs for repairing or rebuilding the property when damage occurs. Three common components include:
- Property damage
- Loss of income
Who Needs It?
Investment insurance isn’t mandatory in most cases, but the more significant the property is, the more likely you will need it. Investment properties are any land or buildings that various entities buy to generate income through rental. This insurance type can protect a wide range of interests, including property managers, buildings, and real estate held in a family trust, as well as individual and corporate real estate investors.
Types of Real Estate Investment Insurance
Many insurance subtypes are similar to those for commercial and homeowner’s insurance. However, investors will also find additional to cover specific risks and prevent inventory from paying out of pocket for losses. Among the specialized policies you can get are:
- Hazard and fire
- Sewer and water line backup
- Pet coverage
- Builder’s risk
- General contractor’s insurance
Some landlord policies bundle several types of insurance together into one document to include commonly used coverage.
We Are Here To Help
If you’re wondering what type of investment insurance would work best for you, Texas Independent Insurance, serving the greater Allen, TX community can help. Contact our office today to schedule your personalized consultation.