What kind of home Insurance & warranty should I have for an investment home?

What kind of home Insurance & warranty should I have for an investment home? 

If you have a rental property you need to make sure that you're getting the right kind of insurance policy for it just talk to your insurance agent make sure they know that it's a rental property, not an owner-occupied property because the insurance policy for rentals is typically a little bit more expensive but the good news is that if the tenant does very extensive damage that goes beyond the normal scope of what a tenant might do the insurance policy will pay for you to fix the property all up and get it re-rented out at an even higher price next time I have seen several people who make the mistake if they take their primary residence and they turn it into a rental which is we call that house hacking and I think that's an amazing idea but they never change the insurance policy so the insurance company still has it as owner-occupied once they find out that it was actually tenant occupied, they're not going to cover your claim and that is going to be devastating and catastrophic so make sure that if you do that house hacking approach and turn the primary residence into an investment property that you notify the insurance company and get the appropriate insurance policy on it.

Now, another type of insurance that I want to talk about is not exactly insurance but home warranties so a home warranty is something we often recommend to our clients if you've got a property, especially in my in Arizona if you've got a property with an older air conditioner highly recommend having a warranty on the property we use a really fantastic company old republic we've been referring them for many many years and we've been very very happy with them but if you have a property that you don't want to get hit with a 5 000 air conditioning bill it might be worth it to pay the 550 every single year to keep that insurance policy going a lot of the stuff that the warranty covers might not totally be worth it. I mean like the dishwasher is a good example if all you've got covered on the home warranty is the dishwasher it might have been cheaper to just buy a new dishwasher but again if you've got a home where you think the air conditioner is it's a little older you know no pre-existing conditions the warranty won't cover pre-existing conditions but it works fine now but it's older and you might not know how much life it has left on it I think one of the best things you can do is keep a home warranty on that so that when it goes out you can get it repaired or replaced for very little out of the pocket expense of your own.

What does this mean to you? If you're even a little bit interested in learning more about participating in the Phoenix housing market as a seller, buyer, or investor... you NEED to know this stuff! Or at least work with someone who is obsessed with the market stats. Reach out to me today so we can start working on making your real estate dreams a reality!

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