Maryland Investment Property Insurance
Residential and commercial investment properties require specialized coverage depending on the specific needs of each property owner. At Balderson Insurance, an independent insurance broker, we have access to several of Maryland’s leading insurance carriers. Because we are able to shop among many of the state’s top insurers, we are able to find the right policy to fit the needs of each client we serve. For further information and a free quote for Maryland investment property insurance, contact us today at (301) 874-0772.
Insurance Needs for Property Investors
If you are a real estate investor, it is important to have the proper amount of insurance to protect yourself. However, it is also important to make sure you are not over-insuring or carrying the wrong types of insurance coverage for your particular property. Every investment property is different. As such, each investor has specific insurance requirements. For example, if your property is located in a Maryland coastal area such as Chesapeake Bay, your coverage needs will differ from a property located in the western part of the state.
Another important factor to consider is what you are planning to do with your property. When it comes to real estate, some investors buy property with the intention of renovating/remodeling and flipping it for profit. Others plan to bring in tenants and collect rental income. The purpose of your investment will largely determine the coverage you will need.
What is included with Investment Property Insurance?
Investment property policies include many of the same elements as a homeowner or commercial property policy, such as hazard and fire insurance for the building and other structures, liability coverage to protect you against property-related lawsuits, personal property for items on the premises that you own and water/sewer backup coverage.
Some optional add-ons should be considered depending on your needs, including:
- Loss of Income: If you will be renting your property to tenants, this compensates you for rental income lost (typically up to 12 months) resulting from a covered incident.
- Builder’s Risk: If you are remodeling or renovating a property to sell later, this protects you for losses during the construction phase.
- Vacant Property Insurance: If your property will be unoccupied for any length of time, vacant property coverage can provide specialized protection while there is no occupant.
- Flood Insurance: If your property is in a designated flood zone or in an area that is susceptible to heavy rainstorms and/or hurricanes, you may be required to purchase flood insurance.
Owning investment property can be a great way to build your portfolio and net worth, but you must make sure you have the right insurance, otherwise you can expose yourself to many common risks. Speak with us today and let us help you find the right MD investment property insurance to protect your most valuable assets.