A real estate investor needs the following types of insurance:
- General Liability Insurance: This policy will protect you from any third-party claims arising from property damage, bodily injury or personal liability related to your investment activities.
- Property Insurance: Property insurance covers losses due to fire, theft, vandalism and other physical damages that may occur at an investment property. It can also provide coverage for loss of rents in case a tenant is unable to pay rent due to damages sustained at the property.
- Builder’s Risk Insurance: This type of insurance provides protection against damage during construction or renovations on an investment property before it is ready for rental or resale purposes.
- Professional Liability Insurance (Errors & Omissions): Also known as E&O insurance, this policy protects real estate investors from negligence claims resulting from errors made while providing services such as managing properties or giving advice about investments and transactions involving real estate investments.
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