Our June in-person meeting was a resounding success, featuring Rob Bowen, the Owner and President of Patriotic Insurance Group, as our guest speaker. Rob provided invaluable insights into the complexities of insurance for real estate investors.
Rob Bowen’s presentation was an eye-opener for many attendees, providing a deeper understanding of the nuances of property insurance. We thank Rob for sharing his expertise and helping our members make more informed decisions.
TIP: We have put together a property insurance checklist for members to use. Download it here https://hv-reia.com/product/property-insurance-checklist/
Key Takeaways from Rob Bowen’s Presentation:
- The Landscape on Insurance is changing: The landscape of the insurance industry is changing. It’s crucial to review your policies and fully understand your coverage. Don’t risk having a claim denied because you lack the proper protection for your assets.
- Choosing the Right Insurance: Rob emphasized that opting for the cheapest insurance policy is not always the best decision. It is important to consider proper coverage has been discussed.
- Skyrocketing Auto Insurance: Auto insurance rates have significantly increased, impacting overall insurance costs for property owners with vehicle assets. Try taking advantage of bundling your insurance policies for further savings.
- Private Flood Insurance: Exploring private flood insurance options can offer better coverage and pricing compared to federal programs. Rob highlighted the benefits and considerations of private policies. He encourages anyone needing more information to reach out directly to him; see our Business Directory for his contact.
- Elevation Certificates: Obtaining an elevation certificate can significantly impact flood insurance costs. Property owners should ensure they have accurate and up-to-date certificates to avoid overpaying for insurance.
- Sewage Backup Policy: Having a sewage backup policy is crucial for preventing costly damages and ensuring comprehensive coverage for unexpected incidents.
- Equipment Breakdown Policy: This policy is relatively low-cost but offers significant benefits. It covers repairs or replacements of essential equipment, protecting property owners from unexpected expenses.
- Vacant Land Liability: If you own vacant land, ensure you have a liability policy in place to protect against potential legal and financial risks.
- Renters Insurance Mandate: Including a mandate for renters’ insurance in your lease agreements can protect both the property owner and tenants. It ensures that tenants have adequate coverage for their personal belongings and liability.
- Loss of Rent Coverage: This coverage can safeguard your profit line by compensating for lost rental income due to covered incidents, ensuring financial stability during property repairs.
- AI and Roof Inspections: The use of AI in roof inspections is becoming more prevalent, offering more accurate and efficient assessments. Rob discussed how this technology impacts insurance claims and coverage.
- Earthquake Deductibles: Similar to hurricane deductibles, earthquake deductibles come with specific costs and conditions. Rob stressed the importance of understanding these to manage expenses effectively.
- Hurricane vs. Wind Deductibles: Understanding the difference between hurricane and wind deductibles is essential for property owners in hurricane-prone areas. This knowledge can help in making informed decisions about coverage and claims.
Stay tuned for our next meeting and more valuable insights from industry experts!