What is Investor Properties Insurance?
Investor properties insurance is in service of all property investors, giving them a peace of mind, that each property in their real estate portfolio has enough insurance coverage. Argo Insurance has you covered in all cases – from flips, to vacant properties to ground up course of construction.
Property investments is a fairly new market, with over $20 billion of fresh capital being infused into it from institutional investors and private sources of capital. Our Investor Properties Insurance is tailored exactly for the needs of investors who purchase portfolios of properties.
What coverages does the Investor Properties Insurance include?
Argo’s Investor property insurance includes coverages for all types of properties and projects.
Rental properties coverage
When the ordinary condo unitowners or homeowners policy just doesn’t cut it for you, the investor properties insurance protects your valuable property, covers you in case of liability claims, as well as provides lost rental income if your property is too damaged to rent due to a covered loss;
Vacant properties coverage
Property investors often find their commercial property vacant, due to different reasons – renovation or ownership transition, for instance. Homeowners policy doesn’t protect such properties. Vacant properties are at greater risk of being damaged due to vandalism, weather perils, fires, theft etc, since being unoccupied. With Argo’s Investor properties insurance investors can be sure, that even their vacant properties have proper coverage.
Habitational property insurance
A well-crafted HPI can protect your investment in commercial residential properties from the unique risks and challenges of renting your property to tenants. The Habitational property insurance is tailored to the needs of all property investors, developers and owners. As well as managers of habitational/multi-unit residential buildings, industrial developments, hotels, boarding houses and student dormitories etc.
Commercial rental properties
If your property portfolio includes retail stores, shopping centres, office buildings or other commercial properties our Investor properties insurance can protect your investments when it comes to leasing or renting them out. Includes general liability, umbrella insurance, workers compensation etc.
Lessor’s risk
Lessor’s risk insurance is an essential policy for protecting you against liability, if you have invested in a building you use for the purpose of leasing retail, warehousing, office or personal space to others. It covers you in case of lawsuits if a lessee or a customer of the lessee sustains physical injury or property damage while on your premise.
Builder’s risk
Coverage that protects the investor’s insurable interest if materials, fixtures and/or equipment being used in the construction or renovation of a building or structure sustain physical loss or damage from a covered cause. Builder’s risk covers your buildings from perils such as fire, wind, theft, vandalism etc.
Vacant lot liability
If you own or you’ve invested in vacant land, it needs to be insured, too. Because there is always the chance a kid or a passer-by could sustain physical injury on a vacant lot that you or your company owns. You could end up in a civil lawsuit, because people have the right to sue the owner if they get hurt on their property. The vacant lot liability of Argo’s Investor properties insurance can save you those headaches. No matter how slim the chances for such incidents are.
Construction bonds
These are types of surety bonds, which property investors use in construction projects. They protect against disruptions or financial loss in case of a contractor’s failure to complete the project or to meet contract specifications. They are also called contract bonds. The main types of construction bonds are:
- Bid bond – each contractor submits a bid bond along with their bids. It protects the project owner in case the contractor backs out of the contract after winning the bid;
- Performance bond – replaces the bid bond when the contractor accepts the bid and proceeds to work on the project. It protects the investor in case the contractor’s work doesn’t meet the agreed terms of the contract. As well as if the work is defective or subpar;
- Payment bond – also known as labor bond. Guarantees that the contractor has all the financial means to finish the project. Including compensation for workers, subcontractors and suppliers.
Argo Insurance will work with you to create the insurance policy, which matches your exact needs. Our agents will help you choose the right policies and coverages for your property portfolio.
All content is for general information purposes and does not constitute insurance or legal advice.
