Читать книгу Property Management Kit For Dummies - Robert S. Griswold - Страница 73

One of the most important steps in the takeover of your new rental property is securing insurance coverage. Make sure that you have the proper insurance policy in place when you legally become the new owner. Most lenders won’t fund your loan until you provide written evidence that the property is adequately insured. Although the seller’s policy won’t protect you in any way, request a copy of their existing policy or declaration of coverage and the loss history (typically, for the past five years) because this information can be very helpful to your insurance broker or agent when analyzing the property to determine the proper coverage.

When you receive the current insurance information, take steps to verify the accuracy of all records. If certain representations about the types and amounts of coverage are made verbally, not in writing, protect yourself by sending written documentation to the seller and all agents to confirm any information you’ve received. This step can be important in preventing future disputes about the representations made by the seller or any of the agents.

Always seek the advice of a professional insurance agent when obtaining insurance coverage. To avoid the unpleasant surprise of very high premiums, be sure to have your agent run a loss history on your new property before you close escrow to determine whether any losses have been claimed. You may find that the property had significant claims in the past, which affects your ability to find reasonably priced insurance coverage. The loss history can also show problems that have occurred at the property, including several small ones that can indicate larger ones (such as plumbing leaks). Finally, you should ensure that no claims have been paid by the current insurer for repair or replacement work that hasn’t been done.