They say prevention is better than cure. That is why when it comes to properties, we have insurances that protect us from risks such as fire, theft, flood, and some other damages. However, not all insurances are made easy to understand and without a hitch. Almost all of the time, they have with them some nuances that, when not looked at very well, might lead you to a whole other damage. Marco, together with MC Laubscher of CashFlow Ninja Podcast and the president of Producers Wealth, explore some of the basics of property insurances as well as some of the uncommon scenarios - from the costs and policies to beneficiaries and more. They break down some of the basic types of insurance, coverage, and even things you need to know about short-term rentals like Airbnb.

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Insurance, It's Not What You Know But What You Need To Know
Property insurance provides protection against most risks to property such as fire, theft and some other damage. These include specialized forms of insurance such as building insurance, contents insurance, fire insurance, flood insurance and even earthquake insurance. They say prevention is better than cure. The cost of property insurance often depends on what it would cost to replace the property in which additional items to be insured are attached to that policy. The insurance policy itself is a lengthy contract as you know and the names on that contract determine who the beneficiaries are. It also specifies what will and will not be covered or paid in the case of various events. Let's explore some of the basics and nuances of property insurance as well as some of the uncommon or even strange scenarios with my guest.

It's my pleasure to welcome Ed Babtkis to the show. Ed is the Founder of Ross Diversified Insurance Services and they're licensed pretty much nationwide. The last count was in 49 states. They insure thousands of properties all around the United States. They're investors themselves, which is refreshing because a lot of insurance agents out there do not buy property and invest themselves. They fully recognize the needs of customized insurance for real estate investors. Ed, welcome to the show.

Thanks. I’m enjoying the opportunity.

Let's cover some of the basics when it comes to insurance. From that, we'll talk about some of the more uncommon or strange scenarios that come up with insurance that we didn't talk about last time. You told me that it's not what you know, but it's what you don't know that you should know about insurance. It's all about what you need to know. Let's start with the most fundamental and basic thing. How much insurance should an investor have in place? It's more about what kinds of insurance should they have in place.

The type of insurance is commonly referred to as an owner and landlord-tenant policy or simply a single-family rental insurance policy where the investor who buys the property, the property is not his home. It's not a homeowner’s policy. It has different exposures in regard to liability through its tenant. It has different exposures with people who may break into the property because it may be vacant in between occupancies. Commonly this industry is called an owner landlord-tenant policy. OLT would be an acronym. The investors who are buying properties need to have something to protect their interests much more c...