• Understand the claims process. Familiarize yourself with how each insurer processes claims and find out if they have any additional services or features that could be beneficial. FINDING THE BEST POLICY AT THE MOST AFFORDABLE PRICE To ensure you’re getting the best coverage at an affordable price, keep these tips in mind: • Gather the necessary information about your property. You should thoroughly understand your prop- erty and its risks to get the most suitable policy. Ensure you know what coverage you need (e.g., liability protection, water backup, loss of rental income). • Shop around for quotes. Compare multiple policies and rates before deciding. Contact different insurance companies and see what they can offer regarding coverage and premiums. • Read the fine print. Once you’ve decided on a policy, read through all the terms and conditions to see exactly what it covers. Doing so helps ensure the policy is compre- hensive enough to cover potential problems or disasters. • Ask questions. Don’t hesitate to ask your insurance provider questions about the policy. You need to understand every aspect to be sure it meets your needs. • Take advantage of discounts. Many insurance companies offer discounts for having items such
It’s also necessary to understand the difference between replacement cost value and actual cash value . Re- placement cost value represents the amount of money needed to repair or replace your property and/or belong- ings at current market pricing. Actual cash value represents the amount of money needed to fix or replace your property or belong- ings, minus the decrease in value of the property because of age or use. The actual cash value of your property may not be enough to fully compensate you for damage from a covered claim. If the amount of damages exceeds the limits of your policy, you will be responsible for paying out any remaining balance. VETTING PROVIDERS Thoroughly vet different landlord insurance providers before deciding on a policy. Here are some best practices to follow when evaluating potential insurers: • Check the provider’s financial stability. Ensure they have solid ratings from independent organizations like AM Best and
as a security system or updating wiring, plumbing, and roofs. Use any savings opportunities available to get the most affordable policy possible. • Review your coverage annually. As time passes and circumstances change, so do your insurance policy needs. Review your policies annually to ensure your policy is up-to-date and still providing the proper protection. Don’t settle for a substandard landlord insurance policy. Take the time to find one that meets all your needs. With comprehensive and effective coverage, you can be confident your investment is properly protected against any unexpected events or losses. •
Laura Olson currently serves as the chief risk officer for Obie Insurance and oversees the underwriting operations, product management, marketing, and
data analytics functions. She is a seasoned insurance industry veteran and entrepreneurial leader with a passion for driving positive change. With a proven track record of success in facilitating digital transformations across complex systems, Olson empowers her teams to imagine and implement integrated solutions that optimize growth and sustainability at Obie. Prior to Obie, Olson held numerous leadership roles with organizations such as Homesite Insurance Company (an American Family Insurance affiliate), Munich Re Digital Partners (a Munich Re company), Esurance (an Allstate company), and CSAA Insurance Group. During this time, she gained extensive experience in underwriting, call center operations, P&L management, product development, brand management, digital marketing, and advanced analytics while delivering profitable growth and fostering strong partnerships with clients and partners. Olson is a previous board member of the Society of Insurance Research and co-founder of the National Network of Professional Women. She holds a bachelor of science in psychobiology, graduating magna cum laude from UCLA.
Standard & Poor’s (S&P), as these agencies rate insurers’
financial strength and reliability. • Read customer reviews. Research customer experiences with insurers by reading online reviews and testimonials on consumer sites such as Yelp or Trustpilot. • Talk to other investors. Ask for referrals from other landlords who have had success working with their insurers. Consider talking to them directly about their experience.
60 | think realty magazine :: may – june 2023
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