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Real Estate Investing Power Team Question Series: Insurance Agents or Brokers

As you build your Real Estate Investing Power Team you may want to have several questions that you ask each potential member. Insurance is something you hope you never need, but you are sure glad you have it when you need it.

There is not an exact script to interview your Insurance Broker or Agents, but here are several questions you can consider asking your Insurance Agent:

1. What type of insurance coverage do you recommend to real estate investors?

2. What does this coverage normally cover?

3. What does this coverage normally exclude?

4. What are the premiums or rates for this insurance coverage?

5. How long is this rate good for?

6. Are there other policies I should consider over this one? If so, why?

7. Can you tell me about your experience as an insurance agent?

8. Will I always deal directly with you or other staff in your office?

9. If I have a claim in the future, how does the process work to file the claim?

10. How long does it take to normally pay out a claim?

11. Can you inform me if a property is in a flood zone and requires flood insurance?

12. If a property is in a flood zone do you provide insurance and can you always quote a price in advance of me purchasing the property?

13. As a real estate investor can you explain the benefits, costs and coverage of a general umbrella insurance policy for liability?

14. If applicable, can you provide insurance for hurricane, earthquake, etc.? If so, go over the types of coverage available, exclusions and cost.

15. Is it more advantageous to have a higher premium or a higher deductible? Which would benefit me based on my situation?

16. Are there any other insurance policies I should be aware of based on my real estate investment business?

17. Can I get an email and secondary number either cell phone number or office phone to contact you with further questions?

 

THIS IS MY BUSINESS!

 

Joe Jurek

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