There are 5 important questions you should be asked when obtaining quotes for dwelling coverage on your investment properties. Understanding the questions you should be asked as well as having the knowledge to provide accurate responses can help you save on your insurance premiums.
If you are a Landlord or Property Manager - insuring your investment properties requires a dwelling policy. In Texas, there are three types of dwelling policies: DP-1 has your most basic coverage, DP-2 carries broad coverage and the DP-3 policy is your Special Form. DP-3 policies offer the most coverage.
The 5 questions you should be prepared to answer for your Agent are:
1. When was the last update to your HVAC unit, roof, electrical system and plumbing?
2. What type of construction is the home made of? (Frame, Brick Veneer, Hardie Plank...all make a difference in the premium)
3. How much coverage will be needed for the dwelling - how much would you want paid out to you in the event of a total loss?
4. Do you have a swimming pool, hot tub, slides, trampoline, animals (if a dog will be on the premisis, which breed), etc.?
5. Is your garage attached or built-in and are there any detached structures, such as sheds or carports needing additional coverage?
Simply doing some research and knowing all of the information before you make the call for a quote, can possibly save you some time and money...and an even better tip is to reach a Broker, who can obtain multiple quotes for you with many different companies in one phone call!
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