D&O Duty to Defend vs. Reimbursement Policies
Real Estate
Real Estate Insurance to Protect Your Properties
Customized real estate coverage to meet your unique needs
Creative Real Estate Insurance for Owners, Developers, and Property Managers
There’s a lot more to real estate risk management than property insurance. From vandalism and theft; to fire and severe weather; to pest infestation, contractual disputes and Fair Housing lawsuits, there are many issues to contend with. If you’re a real estate developer, the list is even longer.
Whatever your connection to real estate, you need to make sure your properties and your assets are protected. Whether you need to insure a single building or an entire portfolio of real estate investments, Heffernan Insurance Brokers has a solution to help you control your total cost of risk.
When you work with Heffernan, you’ll benefit from our expertise in commercial, residential, mixed use, and urban and rural properties. We’ve partnered with real estate agents and brokers, mortgage brokers, appraisers, property managers, and real estate consultants and have developed specialized risk management programs for each.
On the development side of the business, we are uniquely skilled at customizing coverage to meet the unique needs of mixed use projects. This is essential not only for asset protection but also to satisfy the interests of lenders and investors.
In addition to having appointments with almost every insurance market in the country (and abroad), The Heffernan Real Estate Program has access to a Tenant Legal Liability Captive and an Umbrella RPG that that are not accessible to most brokers.
Frequently Asked Questions
Explore key questions about Real Estate Insurance.
What is Real Estate Insurance?
Real estate insurance is specialized commercial coverage designed to protect property owners, managers, and investors from risks associated with real estate operations. This insurance ensures that real estate businesses can continue operations smoothly, even during unexpected events.
What does Real Estate Insurance cover?
Real estate insurance covers risks specific to property ownership and management, including property damage, liability, and loss of rental income. It also offers protection against natural disasters, vandalism, and tenant-related risks. Tailored policies may include coverage for construction projects and property management services.
Who needs Real Estate Insurance?
Real estate insurance is essential for property owners, managers, and investors. It’s crucial for those facing risks like property damage, liability issues, and loss of rental income. Businesses involved in construction or property management should also consider this coverage. Any entity involved in real estate can benefit from real estate business insurance to safeguard investments and operations.
What are the costs of Real Estate Insurance?
The cost of real estate insurance varies based on property size, location, and coverage needs, typically ranging from a few hundred to several thousand dollars annually. Key factors include property value, extent of liability insurance for real estate agents, and specific risks like natural disasters or vandalism. Additional coverages, such as loss of rental income, can also influence costs. Working with an experienced broker can help tailor a policy to optimize costs.
How to get Real Estate Insurance?
To get real estate insurance, contact an experienced insurance broker specializing in the real estate industry. They will assess your needs, including coverage for property damage, liability, and loss of rental income. Provide detailed information about your operations, including property value, location, and unique risks. The broker will tailor a policy to fit your requirements and provide quotes from various insurers. Once selected, the broker will guide you through the application and underwriting process to secure coverage.
Startups and Small Businesses
For startups and small businesses looking for a customized insurance quote, get in touch with one of our specialists.
The bottom line: You can count on Heffernan to creatively and aggressively market your real estate insurance program, and to help you find solutions that fit with your company’s risk appetite.
For a comprehensive review of your risks and your current coverage, and to find out how Heffernan can help your real estate business, contact us today.
Tools & Resources
Related Articles
D&O Duty to Defend vs. Reimbursement Policies
Product Liability Risks for High-Tech Goods
How RSUs Can Impact Work Comp Premiums