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What’s the value of a 1-stock stock broker?

You wouldn’t buy a stock from a broker that just sold one stock. So why do you buy insurance that way? Unfortunately, so many real estate investors do exactly that. They go to an insurance agency that has one box (if you will) and one product. Sometimes investors fit in the box and other times, not so much. There are other options. Gila Insurance Group is an Independent Insurance Agent. What does that mean?  It means we represent multiple different companies. We have lots of different boxes and we work to find a policy that works for you. It means you fill out one application and get multiple quotes back. It means we have investor insurance options. It means we have investor insurance solutions. Options and solutions for you!

Are you just starting out and are doing your first flip? Or are you a seasoned long-term buy and hold investor with hundreds of properties under management? Here is what we have to offer.

For rehabbers: We work with Arcana, American Modern, Foremost, and Vacant Express. Each of these programs are a little different and can be modified to provide you with what you need.

Each includes:

  • Liability
  • Medical Payments
  • Coverage for the Dwelling

These Programs were designed with you in mind. For example, Arcana has no minimum earned premium. Meaning you get charged for just what you use. American Modern has a builder’s risk endorsement if you are adding on to the existing structure. Foremost allows you to have comprehensive coverage on the dwelling while its under renovation.

For buy and hold investors: We work with 9 different companies that work with Landlords. Some of these include CSE Insurance, Safeco, Travelers, Arcana, American Modern, Foremost, and American Reliable. Whether you have 1 or thousands we have insurance solutions that can help you drive down your cost with the coverage you need. Things like:

  • Liability
  • Coverage for the Dwelling
  • Loss of Rents

The key is to outsource the shopping to someone else. Someone like Gila Insurance Group. We have been working with investors for years and understand the struggles you face. In fact, we are investors ourselves and understand higher insurance costs mean lower returns and less cash in your pocket.

Don’t wait! Declare your independence by working with an Independent Agent or Broker like Gila Insurance Group LLC. Start your quote online now!

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Insurance is unfair!?

Insurance is unfair. Really. As amazing as it is and with all the incredible benefits it provides (if you have had a big loss you understand) it’s still unfair. Even with its affordable price (yes, I just said that) it’s really an incredible thing, but it’s also unfair. I mean, have you read your policy? Its incomprehensible! Yet also so simple.

Let’s address one of my insurance nightmares; “Sudden and Accidental.” Usually a policy covers things that are “sudden and accidental.” This is simple.

Suddenly and accidentally a fire started.

Suddenly and accidentally a tree fell through the roof.

Suddenly and accidentally the wind blew the shingles off.

The trouble is, there is one exception. This is incomprehensible.

Suddenly water started coming out from under my baseboards…

Or

Suddenly I noticed that my wall was squishy. When we opened it up there was ALL KINDS OF MOLD!

You call your company and tell your story, and they tell you,

“Sorry, it’s not covered.”

You irately respond with something like:

“What do you mean!?!”

They respond with something like

“Well, it wasn’t sudden and accidental. That leak has existed for a LONG time. Mold was growing. It was a maintenance issue.”

It had been there, but how are you supposed to know? See why it’s my nightmare?

Insurance companies like to insure stuff that is random and unpredictable and sometimes a leaky pipe is random when it bursts and floods the home with 3 inches of water. Other times, it’s an old house and the pipes are old and worn out so, they leak. You see the difference? Insurance companies don’t like to insure wear and tear, in fact it’s actually excluded. It’s part of the issue of owning the home. Stuff gets used, including the house. You have to fix, replace and repair stuff. Car Insurance does cover oil changes, and home insurance doesn’t like to cover stuff that is similar. But how are you supposed to know about the leak lurking behind your wall. You can’t, and it’s unfair.

[Enter the insurance equivalent of the Justice League]

Until now! Travelers Insurance Company has now come out with a coverage that you can buy that fixes this exact problem! Yes, you can now purchase a policy that covers that lurking leak. Ask us about the “Enhanced Water Package” from Travelers today and see how you can change unfair to fair on your insurance policy.

Don’t wait! Declare your independence by working with an Independent Agent or Broker like Gila Insurance Group LLC. Start your quote online now!

Breaking Down Your Rental Home Insurance

Rental Home Insurance Safford, AZ

Rental Home Insurance Safford, AZInsurance policies have their own dictionaries? Yes it’s called the definitions and there is a reason they define things, so there are no questions later.

Rental Home Insurance Definitions

Demystifying your insurance policy

The definitions of any insurance policy are super important, especially for Rental property coverage,  and unfortunately they are usually clear as mud. But, they make a HUGE difference in how things are covered. So while you might have an idea of what a given word means, it is important to understand how the insurance company defines things.

For example, there are a few basic definitions that anyone looking at a policy should understand.

  1. You: You’ll want to always be a “you” in policy. Why? Because the named insured gets the best coverage. Period. What do I mean? Remember that thing I said about the declarations page “driving” the policy. Well, the policy contract, that big stack of stuff that comes in the mail, doesn’t have your name on it, as it is general in nature.  Instead, it says things like “you” will be covered. In the definitions it says things like, “you” and ”your” to refer to the named insured, which is shown in the declarations. See why being a “you” is so important? I know, I know, clear as mud.
  1. Bodily Injury: You might also see a definition for bodily injury that will say something like, “Bodily harm, sickness or disease including death.” Notice that there is no coverage for personal injury, which includes things like libel, slander, false arrest, wrongful eviction, and invasion of privacy. This can be a big hole in an insurance policy and underscores the need for you to be a wise investor and landlord, NOT someone shooting from the hip. In fact, many companies covering rental properties will define their liability as “premises liability” to ensure there is no confusion about their lack of coverage for personal injury. Now, some companies will have an endorsement where you can add personal injury coverage, but not all so be sure you know what you are buying.

Alright, alright, I will step down from my soap box, but these are important things to know, because it could affect your decision making. Make sure you are a “you” in your policy, make sure purchase coverage for personal injury, and make sure you have a risk management strategy for avoiding personal injury claims, due to a wrongfully evicted a tenant, or crossed a privacy line. See, definitions matter.

Start your quote online now, or contact with questions about the definitions. Our licensed agents can walk you through the process, just call 1-877-784-6787.