Off-market and Wholesale Investment Real Estate Property Blog
- Smart Money Podcast
- October 1, 2021
What You Need to Know About Property Insurance for Off-Market and Wholesale Real Estate
Once you've found a property that you like you will need to get property or home insurance to secure your asset against any potential unforeseen accidents and unfortunate circumstances. There are different types of home insurance or property insurance depending on whether you'll actually be living there yourself whether you'll be renting it out and whether or not the tenant themselves will be having insurance. However no matter the case you will always need property insurance it is the best way to not only protect your assets against any unfortunate circumstances, but also a legal requirement.
FindOffMarket is Canada's Largest source for off-market and wholesale properties. We'll help you find the perfect investment property!
Insurance will typically cover you in the case of:
- Liability Coverage
- Contents (depends)
- Rental income (depends)
What is Property Insurance?
Property Insurance is a type of insurance to protect your property (typically as a non resident of the property). It differs slightly from a home owners policy which is what one typically gets when they live at the property.
How is it different than home owners insurance?
The coverage from home owners insurance is typically more in depth and has coverages that are not necessary when you don't live or store anything at the location. Landlord or property insurnace can also include a Rental income clause which would cover lost income (under the terms of the agreement).
How much does property insurance cost?
Home insurance is very affordable. Depending on the policy specifics such as the limit the deductible and whether you're getting any policy add ons such as jewelry or bicycle coverage the premium (which is the amount that you're paying every single month or typically per year) will change. As a general rule of thumb if you're going for a relatively basic policy you should expect to pay around 0.25% of the property value.
Where do I find the Best Investment Properties?
You can either work with a real estate agent to look for listed properties, this method will likely have many competitors bidding on the property and is costly as the agents collect commission fees.
Another option is to sign up for mailing lists of individual wholesalers, but this is inefficient and requires consistantly monitor your emails.
Alternatively the easiest, fastest and cheapest way is to use FindOffMarket! We have the largest listing database of off market and wholesale properties in Canada. We aggregate the information and provide powerful data analytics tools to help you find the most profitable properties in a matter of clicks! Check out some link here:
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