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13 NovBonds versus Insurance Policies
Bonds may be sold by licensed insurance agents, but they aren’t the same thing as insurance polices. In fact, they aren’t even similar. Obtaining routine permit and license bonds is relatively easy, but unfortunately, bid and performance bonds (among others) require detailed underwriting and company financial records.
Read More ...01 Oct1099 ‘Subcontractor’ vs. W2 ‘Employee’
As a business owner or investor, you probably hire people on a fairly regular basis either for part-time or seasonal assistance or as full time help, and like many small employers, you want to avoid paying payroll taxes, you don’t want the ‘responsibility’ of an ‘employee’ and you choose to pay on a 1099 basis and then call these workers ‘subcontractors’ – but are they really – or do you simply assume they are ‘subcontractors’ because you don’t pay their taxes? What’s the real difference between a W2-employee and someone paid on a ‘1099’ basis?
Read More ...15 JanDwelling Policies vs. Builder’s Risk
Not all houses are created equal – and neither are insurance policies. If you are an investor and you have ever purchased a rehab property using only ‘builder’s risk’ insurance – you’d better continue reading. Few people, including investors and full-time real estate professionals, have any real understanding of what property insurance is, the various coverages used, endorsements, and, most important, exclusions.
Read More ...14 JanClaims Made vs. Occurrence Policies
What you don’t know can hurt you. As an investor, especially a commercial buyer or general contractor, there are some things you should definitely be aware of regarding your liability insurance. The same holds true if you are a licensed Realtor or mortgage professional.
Read More ...14 JanBuilder’s Risk 101
contrary to its name, a Builder’s Risk policy may not be applicable in many remodeling and construction projects and this is the most commonly mis-sold policy in the market – which means that thousands of people each year pay for insurance which they never really even have.
Read More ...14 JanHow a Property’s Reconstruction Cost is Determined
When it comes to determining how much value you should insure your property for, one issue that seems to continually cause confusion and misunderstanding is that of a property’s reconstruction amount, also commonly referred to as its replacement cost.
Read More ...14 JanWhy Price Should NEVER Be The Only Issue
The price of insurance is always a factor in whether or not to purchase an insurance policy, but it should never be the factor. Price is obviously important, but it isn’t nearly as important as the actually coverages you are purchasing to protect yourself and your family.
Read More ...14 JanInsuring Vacant and Actively For-Sale Properties
To get right to the point, there is no one-size-fits-all policy and properties which are either vacant or held for sale at the time an insurance policy is applied for cannot be written with a standard-market insurance carrier and they require different types of coverages.
Read More ...14 JanPremium Financing Explained
Premium Financing (aka Premium Funding) refers to the act of a third party paying an insurance premium for an insured and then receiving back payments plus interest.
Read More ...14 JanInsuring Short-Term & Vacation Rentals
Are you an investor who owns short-term vacation or rental property? Or, are you a homeowner with a nice home located near an area of interest that you lease out periodically for vacationers or weekend travelers looking for a three-day getaway? If so, this question is for you: What’s the difference between a rental home occupied by a full time tenant and another home occupied by multiple tenants, each for a short period of time?
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