Chapter 16
Protecting Your Investment
IN THIS CHAPTER
Creating your risk management plan
Looking into insurance options
After years of accumulating resources, every investment property owner needs to be concerned about protecting her assets through insurance and risk management programs. After working and sacrificing to build your wealth through real estate, don’t be careless and lose it.
The concept of risk management includes much more than simply having an insurance policy. You need to take care to practice proper maintenance and record-keeping and require that others provide you with coverage for their activities. That’s what this chapter is all about.
Developing a Risk Management Plan
Many people get into the world of rental real estate without knowing how much risk they’re exposed to just by owning real estate. You may read stories in the newspaper about lawsuits against deep-pocket defendants without much personal concern, but it’s a reality check when you’re suddenly considered to be the one with those deep pockets.
Real estate investment property owners need a plan to minimize risks because they’re frequent targets of those who suffer a personal injury or whose property ...
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