Video: Insurance Tip for Property Owners

SAN FRANCISCO — Host, Sarah Rutan: If you own a rental property in addition to your primary residence, you’ll want to make sure your insurance policy is properly updated. Today we’re in San Francisco with Diamond Certified Expert Contributor Quan Phan of GBA Realty to learn more.

Diamond Certified Expert Contributor, Quan Phan: One of the important part of owning a rental property is that having a right insurance policy is critical with that. A lot of property owner, after owning the first home and moving on to the second home, and they decide to keep the first home as a rental or investment property. A lot of time property owner forget to update their insurance policy.

Now keep in mind, when you live in your property your insurance policy called home owner insurance policy. But, when you actually renting out your home and you no longer live there, and that insurance policy at the same time have to be corrected, meaning update to what we call it rental insurance policy. Now, by having the right insurance policy, will help you prevent any unnecessary cost in the future when it come to issue with your rental property, whether it’s the tenant issue or the property structure and so on, so far.

Host, Sarah Rutan: To learn more from local top-rated companies, visit our Diamond Certified Expert Reports at experts.diamondcertified.org.