Although it is an important aspect of real estate investing, the topic of insurance is often overlooked. Whether purchasing a property to rent out or to renovate and flip, investors who are not properly insured might find themselves with financial regret. Muller Insurance, an independent insurance agency serving New Jersey, New York, Connecticut, Pennsylvania, and other states, dives deeper into the topic of property insurance and explains why it is so crucial for investors.Different Types of Insurance CoverageWhen property investors have the correct coverage in place, they can protect themselves in the event of partial property loss, total property loss, or even a liability lawsuit. Without insurance, dealing with such scenarios can force an investor to dip heavily into their savings – or even end their real estate career. That’s why investors should think about the different types of insurance policies early on, as well as decide which coverage is right for them and their ventures. The different types of insurance include:Landlord InsuranceAlso known as apartment building insurance, landlord insurance is a great place to start for property investors looking to rent out to tenants. This type of insurance policy bundles together the typical protection a landlord will need, including coverage for liability, hazard, and loss of income.Liability InsuranceWhether you’re planning to rent your new property out or flip it for a profit, liability insurance is important to have as an investor. This policy helps cover accidents that may occur on your property involving your tenants, their guests. This particular coverage is especially important should a lawsuit be filed against the property owner.Hazard and Fire InsuranceHazard and fire insurance typically are included in a basic policy, but it is still important for an investor to ensure they have this essential coverage. Hazards covered may include expensive property damage caused by storms, fires, or theft, to name a few.Flood InsuranceAs a real estate investor or landlord, you may be under the impression that your basic insurance policy, which typically includes water damage, will cover flooding damage to your property. However, that is not the case. Many policies do not cover water damage from an outside source, such as a flood. To protect themselves, property owners will need to include separate flood insurance coverage in their policy – especially if a flood map shows their location is susceptible to flooding.Builder’s Risk InsuranceBuying a property to renovate it and sell for a return on investment can be an extremely profitable business model for investors. Even though the reward can be high, there are potential risks involved. Investors should acquire builder’s risk insurance to help combat potential pitfalls. This short-term policy generally covers events such as theft, vandalism, and property damage.Worker’s Compensation CoverageIf you’re an investor who makes a living from rental properties or flipping, you may have grown your business to the point where you’ve hired employees. Obtaining worker’s compensation insurance can help protect you should one of your employees need medical attention due to injuries sustained on the job.Umbrella InsuranceKnown as a type of secondary coverage, umbrella insurance can protect real estate investors once the limits on their standard liability policy have been exceeded. This can be crucial for an investor should they ever find themselves involved in a lawsuit.Work With Us for Your Property Insurance Needs Taking on the challenge of being a property investor or landlord requires extensive knowledge of all aspects, including property insurance. As every property and investment is different, it is essential to work with an experienced insurance agency that has your best interest in mind. Muller Insurance, an independent insurance agency, can help real estate investors in New Jersey, New York, Connecticut, Pennsylvania, Nevada, and other states receive the correct coverage they need. As an independent agency, we can provide personalized services to our clients and offer accurate, independent advice at a better value. Property investors seeking additional information on the types of policies they need should contact us today.