Real Estate

Confused About Rented Dwelling Coverage? We Have the Answers

Confused About Rented Dwelling Coverage? We Have the Answers

When you are first starting out as a landlord, it can be difficult to navigate all the legal requirements as well as ensure your investment is fully covered from risk. Finding the right insurance for your rental property is of the utmost importance, especially since people you don’t know all that well will be staying in your property.

While rented dwelling coverage is not required by law, it is highly recommended that you take out a policy to cover your rented condo a or home. Something you should know about rented dwelling coverage going in is that most insurance companies consider rental properties to be a totally different type of risk since compared to an owner occupied dwelling. Different underwriting criteria and guidelines apply to rented dwellings.  you, the owner, are not living there full time. Getting this insurance will provide you with certain types of coverage, including:

Building Insurance covers damages to the structure on your rental property. The structure could be either a single dwelling like a house or part of a multiple dwelling such as a condominium. Some insurance providers will only cover certain types of damage to your rental property while others will provide fuller coverage.

Premises Liability provides coverage to you if someone is injured on your rental property caused due to your negligence.

Property Insurance covers your belongings that are in the rental property such as furniture, appliances, window coverings, etc. Talk to us to assist you in getting  the most comprehensive coverage provided by various insurance companies.

Rental Income Insurance

Rental income

Having a new stream of income from your rental property is a tremendous benefit to those who have secondary properties, especially if you have a mortgage to pay off. However, if your rental property gets damaged and tenants cannot occupy it, you have no way to earn this income.

Getting a rental income coverage can provide the income you would have earned in case of an insured loss.  In most cases, providers of this type of insurance will allow you to set the amount you’d like to recover if you ever need to make a claim. Getting the proper amount of rental income coverage is very important taking into account the length of time it would take to repair the damaged property.

Require Tenant Insurance

Another way to mitigate risk is to make it condition of rental agreement that the tenant has their own tenant insurance policy.  Your insurance will protect your property but not your tenants or their belongings. Another reason to require tenant insurance is that if one of your tenants causes damage to someone else’s home, you could be held responsible if they do not have their own personal liability insurance policy.

Your rental property is a huge investment. Not having it covered as fully as it could be would be a huge mistake. Getting comprehensive insurance to protect your investment will pay for itself both in peace of mind and in case of an insured loss.

About the Author


Kristopher Parks graduated with a Bachelor’s in finance at the University of Calgary.  He has over 10 years of experience in the insurance industry as an agent/broker.  He enjoys spending his free time with his family by going to hockey games and camping.  If you’d like to contact him, you can do so at his LinkedIn.

Must Have Qualities for Real Estate Agents

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Real estate is a tough business to be in since you are dealing with demanding buyers with varying requirements and often tight budgets. Real estate agents are required to adapt themselves to satisfy their clients and get maximum returns on their investments. There are certain qualities that potential buyers look for in a real estate agent. Having these skills makes them sought-after as an agent.

Let’s look at some of these requirements in detail.

Getting acquainted with the purchase process- Being informed and experienced makes one a good agent. When a real estate agent offers a deep understanding of the market and shows good negotiating skills, he can easily convert a potential client into an eager buyer. Also, familiarity with any paperwork involved in closing a house deal is must-have for a real estate agent. They will have to hold the client’s hand during this process, and they must appear to be professional throughout the transaction.

Honesty and integrity- In every business a certain level of honesty is required, but in real estate, it is even more important because if clients sense even a little amount of doubt, they will seek some other professional. Thus it is essential for real estate professionals to be reasonable in their prices and be honest in their dealings.

Technological skills- Some of the advancements have changed the way we do business even in real estate. Real estate agents can use the internet and social media to serve their clients in a better way. They can promote their business through websites and keep buyers and sellers informed about the latest trends. Thus being technologically savvy adds to the qualification of a real estate professional.

Building a Real Estate Niche That Will Propel Your Business

When it comes to real estate, there aren’t many resources that a startup or new developer can rely on. After all, the real estate market is constantly evolving and it doesn’t make much sense for people to follow advice that was given a decade or more ago. That’s why it’s important to learn not just from experience, but also trial and error. Buying, developing and selling properties is a long process. Unlike other business ventures, it can take several years for you to finish a project and it could ultimately cost you a lot of money.

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There’s no cheap option when it comes to real estate, which is why many people have resorted to niches in the property market. Of course, it might seem like a bad idea at first. After all, why would you want to appeal to a narrower audience as opposed to trying to get as much attention as possible, but there’s a serious flaw in that way of thinking and it will ultimately ruin your business unless you change your mentality.

Far too many blogs and articles focus on “improving exposure” and “appealing to a wider audience” but the fact is, appealing to too many people is never a good idea. Let’s put it this way; if your favourite doughnut store suddenly removed your favourites in favour of something more hip and trendy, would you be pleased? Perhaps it still tastes good, but they’ve removed one of your favourite products in order to appeal to a wider audience. This is never a good feeling, yet far too many people neglect it when it comes to real estate.

Misunderstanding the Investment Required for Real Estate

One of the most common things people assume about real estate is that it’s difficult to make a profit or sell something. A home is a huge investment and there aren’t many people in the world that can straight up buy a house—they need a mortgage. As a result, it’s something that takes a lot of dedication and the investment required can sometimes be far too much for people to handle. Because of this, people assume that you need to target your property to as many people as possible in order to increase exposure and improve the chances of actually selling a home, but this is an incorrect way of thinking that has to be changed if you want to see success.

If you want to sell a home, then you need to specialise it. By trying to appeal to too many people, you water down your property in an attempt to sell it quicker. If you’re putting up a listing for your property, then you might try to include far too many words that will complicate things or make your descriptions far too long. A property that advertises itself as student accommodation close to public transportation and nightlife is going to be far more exposed than a property advertised as student accommodation, for professionals and families alike. You want to highlight the best features of your home, not renovate it and highlight boring things that won’t attract an audience.

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The advantages of specialising your real estate business

If you’re able to specialise, then not only do you get more attention from people who are interested in buying the properties you sell, but you’ll also build a reputation.

Think of it this way, when people purchase luxury apartments in expensive and highly sought-after areas, do you think they just look at any real estate agent? Absolutely not. They network with other wealthy individuals to try and find a property that best suits them. They’ll ask friends for recommendations, and that’s how you build a network of clients. If you don’t do this, then not only are you reducing the chances of exposing your business, but you’re also giving yourself far less credit for what you can offer.

Let’s use another example. If your geographical location offers several opportunities to sell ranches, then it would be wise to invest in them and turn them into your niche. As your customers discover ranches across the west, they’ll come across your company and see you as a business worth relying on. Your geographical location speaks volume about your expertise, you’ll have plenty of good recommendations from successful deals and you’ll find it’s far easier to find customers who know what they’re looking for.

This makes it easier to find future customers, it makes sales easier and there’s less to explain. This will help grow your business and give you an upper hand over other real estate agents in the area, and you’ll quickly build a monopoly over certain types of properties thanks to your reputation.

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Some final words

If you want to grow a real estate business, then you need to focus on your niche. If you’re unable to come up with a niche, use your geographical location and specializes in something that is local or unique to your location. By specialising, you not only give yourself more expertise and credibility, but you also draw attention from people that know what they’re looking for.

No matter what you sell, be it a product, service or in this case, property, watering down what you sell just to appeal to a wider audience is a terrible idea. People are not only willing to pay for a good product, but also a good experience, knowledgeable staff and reputation. Build a brand that is worth talking about and you’ll find that turning your business into a profitable one with a long lifespan is easy.

Building a niche around your property is the ultimate way to improve your exposure, and there’s no better way to do it than to put yourself in the customer’s shoes and offer them service and experience that is worth every penny. Look for opportunities where others don’t dare to deal in and take risks that other real estate agents wouldn’t touch. If you want to stand out, then you need to try something new that demands attention.


Lethal real estate investment blunders which can cost you in the long run

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As soon as the real estate market starts to rebound, it becomes a more appealing idea to invest in the real estate property both as a side job and as an optional career. Just as it is true with any other endeavor, here too, there is always a right and a wrong way of doing it. We spoke with a few full-time real estate investors and professionals like bankers who have identified the traps which most of the investors fall into. If you want to steer clear from all the possible real estate traps, you first need to know about them. Here are few lethal blunders you should never choose to commit.

Blunder #1: Planning while on the go

The regular people who are all set to obtain real estate riches say that a lack of plan is perhaps the most lethal mistake made by investors. They purchase a house just because they think that they could strike a great deal and it is after that, that they think of what to do with it. The problem lies with the fact that most people take real estate as a transaction instead of an apt investment strategy. People instantly fall in love with a property and there are some others who fall in love with the seller. The best way in which you can solve this is to have numerous activities with multiple properties and ensure that the numbers work in your favor.

Blunder #2: The constant thought that you’ll become rich

Such blind thoughts are fueled by the commercials which make it sound so easy to become rich with real estate but the fact is that it is not easy. Although this is an apt long term investment but similarly putting your money in a mutual fund is also an easy process. You, as an investor, have to be smart, you have to be willing enough to work and thereby comprehend your risk tolerance.

Blunder #3: Playing the real estate investment game alone

There are many who aren’t aware of the fact that the key to success lies in building the perfect team of professionals. At the basic level, you require having a good relation with at least one real estate agent, a home inspector, an appraiser, a closing attorney and a lender. The relation needs to be maintained for both striking good deals and to get assistance with financing the future buyers. Remember that it is not worthy enough to start a business all alone as the kinds of duties that you’ll have will be varied and sometimes unmanageable.

Blunder #4: Not doing required homework

Would you think you’re qualified enough to perform an operation without enough training and education? Hence, you should educate yourself before you put the financial security of your family member in someone else’s hands. Keep reading on real estate investment in order to take correct decisions.

Therefore, if you’ve been wondering about the different ways in which you can reduce the losses that you usually incur in real estate investment, avoid committing the above mentioned blunders as fast as you can.


The Most Lucrative Locations To Buy Real Estate

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If you’re looking for high value real estate that’s going to make an even higher value return, here are some of the property types to look out for.

By the coast

A sea view can add a lot of value to a home – on average 66%. Properties overlooking a harbour meanwhile are worth 80% more. Coastal properties have long been in high demand, although some locations are certainly more desirable than others. When it comes to states, Florida and California remain the top places to buy.

Up in the hills

Hill and mountain views will also add a lot of value to a home. Even the slightest hill can make a property worth double what it may usually be. There are lots of homes for sale in NC with breathtaking views of the Appalachian Mountains. California, Colorado and Iowa are other popular states for living in the hills.

Near a train station

Nearby train stations provide an easy method of commuting for those that work in the city. Due to this convenience, there’s more demand for these properties, and hence they’re valued higher. In cities, being close to an underground metro rail station can be particularly advantageous as this provides city inhabitants not only a convenient way of commuting but a convenient way of getting around. On the flipside, not being situated near a train station but backing onto a railway will devalue a property as it’s noisier.

On a curve

For whatever, properties located on a crescent seem to be more desirable and so are generally valued at 40% more. Properties are also worth more overlooking squares.

On an avenue

Avenues are traditionally roads lined with trees. To this day, properties on roads with trees running either side of them are worth more than roads without trees aligning them. These trees give off a sense of wealth to the area, even if the area isn’t actually that wealthy.

Near a school

Properties near a school are also priced higher by many realtors. If the school receives higher grades and more demand, the property pricing is also likely to be more. Some property owners have made big profits by buying into an area near an upcoming school. In some cases, property may also be worth more if it’s on a school bus route.

On an odd number

Bizarrely, odd numbered houses seem to sell more than their even numbered counterparts. The reasoning for this is unclear – odd numbered properties may feature more commonly on street corners and therefore be slightly more spacious. The only exception to the rule is ‘13’, which due to superstitious reasons can devalue a property. Worth even more are properties with names instead of numbers, giving off a more official tone with their address.

Real Estate Gems That Are Worth Exploring

One of the biggest problems in real estate is that there is far too much competition. Thankfully, there are ways to set yourself apart and if you target your property to the right audience, you’ll get a surprising amount of attention. Some real estate agents decide to focus on housing for low-income families, some prefer to focus on luxurious mansions, and some even set their sights on first-time buyers by offering them a complete package solution.

If you’re currently struggling in the real estate market or if you’re thinking of getting started, then here are a couple of niche real estate gems that are worth exploring if you want to stand out.

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Rural Homes

While city houses are small, cramped and in high demand, countryside and rural locations are on the complete opposite end of the spectrum. If you’re looking to move to a much more secluded and quiet location, then there are mountain homes for sale, beachfront properties and even ranch conversions to consider adding to your portfolio. Many people, especially couples that are looking to retire soon, love the idea of getting a rural property because it offers them peace and quiet. Some families even prefer countryside properties due to the fresh air and distance from noise pollution. It does take a lot of specialisation to nail this type of property market, but it’s something that has the potential to grow very quickly.

Holiday Homes

If you have a lot of money to start your business or if you have contacts in other countries, then specialising in vacation homes might be your niche. If you live in an area that attracts a lot of tourism, then you might be lucky enough to purchase properties that appeal to rich holidaymakers who are looking to up the ante and boost their holiday experience. By marketing your properties to these wealthy individuals, you’ll get a lot of requests from overseas clients. Another great advantage to this market is that most of your clients will be internet-savvy and contact you through the web, meaning you might not need a physical office in order to sell homes.

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Single Professionals

Buying a home is no longer something that is exclusive to couples and families. Many single professionals are now investing in houses or apartments that are closer to their workplace in order to grow their career. A few things to look out for when targeting a professional is local amenities, a central location, fast internet speeds and distance to public transportation. If you have properties that tick all of these boxes, then switch gears and target your advertising towards professionals who are looking to advance their career.

Finding Your Own Niche

These are just three real estate gems that will require a bit of polishing on your part before they make you rich. However, it’s always a good idea to consider your current location in order to carve out your own niche. Don’t limit yourself to what the rest of the market is doing and remember that if you want to be successful, you have to be the one that takes initiative.

Neighborhood Watch. What To Do Before Moving Away

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Do you dream of moving away to a nicer climate? Are you thinking of selling your home at all? Or do you just want to make a fresh start? These are all questions we ask ourselves almost on a daily basis if we are unhappy with our surroundings. We all have a reason to make a change, and it is something that can be feasible if you put the right amount of planning and preparation in place. When you are deciding to up stakes and go for a  new life, there are some things to think about before you put up a “for sale” sign on your front lawn.

Your finances are the most important thing to start off with. Can you afford a place that is within your means? And it’s not just taking into account the costs of the house, what about groceries, taxes, gasoline, your utilities? If you research into the area you are interested in, how does it weigh up in comparison to your current outgoings? If you are looking to move to a completely different part of the country, then you need to examine the expenses. If your income stays the same and the living costs are low, then you are making a great profit!

The job market is a big concern for many people, and if they are the sole breadwinner, the pressure to earn is a big priority, and problems can be thrown up based on the type of work you are involved with. Banking or business will be more concentrated in the city areas, and farming and factories tend to be located in rural areas. As well as the types of work, the salary can vary based on the location.

The quality of the neighborhood will impact on your choices. Looking on a site like you can see that the Venetian islands will be much quieter when compared to a hustling Miami city center, and your own personal needs will dictate the type of area you want to move to. But if you have a family of varying ages, then you will need to consider things like schools and amenities that are good for the children to ensure they are happy in this new environment. The culture is another thing that we don’t consider a lot of the time. Which is why you should check out a place properly before you decide to move there.

Commuting options are another feature of the modern world that can be a determining factor on where you live. The costs of homes out in rural or suburban areas will cost less, but without access to main roads or rail links, it can make traveling to work every day a stressful experience. Commuting can also have a detrimental effect on your home life and family relationships. So before choosing an area that appears to have the full package, you may want to spend a few days there to get a feel for the place and see how it affects you on a personal level.

Potential Problems With Modern Property Searches & How To Fix Them


Investing in property is always a good idea. Real estate isn’t hard to understand, and the return on investment is usually very high, so it’s a no-brainer. The hard work is finding the perfect property. Houses or office space won’t come to you – you have to come to it, and that poses problems. Most of the problems that arise when you search for a house are cosmetic and easy to fix. However, there is one or two which are potentially damaging and much harder to solve. Here are the issues you will need to look out for and how to mend them.

Not Considering The Options

Lots of investors think they have the right property and make a bid as soon as possible. Even if it turns out to be the right decision, it is very much the wrong move because it is irresponsible. As a potential investor, it’s essential to look at as many properties for sale as possible to get all of the information. A sound investment is one that you base on facts and analysis, and you can’t do that without all the data. To make sure you avoid this mistake, keep on looking even if you think you have hit gold. No one knows when a better opportunity will turn up – how can you if you don’t have your eyes open?


Under Budgeting

Most properties aren’t cheap. In fact, they are some of the biggest expenses on the planet as one house can cost hundreds of thousands. With that in mind, it’s imperative that you have a detailed plan for the total cost. The last thing you want to do is find out you don’t have the money to continue the investment after you have signed for the mortgage. A realisation like this is enough to bankrupt anyone and turn your dreams into a nightmare. So, think of every possible cost and write it down before you make a bid. Then, add the costs up and weigh them against your budget. If the expenses are more than the budget, then it isn’t a substantial investment. A sound investment is one that makes you money and doesn’t potentially harm your future.

Overestimating Your Worth

No one wants to pay for a plethora of professionals to take care of every odd job around the house. Sure, some jobs will need an expert and an expert only, but there are some you can do, right? It is true that a handy person can take care of a handful of jobs as long as they have the knowledge. What they can’t do, though, is complete every single task alone. A qualified joiner wouldn’t be able to renovate a property alone, and they are professionals. There is too much to do and too little time, which is why people like estate agents, builders and architects are all essential. Yes, they do add to the cost, but they also prevent the house from crumbling and ruining your investment. In most people’s book, that is worth the money.


Lack Of Trust

As you know, it is essential to outsource during the search. The problem with outsourcing is that it requires trust, and some people aren’t trustworthy. It isn’t like they are trying to swindle you out of a fortune, more like they value their interests over your interests. But surely it’s human nature to be selfish? Well, when it comes to a realtor, you need them to be selfless. As a novice, you don’t have the skill set to spot a good investment. Frankly, you’re relying on them to help you choose the right investment, and they might not be so helpful. Estate agents can manipulate people into buying the wrong house, for example, because they will get more commission. Even though they know it’s wrong, they see the money signs and can’t help themselves. Clearly, you need someone you can trust, so you need to look beyond their resume. How do they come across as a person? Are they yes men looking for a deal? Do you get the impression they don’t care about you or your investment? These are all important considerations before you hire a realtor to help you find a property.

A property search is one of the hardest parts of making an investment in real estate. Get the search wrong, and you could literally pay for it for the rest of your life. The good news is you won’t have to thanks to these tips.


Real Estate Investment: It’s Not as Scary as You Think!

Investing is something that’s really important for you to do these days. You need to make sure you have investment opportunities lined up. Did you know 51% of Americans put off major financial decisions? You have to make sure you aren’t one of them. Investing for the future is important for your family’s financial security. And investment in real estate could be a very lucrative venture for you. You don’t need to be scared of the vast sums of money involved in real estate investment. Following these ideas will help you make the right financial decisions.

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Choose the Perfect Property

You have to make sure you figure out the perfect property for investment. A lot of people these days are looking into 1031 property exchange quotes. It’s important if you’re selling and buying, that you always have a property to fall back on. By doing an exchange, you can upgrade, downsize, or choose something better suited to you. The perfect property is crucial when you are investing because it’s a long-term purchase. You have to choose something that’s going to last you a long time. You will need to decide whether it will be a rental, or if you’re going to do it up and sell it on.

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Don’t be Reckless

The problem that a lot of people have when they invest is that they can be reckless. You’re dealing with an awful lot of money, and it can be easy to think you know it all. But you really do need to make sure you aren’t making reckless investments. It’s so easy to lose money when you try to invest. If you don’t know what you’re doing, then you’re as good as gambling your money away. There are a lot of mistakes people make when it comes to investing. Things like buying high and selling low are often a recipe for disaster. When it comes to real estate, you have to be especially careful not to be reckless.

Get Experts to Help You

It’s always good with any investment to have experts on board to help you. Speaking with investment gurus and specialists is crucial. It’s the best way of helping ensure that you have all the facts before you start. You need to have peace of mind and be comfortable with the decisions you make. And the only way of doing that is to make sure you have input and guidance from people who know what they’re talking about. It’s estimated 61% of adults would rather consult their financial advisors than family. This shows you the importance and impact that financial advisors have. And, with a decision this big, you can’t leave any stone unturned.


Investment opportunities are ten a penny these days, but real estate can be the best choice. You just have to make sure you plan it all meticulously and make all the correct choices. Many people are scared of investing in real estate because of the amounts of money that are being dealt with. But, it’s not as scary as you might first have thought.

Millennials Need To Take These Steps To Get On The Housing Ladder

Millennials Need To Take These Steps To Get On The Housing Ladder



Millennials are always in the media these days. Most of the time, it’s because they are finding it incredibly difficult to get their foot onto the housing ladder. Is it really that difficult, though? If millennials took the following steps, they might find that buying their first property isn’t quite as out of reach as they think.

Look In Cheap Areas

One thing is for sure. There is just no way a millennial will be able to buy a home in London in the current economic climate. To be able to afford a house, they should be looking elsewhere. The further away from London you go, the cheaper houses get. Just look at Leeds for example. It is often thought of as the capital of the north. There are lots of jobs, and housing isn’t very expensive. You can see the type of prices online at

Save, Save, Save!

Many millennials don’t have enough saved up for a deposit. You only need a ten-percent deposit for a mortgage on a property. That isn’t that much when you think about it. If you don’t have anywhere close to that amount, you need to start saving right now. Even if you don’t have that much money spare at the end of the month, every little counts. It will probably take a few years to save up a good deposit, but you will get there in the end!

Use Government Schemes

The government knows just how hard it is for millennials to get on the housing ladder. And that is why they have created some schemes to try and make it easier. One of the best is the Help to Buy scheme. People who want to buy their first property can open a Help to Buy ISA to help them save up. The government will give you a bonus on top of your savings. This is to increase the size of the deposit you can use towards a house.

Get Help From Parents

They might not like the idea of this, but sometimes it is the only way they will be able to buy a property. If possible, millennials should ask for financial help from parents or other family members. They might be able to give you something to go towards a deposit. The other way they can help out is by becoming a guarantor for your mortgage. You can find out about guarantor mortgages at

Keep On Looking

Don’t become disheartened and give up looking. You never know when a bargain might come onto the market. And if you take your eyes off the current houses for sale, you might miss out on this fantastic bargain. So keep on looking to make sure you don’t miss out on any fantastic deals on property in your area.

Millennials and property just don’t get on? If they follow this guide, they’ll get on like a house on fire!

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