My brother in law has quit working and is finishing off his first investment property which he is planning to sell shortly for a good profit.[biggrin]
I just found out yesterday that when the insurance was up for renewal, he decided not to renew it. I’m nervous about the possibility of him losing it all in a freak accident but he’s happy with the risk.[bonjour]
The problem is that it’s just another in a long list of expenses that’s is tought to meet now that his cashflow is drying up.
I’m nervous for him but am I just being overcautious?[blink]I would ensure its insured. Whats a hundred bucks for a few months insurance. Whats a hundred bucks when an asset is worth over $100k.
Freak things happen. Not worth the risk in my view. Especially if its unoccupied. Some kids could show up and decide to light a fire.
Did I forget to mention that he’s got a loan for over $260K and the house is worth over $320K?
For me, insurance is good value. Even if I never make a claim it is a small cost for the peace of mind that it buys. Do you have a financial interest in this property? If so I would suggest paying for the insurance yourself.
Regards
SonjaHi,
I recently attended a seminar with a presentation by Dale Gatherum Goss. During his talk, he said “it’s not a matter if you will be sued, but when”. He provided a number of examples which proved absolutely chilling. I am now in the process of reviewing my insurance policies.[blink]
Complete coverage is absolutely critical — and get a qualified insurance broker to advise on the best policy for your needs. Why risk everything for the sake of a few hundred dollars. It’s just not worth it[confused2]
Regards,
HelenIf you live life taking into consideration what the worst case scenario of every situation is you’ll do a lot better
My girlfriend always says ‘it’s not a question of IF sh*t will happen, it’s a question of WHEN’ [goatee] I’d definitely get insurance.. he can probably claim some of it back anyways.Hi Noob,
Originally posted by Noob:Did I forget to mention that he’s got a loan for over $260K and the house is worth over $320K?
My bank always wants a copy of the insurance policy, they even sending me a reminder before the policy is up for renewal
My girlfriend always says ‘it’s not a question of IF sh*t will happen, it’s a question of WHEN’ [goatee] I’d definitely get insurance.. he can probably claim some of it back anyways.
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