Fires. Hurricanes. Don't get under insured.

Bill Faeth Unfiltered

Aug 29, 2023•8 min•Ep. 81

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Episode description

This episode is Sponsored by MarketMySTR.com the STR Industries #1 marketing platform.In this installment of STRUnfiltered, Bill delves into the crucial aspects of safeguarding your future self by ensuring the comprehensive insurance coverage of your properties.

Having encountered numerous individuals who put immense effort into establishing and maintaining their properties as supplementary income sources alongside their W-2s, Bill notes a concerning trend: many of these property owners lack sufficient insurance coverage for unforeseen natural disasters.

Bill recounts his own predicament involving his cabin in Whitefish, Montana, which faced the imminent threat of a forest fire drawing closer. Reflecting on this situation, he emphasizes his immediate action of reviewing his insurance policy. This proactive step led him to confirm the presence of robust fire protection measures that would shield him in case of any possibilities.

Expanding on the subject, Bill advocates for proactive discussions with your insurance agent to grasp the intricate details of your policy's exclusions and addendums. He underscores the significance of cultivating an in-depth understanding of policy stipulations, particularly the intricacies of estimating reconstruction costs for short-term rentals. A pivotal aspect of this process involves meticulous calculation of potential loss, encompassing both property structure and the income stream from rentals, in the event of a fire, hurricane, or other natural disaster.

Bill acknowledges that while dwelling on worst-case scenarios might not be the most optimistic approach to this industry, it is an essential part of positioning oneself for long-term success. Mastery in ensuring personal safety, managing liability, and fortifying property security emerges as paramount in this discussion.

[00:00] Intro

[00:30] Under-Insured

[01:25] Whitefish, MT

[01:50] Insurence

[03:20] Exclusions & Addendums

[03:50] Cost To Rebuild

[04:53] Liability Coverage

[05:45] Being Prepared

[06:41] In Closing

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