Insurance agency manager Wellman Shew discusses how to protect real estate investments by choosing the right insurance policies.
FRESNO, CA, USA, June 28, 2022 — Many people make real estate investments without thinking about the necessary ways to protect themselves financially. Wellman Shew, California-based insurance consultant, discusses the ways to protect property.
A real estate investment can be utilized in a number of ways. It can be land, residential, or commercial. It can be divided up and sold individually, it can be rented, or it can be held until the market shifts.
Most people assume that home or commercial insurance is only necessary if the individual is using the home or business. However, investors need to understand that property insurance should be obtained on any type of real estate, regardless of how it is being used.
Wellman Shew has grown up in California, spending most of his time in Fresno. As a graduate of California State University-Fresno and spending 30+ years in the insurance industry, he has seen firsthand the importance of how the right insurance policies can offer financial protection.
Agency Manager Wellman Shew Discusses Home Insurance
While Agency Manager Wellman Shew acts like a consultant who specializes in group employee benefit programs as well as personal insurance involving life insurance and medical supplements, he often offers comprehensive advice to his clients.
Home insurance should be obtained the moment that a residential real estate property is purchased. This is regardless of whether there is a mortgage on the property or not. Shew is quick to note that while mortgage companies generally require a policy, those investors who pay cash often try to skip buying a policy.
A home insurance policy offers several important components:
- Protection of the dwelling
- Personal liability to the harm of others
- Loss or theft of possessions
The first two are of particular importance to investors. The protection of the dwelling ensures that the home itself has protection in the event of a natural disaster. Personal liability also ensures that if anyone is harmed on the property, the investors aren’t financially liable.
A Deeper Look at Commercial Insurance
Commercial properties are also acquired by real estate investors. Wellman Shew recommends that property insurance be obtained immediately – and for the same reasons why home insurance would be acquired on residential investment. There’s protection for the building itself as well as liability.
Additionally, for real estate investors who have an entire firm in place, there are other ways to protect one’s interests with various forms of insurance.
Wellman Shew’s recommendation is for anyone who is interested in buying real estate to sit down with a professional insurance agent who is licensed within their individual state. This way, it’s possible to explore the various policies and ensure that one is customized to encompass the investment property.