Use Property Insurance Reports To Track Property Insurance

With one or two properties tracking insurance is pretty straight forward and easy to remember, but adding a few more investment properties and tracking insurance becomes a much more challenging issue. In my office, we use a Property Insurance Report to keep track of insurance on all our properties in a nice summarized page (the link is for our Real Estate Investor Bronze Members and you must be logged in to view them).

On our Property Insurance Report, we track several things. Beyond the basics like property address and the insurance company name, we also track insurance premium info. What is our insurance premium this year? What was it last year? Large increases can prompt us to get additional quotes from other insurance companies.

We also track the deductible to see what we’d pay out if we were to make a claim. We can see, at a glance, what all our deductibles are with this report.

We also track start and end dates of the policy to quickly see and ensure that we are covered.

I personally also like to know what are the areas of coverage and the amounts of coverage for each major area like Fire, Liability and Loss of Rent.

The last thing we track is the date we paid the policy and whether it was paid out of escrow (which we do for many of our properties) or if we wrote a check.

Having summary reports like the Property Insurance Report can make managing your investment properties a lot easier. I strongly encourage you to either make you own report or borrow mine to use for your own personal properties.

Until my next post,

James

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