What insurance do you have for your property?

Firstly, do you rent your property out so somebody to use or do you just hold it waiting for prices to go up? And secondly, what type of insurance are you using?

 

I have an apartment, but I am still paying it to the bank so I have mandatory insurance for the apartment and a life insurance associated with it, so if I die my apartment is paid.

 

You can always trust banks to cover their behinds don't you? That's actually quite an ingenious solution from the bank, but my question is, if you do die and the insurance company pays the rest of the loan back to the bank, who gets to own the apartment? Is it considered that you have paid off your debt and the apartment is something left as inheritance to your next of kin?

 

I believe that the apartment will owned by the family of the people who actually own the apartment. That is usually the policy of the insurance or else why would you call it a insurance .

 

Well if you own a property keeping it empty would be just a waste. So even if the main idea is to gain value by waiting for the price to go up, it's a good idea to rent it out at the same time. Especially since most real estates are at least partly owned with loaned money -> you can use the rent to cover the interest.
As for the insurance, you definitely need some but you need to look at the risks involved and do the math to see if the more expensive ones are worth it or not.

 

For insurance plans, most landlords are going to have policies on their properties that protect them from natural disasters, theft, and tenant damages to the property itself. On the other hand, tenants often have renter's insurance that covers their belongings inside a property and damage caused by accident that they're liable for. Either way, tenants and landlords alike should have ample coverage to protect themselves.

 

I carry Homeowners Insurance thru State Farm Insurance, it covers the home and it's contents and the garage and most of it's contents. If the structure has damage from a storm or a fire I have the insurance to rebuild or repair. If it is really bad I have the insurance to take the place down.

If you rent chances are the owner has insurance on the structure and maybe even liability insurance if anyone were to get hurt on the property and tried to sue. If you carry a mortgage it is usually mandatory you have to also have Homeowners. In some urban areas or places that have wildfires it may be mandatory to have Fire Insurance. I think if you live in the south you have to carry Hurricane or Flood insurance. Renters should purchase a policy to cover their belonging in the event of a fire or theft just in case the owner does not have a good policy that will replace the renters belonging. Although you could maybe sue for a loss, that doesn't help you if they have no money to begin with.

 

The flats that we have, we have rented them out they never stay vacant, they always have tenants in them and the type of insurance that we have taken is for fire, just incase there can be a fire, then we are covered and we have also taken disaster and buglary.

 

Using an outside company or even your own company for protection is always a smart idea. It's always better to not be personally liable for damages of any form. When a business is liable, then you can avoid a lot of issues that could put the hurt on your own financial situation or daily life. I do a similar thing for my personal business because I used to work as an independent contractor, but now it's an actual business entity for various protections and tax benefits.