Cash Flow Guys Podcast

In this episode, I’m going to tell you a true story about a situation that happened to me recently regarding one of my properties. We have owned this one since 2014 and currently operate all the apartments as short-term rentals.  In 2016 when we made the switch from long-term to short-term tenancy I met with my insurance agent at the time to be sure I had adequate coverage for the change of use. I figured that the property would be subjected to a bit more use and abuse due to the short-term nature of our tenant’s stays. My agent suggested that I simply purchase an additional liability policy that would cover any claims of damage or liability that stemmed from the short-term occupancy.  The cost of the plan was only $1200 a year which was well within my budget since the property consistently cashflows 10x that or more each month. In 2020, my insurance agent sold his practice to another agent and retired.  I did not find this out until 6 months after the sale which irked me a bit I must admit. After chasing dow