"Insurance Ins and Outs" with Natalie Mitchell and today's guest Courtney Johnson dives deep into the core principles of coverage and why it is so important. Everyone needs some type of property insurance, whether you own or rent. Insurance gets a bad reputation, but it's here to protect you!   Insurance can be confusing. The core principle of insurance is to cover the losses of the few among the many to protect yourself against a potential financial loss. However, your premiums can go up due to the total party, even if you were not personally affected. An example of this could occur in a major flooding situation, where many have damages under the same plan.    "Renters insurance is less per month than what I spend at Starbucks per week."   Everybody needs some kind of property insurance, whether renting or owned. In a renting situation, you as the owner are ultimately responsible for any damages. It is always on you to make sure everything is sorted out - you are running that business. Condo insurance is a special situation – you as the owner still need your own insurance, but it is more optional than when owning a single-family home. Condos have three different insurances available as well: building, unit (owner), and tenants (renting). Natalie and Courtney walk us through when each can get triggered in a condo situation.   Insurance is there to protect you when you do something you should not – or when you do not do something you should. These are the things we do not think about… "it's not going to happen to me". Insurance is moving online, and it is just going to get easier and easier for people, so there is even less of a reason for people not to have it!  It is even possible to write off the cost insurance as one of your expenses against the rent that you charge. It is smart to have, and it is critical! And if property damages have not happened to you, it just has not happened to you yet. Make sure you have great insurance.   —   Enjoying the show? Please give a 5-star rating and review on Apple Podcasts…- every review helps others find the podcast!   As a thank you for the review, you'll get the first three chapters of my book for free! Post a screenshot of your review on Instagram, tag @nataliemitchell_reinvestor, and I'll send you the first three chapters of "Investing In Her-Self: How A Working Single Mother Created Wealth Through Real Estate and How You Can Too!"

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