Many people see a doctor on an annual basis to detect any health issues which may arise. My father is adamant about an annual tune up on his vehicle to keep it running smoothly. These parallels lead to the question of how often you should check the insurance policy on your investment properties.
Ideally, an annual check up on your insurance coverage would be in order. In a booming marketplace like Alberta, you may find that you may be underinsured as the values keep rising. Conversely, if you live in Detroit, you may find that the values drop and you need less insurance than the previous year.
It can be as simple as a phone call to your insurance company and any changes to the policy could also be brought to your attention that may be unaware of. Please ensure that you have your most recent property tax statement when contacting them.
If you are considering purchasing an investment property, ensure you are dealing with a broker who deals specifically with investors. It is comparable to having a heart surgeon perform surgery on a ruptured aorta versus a general practitioner.