Your Insurance Might Not Cover You | Chris Westrop and Cathy Su | Ep. 120

In this episode of the WealthGenius Podcast, host Alfonso Cuadra sits down with Chris Westrop and Cathy Su from Park Insurance to uncover one of the most overlooked parts of real estate investing: insurance. For many investors, insurance is simply another expense on the property statement. But the right coverage can make a massive difference when something goes wrong. Chris and Cathy explain what real estate investors need to know about vacancy, property maintenance, deductibles, rebuilding costs, and the hidden coverage gaps that can leave investors exposed. The conversation also dives into the realities of insuring older multifamily properties, why updated plumbing, electrical, heating, and roofing can affect your premiums, and why getting an accurate rebuilding-cost evaluation is so important. They also explain how insurance premiums are influenced by global reinsurance markets and why disasters happening thousands of kilometres away can ultimately affect Canadian investors. Alfonso and the team also discuss rental-income coverage and why investors need to think beyond simply protecting the physical property. After experiencing a fire at one of his own properties, Alfonso shares firsthand why protecting rental income can be critical when a property becomes uninhabitable for an extended period. Whether you're buying your first rental property or managing a large multifamily portfolio, this episode highlights why understanding your insurance policy can be just as important as understanding the property itself. 👇 In this episode, you’ll learn: Why vacancy can put your insurance coverage at risk How property updates can affect insurance premiums and availability Why the cheapest insurance policy isn't always the best option How deductibles can impact your overall investment strategy Why accurate rebuilding costs are critical for real estate investors How global disasters can affect Canadian insurance premiums Why rental-income coverage matters when a property becomes uninhabitable What investors should review with their insurance broker every year How to identify potential gaps in your current insurance coverage 🎧 Subscribe for more conversations on real estate investing, entrepreneurship, mindset, and building long-term wealth. The ultimate real estate education platform awaits you! Find out more here: https://www.wealthgenius.ai/ Check out our Youtube Channel: https://www.youtube.com/@wealthgenius Follow WealthGenius on social media: LinkedIn https://www.linkedin.com/company/wealthgenius Facebook https://facebook.com/wealthgenius Instgram https://instagram.com/wealthgeniushq Twitter https://twitter.com/wealthgeniushq