We decided to put earthquake insurance on the property just because we felt like we had a fiduciary duty to all the other investors. The value was high enough that we had to get a special policy, kind of a premium policy. We got 22 bucks off a year because we have an alarm. And because we got a brand new roof, we got 69 dollars off. So lots of discounts that we qualify for there.
We have had a lot of listeners request information on my homeowners insurance policy. After a large home renovation we had to make some pretty big changes to our policy. It is critical to know what your policy covers but also what it does not. There are a handful of things that are not covered and based on where you live you may want to look into additional coverage. You should also be very sure that the quality of your home is properly insured. If you have premium upgrades in your home you want to be sure if the worst happens you can have your home restored to its previous quality. Learn what the 5 most common gaps in coverage are at https://www.whitecoatinvestor.com/5-key-coverages-for-property-insurance/
At some point in our financial lives, it will be time to buy a home. A physician mortgage can be a good vehicle for a young doctor who’s just out of school and has a more effective place to use their money than on a big down payment. These loans allow doctors to secure a mortgage with fewer restrictions and a lower down payment than a conventional mortgage. But if you’re further advanced in your career or deeper into your journey to financial freedom, buying a home with a conventional mortgage and then, later on, potentially refinancing that loan to a better rate with a shorter time frame could be a great move. Wherever you are in your financial journey, make sure you use the mortgage that will be most financially beneficial for you. Hop over to our recommended tab to learn more about all of your mortgage and refinancing options at https://www.whitecoatinvestor.com/mortgage. You can do this and The White Coat Investor can help.
The White Coat Investor has been helping doctors with their money since 2011. Our free financial planning resource covers a variety of topics from doctor mortgage loans and refinancing medical school loans to physician disability insurance and malpractice insurance. Learn about loan refinancing or consolidation, explore new investment strategies, and discover loan programs for specifically aimed at helping doctors. If you're a high-income professional and ready to get a "fair shake" on Wall Street, The White Coat Investor channel is for you!
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