$6,000 pay out on a 40k claim - Jeremy Goodrich
Episode description
You buy insurance policies with the hope that you won’t ever have to use them. In case you have to use a policy, you hope that every loss and damage will be covered. It’s true that insurance is a good safety net that can protect your hard-earned money in real estate--only if you fully understand what you signed up for.
Insurance agents like Jeremy Goodrich know a good policy when they find one. Most of the time though they find terrible policies, those that will not really protect the investors’ properties, or worse, force them to pay an insane amount they don’t expect. Jeremy found out that many real estate investors--80% to be specific--own those terrible policies. He’s using his knowledge and platform to educate real estate investors about insurance policies that cover everything they need.
[00:01 - 02:23] Opening Segment
- I welcome today’s guest, Jeremy Goodrich
[02:24 - 08:30] $34K Out-of-Pocket Cost
- The 2 things real estate operators should look for in an insurance
- Listen to this multifamily misstep that Jeremy encountered
- $6K payout on a $40K claim
- Why you should not get an Actual Cost Value coverage
[08:31 - 14:16] The Right Insurance Agent
- Learn Jeremy’s no. 1 piece of advice for investors
- What to look for in an insurance agent
- Listen to Jeremy’s approach in insurance
[14:17 - 20:48] Expensive Insurance Coverage
- Have you been offered something you shouldn’t be paying for?
- Listen to Jeremy
- Jeremy breaks down loss runs
- Hear from Jeremy about “uninsurable” properties
- Are there such properties?
[20:49 - 22:01] Closing Segment
- Find Jeremy at the links below
- Final words
Tweetable Quotes:
“The bottom line is: ‘Where’s the best price for the coverage that I actually want, that I actually need, that I actually feel will take care of me?’” - Jeremy Goodrich
“You just can’t think about insurance as insuring what you paid for in a property.” - Jeremy Goodrich
You can connect with Jeremy by emailing [email protected] or get in touch with him on LinkedIn. Check out Shine Insurance to learn more about their work.
Do you belong to the 80% of commercial real estate investors with insurance that will fail to protect your properties? Find out here.
Learn more about Myers Methods of Multifamily Investing: http://bit.ly/37u6oK3
Register for Myers Methods Multifamily Investing Course: https://bit.ly/37iozkB
Learn more about the Mid-Atlantic Multifamily Conference: https://bit.ly/2V7SlCC
Are you feeling overwhelmed with Multifamily deal analysis? Are you uncertain about the right investment? Christy is an expert underwriter and mentor and wants help you on your journey! Visit her website at www.ChristyKeeton.com to book a discovery call now.