BiggerPockets Real Estate Podcast
Business:Investing
2023’s insurance market is bad. Really bad. “As bad as I’ve ever seen,” says Insurance Office of America’s Robert J. Hamilton. He’s never seen home and multifamily insurance prices as high as today. But, he has good reason to believe that a better insurance market could be upon us soon, especially as prices continue to ramp up and providers get priced out of the market.
If you’re a property owner, there’s a good chance your insurance premium increased significantly in price last year and the year before. After several unprecedented natural disasters, states like Texas, Florida, and California have seen carriers massively raise rates or leave their markets entirely. But why now? And how long will this last? Robert walks us through exactly what’s caused the higher insurance rates, why so many carriers have given up or died out, and “the beginning of a reset” that could be on the horizon.
Andrew Cushman, long-time friend of the show and multifamily investor, gives his seven quick tips on finding a better rate and protecting your property if and when disaster strikes. DO NOT analyze another deal before you watch this episode because, by the time you finish, your new insurance rate could ruin the profit potential.
In This Episode We Cover:
The wild 2023 insurance crisis explained and why rates have gone up so dramatically
The “capacity crunch” forcing insurance carriers to leave risky markets
What’s causing rates to rise and the “reinsurance” problem carriers face
Underwriting your next rental/multifamily and how to properly predict property insurance costs
The safest states/areas to invest in that carriers are flocking to
The “percentage deductible” trap that could bankrupt your deal if you aren’t careful
And So Much More!
Links from the Show
Find an Agent
Find a Lender
BiggerPockets Youtube Channel
BiggerPockets Forums
BiggerPockets Pro Membership
BiggerPockets Bookstore
BiggerPockets Bootcamps
BiggerPockets Podcast
BiggerPockets Merch
Listen to All Your Favorite BiggerPockets Podcasts in One Place
Learn About Real Estate, The Housing Market, and Money Management with The BiggerPockets Podcasts
Get More Deals Done with The BiggerPockets Investing Tools
Find a BiggerPockets Real Estate Meetup in Your Area
Davids's BiggerPockets Profile
David's Instagram
Network with Other Investors on the BiggerPockets Forums
How to Protect Your Rental from Fires, Floods, Lawsuits, and Liability
What Is Rental Property Insurance & Do Landlords Need It?
Book Mentioned in the Show:
SCALE by David Greene
Connect with Andrew:
Andrew's BiggerPockets Profile
Andrew's LinkedIn
Andrew's Website
Connect with Robert:
Robert's Email
Click here to listen to the full episode: https://www.biggerpockets.com/blog/real-estate-819
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com.
Learn more about your ad choices. Visit megaphone.fm/adchoices
Bonus: How to Use the 2023 Housing Correction to Get RICH with Real Estate
737: Lewis Howes: The 3-Step Formula to Go From Broke to Millionaire in 2023
736: BiggerNews: Mortgage Rate Mayhem and New Rules That Could RUIN BRRRR
735: Seeing Greene: Rental Property Deal-Breakers That Could Kill Your Cash Flow
734: Seller Red Flags I Should Have Seen Before Doing a Nightmare Deal w/David Pere
733: 3 Real Winning Deals in 2023 (and Where You Can Find Them!)
732: Seeing Greene: Side Hustles, Syndications, & Escaping a W2 with Real Estate
731: From Losing EVERYTHING in the Last Crash to $9,000,000 Income in 9 Years w/Brent Daniels
730: How to Start a Real Estate Portfolio with Just $10K
729: The 10 Real Estate Markets Primed for Long-Term Growth in 2023
728: Making $80K+ Per MONTH with Just 9 Rental Properties w/Jesse Vasquez
727: Seeing Greene: Making $300K Per Year On ONE Short-Term Rental
726: Future Millionaires: Why You Should Start Making "Offensive Offers"
725: Leaving Pro Sports and a Violent Past to Forge Financial Freedom from SCRATCH w/Suni Rao
724: The 3-Step System to Scale ANY Real Estate Portfolio
723: Seeing Greene: Why This Recession is a HUGE Opportunity for Investors
722: David Greene's Untold Story of 7-Day Workweeks to 7-Figure Net Worth
721: Commercial Real Estate Could Crash, But Are Everyday Investors Impacted? w/BiggerPockets CEO Scott Trench
720: Seeing Greene: Why Interest Rates Don’t Matter As Much as You Think
719: Future Millionaires: The Real Estate Investing Hurdle You MUST Get Over
Create your
podcast in
minutes
It is Free
TED Talks Daily
Radiolab
StarTalk Radio
The Inforium
Entrepreneurial Thought Leaders