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Episode #819 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. ~~~~ Join BiggerPockets for FREE 👇 https://www.biggerpockets.com/signup?utm_source=owned_media ~~~~ Expand Your Investing Knowledge With the BiggerPockets Books: https://store.biggerpockets.com/?utm_source=owned_media ~~~~ Find an Investor-Friendly Agent in Your Area: http://biggerpockets.com/agentmatch ~~~~ Find Investor-Friendly Lenders: http://biggerpockets.com/findlenders ~~~~ Grab David’s Book, “SCALE”: https://store.biggerpockets.com/products/scale-successful-agents-guide-leveling-up?utm_source=youtube&utm_medium=description&utm_campaign=none ~~~~ Network with Other Investors on the BiggerPockets Forums: https://www.biggerpockets.com/forums?utm_source=owned_media ~~~~ How to Protect Your Rental from Fires, Floods, Lawsuits, and Liability: https://www.biggerpockets.com/blog/rookie-307?utm_source=youtube&utm_medium=description&utm_campaign=none ~~~~ What Is Rental Property Insurance & Do Landlords Need It? https://www.biggerpockets.com/blog/homeowners-insurance-complete-guide?utm_source=youtube&utm_medium=description&utm_campaign=none ~~~~ Connect with Andrew: BiggerPockets: https://www.biggerpockets.com/users/andrewc58?utm_source=youtube&utm_medium=description&utm_campaign=none LinkedIn: https://www.linkedin.com/in/andrewcushmanvpa/ Website: https://www.vpacq.com/ ~~~~ Connect with Robert: Email: [email protected] ~~~~ Connect with David on BiggerPockets: David: https://www.biggerpockets.com/users/davidgreene24?utm_source=youtube&utm_medium=description&utm_campaign=none ~~~~ Follow David and BiggerPockets on Instagram: @davidgreene24 or https://www.instagram.com/davidgreene24/ @biggerpockets or https://www.instagram.com/biggerpockets/ Show notes at: https://www.biggerpockets.com/blog/real-estate-819?utm_source=youtube&utm_medium=description&utm_campaign=none 00:00 Intro 02:47 Quick Tip 03:44 The Worst Insurance Market Ever? 06:43 Why Prices Are SO High 14:39 What's Causing This? 20:56 Do This BEFORE You Buy 30:26 Safest States to Buy In 32:24 The Investor Insurance Checklist 41:49 Deductibles 48:20 7 Quick Tips to Avoid Disaster 56:10 Connect with Robert!
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