Importance of Understanding Insurance Policy Forms

The speakers discuss the importance of understanding insurance policy forms and how they can impact property owners, emphasizing the need to evaluate coverage and request a full copy of the liability quote. They also explain how unrelated incidents can still be the property owner's liability and clarify the meaning of 'forms' in the insurance world.

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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!

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