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Real Estate Investing with Coach Carson
#379: 5 Tips to AVOID a Rental Disaster! (Landlord Insurance)
Jan 20, 2025
In this engaging discussion, insurance expert Darren Nix, founder of Steadily, delves into the complexities of landlord insurance. He reveals insider secrets about policy types, common pitfalls, and strategic methods wealthy investors use to protect their properties. Topics include the impact of weather-related disasters on rising insurance costs, the importance of understanding deductibles, and the necessity of umbrella policies for added protection. Nix also highlights the critical role of effective communication in handling claims and maintaining solid relationships within the industry.
44:10
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Quick takeaways
- Insurance costs for landlords have surged due to climate-related claims, highlighting the importance of understanding market trends and policy types.
- Landlords should prioritize obtaining replacement cost insurance and key coverage options like rental replacement and liability coverage for adequate financial protection.
Deep dives
Insurance Costs and Trends
Insurance prices for landlords have surged due to rising claims from hurricanes and severe weather phenomena. Specifically, the string of costly hurricanes and an increase in hail claims have forced insurance companies to adjust their pricing models, often resulting in annual increases of 5% to 20%. This has created a lag effect where current rates reflect the profitability of the insurance industry from two years ago, leading to sustained higher costs. However, there are signs that this trend may be stabilizing, with potential rate cuts of 1% to 2% on the horizon as profitability returns to the industry.
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Discover
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Listen to the best highlights from the podcasts you love and dive into the full episode