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Understanding Multifamily Insurance with J Darrin Gross

SHOW SUMMARY:

Darrin Gross is a commercial real estate insurance expert and a real estate investor. He specialises in insuring investment properties. Their real estate insurance program partners currently provide coverage in 44 states accounting for over 300,000+ real estate rental units.

In this episode, Darrin talks about how he got started in this business, what to look for when insuring property, and much more!

SHOW HIGHLIGHTS:

  • Darrin's background
  • How he got into real estate from doing insurance
  • On the properties they have bought
  • 3 basic strategies of risk management
  • - Avoid
  • - Minimize
  • - Transfer
  • Insurance as a vehicle to transfer the risk
  • On minimising the risk
  • Understanding what an insurance underwriter looks for
  • Do your due diligence and talk to your insurance broker sooner in the deal
  • Different types of insurance that an investor needs to be aware of and when they are used
  • Builders risk policy
  • What liability means
  • Protecting yourself from future liabilities
  • 2 sections of liability
  • - Premise
  • - Completed operation
  • How builders risk works
  • The kind of insurance a landlord needs
  • Make sure you've insured to the replacement cost value
  • Policies that a landlord would need
  • The insurance a wholesaler needs

Quotes:

  • "Get your insurance broker involved early."
  • "You have to know what is your strategy."

RESOURCES AND LINKS FROM THIS SHOW: