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Understanding Multifamily Insurance with J Darrin Gross
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!
- 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
- "Get your insurance broker involved early."
- "You have to know what is your strategy."