Secrets Unwrapped: What You Should Know About Property Insurance with Jeremy Goodrich

2022-05-25

Real estate investing is a great way to make money, and it can help you build your wealth. However, if you don't pay attention to your investments and make smart decisions, then this income stream could hurt you instead of helping you. As a real estate investor, the last thing you want to deal with is an unexpected event that causes you a loss. This is where property insurance comes into play. Jeremy Goodrich, the founder of Shine Insurance Agency, a Commercial Real Estate Insurance Advisor, and a real expert in risk management and asset ...

As a real estate investor, the last thing you want to deal with is an unexpected event that causes you a loss. This is where property insurance comes into play.

Jeremy Goodrich, the founder of Shine Insurance Agency, a Commercial Real Estate Insurance Advisor, and a real expert in risk management and asset protection will share his expertise on how real estate investors and owners can minimize their risks by choosing the "RIGHT" property insurance.

Enjoy listening!

What we learned from Jeremy Goodrich in this episode:

- What is risk in property insurance? We explore what risk really is and how we can prevent it to the greatest extent possible.

- The number one mistake real estate investors always make that you should avoid.

- The Demand vs. Supply in the real estate insurance company: How and why policy prices increase, as well as what leads some insurance companies to leave.

- The most important factors that you should consider before getting property insurance.

- Commercial real estate vs Residential real estate insurance: Why does commercial real estate have more risk?

About the Guests:

Jeremy Goodrich helps protect the most important assets you own. He is a fixer. For those folks ready to get protection right, he offers simplicity paired with peace of mind. Their program, the Shine Shield, protects some of the top real estate investors in the country.

Quotes:

"Risk is everywhere, in everything we do.”

“Everything is a balance between risk and reward.”

“Understanding the risks that exist in your space is important.”

Timestamp:

00:00 - Intro

00:33 - “Risk thrives in information gaps.” – Jeremy will talk about what risk is in its truest sense and how we can effectively minimize it.

04:21 - Jeremy, as a highly skilled Commercial Real Estate Insurance Advisor, will share with us the three kinds of risks and the number one mistake real estate investors always make.

07:38 - Jeremy will lend his expertise as he gives advice about the factors that we should consider before getting property insurance.

11:41 - What is Liability Coverage?

18:12 - Jeremy talks about the supply of insurance and the capacity of an insurance company.

23:13 - Jeremy walks us through the risks in commercial real estate vs residential real estate insurance.

25:51 - Taking the relationship based business to the next level to minimize the risk.

27:45 - Jeremy shares his piece of advice to all multifamily investors.

29:27 - Ways to connect with Jeremy Goodrich.

Connect with Jeremy Goodrich here:

LinkedIn: https://www.linkedin.com/in/reiinsuranceguy/

Website: https://www.shineinsurance.com

Connect with Us:

Facebook Page: https://www.facebook.com/restateinvestorsclub/