RCRE – Understanding Property Insurance

Will Coleman and Mike Taravella interview Brent Coleman of CNC Insurance Brokerage.

Insurance prices, condition requirements, and deductibles have gone up for multi-family.
Factors for estimating insurance prices: class of property, type of construction, labor and construction costs of build, location.
Know the previous 3-5 year loss runs for a property by contacting the owner or prior insurance company.
Use a general contractor to understand the age and pricing of different items on a property.
Insurance companies are often insured by other insurance companies called reinsurerers which can raise prices for consumers.
Have your property quoted by many different insurance providers in order to find the best rate.
Contact an insurance broker once you have a property under contract.

Expert Pro Tip: “Paint a clear picture for your Insurance Provider!”

cncbrokerage.com