BPAP 72: 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!

Topics:

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."