#67 with Jason Bott: Talks About How Insurance Works in Real Estate and What is the Cheapest Kind You Need
Millennial Millionaire Real Estate Podcast
English - September 07, 2020 15:34 - 51 minutes - 94.8 MB - ★★★★★ - 56 ratingsInvesting Business Homepage Download Apple Podcasts Google Podcasts Overcast Castro Pocket Casts RSS feed
In this episode, Jonathan Farber interviews Jason Bott on his unique insight gained on the path to insuring several hundred clients nationwide through his firm. Jason is an insurance specialist based in Milwaukee, Wisconsin. In this episode, we break down topics like: the biggest misunderstanding, getting started with insurance, types of policies, and more!
Top Takeaways:
The number one real estate insurance misunderstanding - 7:00 - 8:30
Commercial policies are much more flexible than homeowners’
This means a lot more risk is carried than in a traditional home policy
This is why it’s important to understand the language of your policy
Getting started with real estate insurance - 8:45 - 11:30
Lending under your personal name is usually easier to accomplish than under an entity
Single family claims exceeding $1 million are exceedingly rare
This gives rise to the standard commercial liability of $1 million
After 8 to 10 units, personal lending usually maxes out
After this point it generally gets easier to incorporate and get commercial policies
Umbrella policies tend to be more efficient for scaled operations than individual
Understanding types of policies - 13:00 - 20:00
General liability - protects for personal injury or the property from property damage
These general policies go by many names so if you’re not sure ask
The basic needs are property coverage and general liability coverage
Umbrella policy - extends a general liability policy to the necessary risk profile
How to bring value to Jason Bott:
Potential investor clients with out of state properties
Social Links:
biggerpockets.com/blog/contributors/jasonbott
robertsonryan.com/about-us/our-team/agents/jason-bott
Connect With The host, Jonathan Farber Here!
LinkedIn: https://www.linkedin.com/in/jonathanfarber1/
Instagram: @jonjfarb
Facebook: https://www.facebook.com/jonathan.farber.9
Facebook Group: Real Estate Mentorship Mastermind
https://www.facebook.com/groups/860025821084224/
BiggerPockets: https://www.biggerpockets.com/users/JonathanF29
Schedule a time to talk: https://calendly.com/jonathan-farber/1-on-1-with-jonathan-farber-mmtr
Apply to be a guest on the podcast here: https://forms.gle/YNmALHUvDvuMWVVFA