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Understanding Multifamily Insurance coverage with J Darrin Gross & Larry Goins



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.”

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