2023’s insurance market is bad. Really bad. “As bad as I’ve ever seen,” says Insurance Office of America’s Robert J. Hamilton. He’s never seen home and multifamily insurance prices as high as today. But, he has good reason to believe that a better insurance market could be upon us soon, especially as prices continue to ramp up and providers get priced out of the market. 
If you’re a property owner, there’s a good chance your insurance premium increased significantly in price last year and the year before. After several unprecedented natural disasters, states like Texas, Florida, and California have seen carriers massively raise rates or leave their markets entirely. But why now? And how long will this last? Robert walks us through exactly what’s caused the higher insurance rates, why so many carriers have given up or died out, and “the beginning of a reset” that could be on the horizon.
Andrew Cushman, long-time friend of the show and multifamily investor, gives his seven quick tips on finding a better rate and protecting your property if and when disaster strikes. DO NOT analyze another deal before you watch this episode because, by the time you finish, your new insurance rate could ruin the profit potential. 
In This Episode We Cover:
The wild 2023 insurance crisis explained and why rates have gone up so dramatically
The “capacity crunch” forcing insurance carriers to leave risky markets 
What’s causing rates to rise and the “reinsurance” problem carriers face 
Underwriting your next rental/multifamily and how to properly predict property insurance costs 
The safest states/areas to invest in that carriers are flocking to 
The “percentage deductible” trap that could bankrupt your deal if you aren’t careful 
And So Much More!
Links from the Show
Find an Agent
Find a Lender
BiggerPockets Youtube Channel
BiggerPockets Forums
BiggerPockets Pro Membership
BiggerPockets Bookstore
BiggerPockets Bootcamps
BiggerPockets Podcast
BiggerPockets Merch
Listen to All Your Favorite BiggerPockets Podcasts in One Place
Learn About Real Estate, The Housing Market, and Money Management with The BiggerPockets Podcasts
Get More Deals Done with The BiggerPockets Investing Tools
Find a BiggerPockets Real Estate Meetup in Your Area
Davids's BiggerPockets Profile
David's Instagram
Network with Other Investors on the BiggerPockets Forums
How to Protect Your Rental from Fires, Floods, Lawsuits, and Liability
What Is Rental Property Insurance & Do Landlords Need It?
Book Mentioned in the Show:
SCALE by David Greene
Connect with Andrew:
Andrew's BiggerPockets Profile
Andrew's LinkedIn
Andrew's Website
Connect with Robert:
Robert's Email

Click here to listen to the full episode: https://www.biggerpockets.com/blog/real-estate-819
Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com.
Learn more about your ad choices. Visit megaphone.fm/adchoices