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Real Estate Runway - Chad Sutton - Insta
S1E35: Making Insurance Smart, Simple, and Secure with Jeremy Goodrich
January 5, 2022 33 min
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Episode Description

Jeremy Goodrich is about to change the way you think of insurance and it might just save your business someday. Jeremy is the Founder and commercial real estate insurance advisor at Shine. He’s a teacher at heart and he simplifies insurance by giving step-by-step guidance along the way. In 2013, he decided it was time to change the way people feel about insurance. Jeremy carried his educator’s heart over and he's been making insurance simple for first-time homebuyers and real estate investors even since. He's also the host of the REI Clarity Podcast and the host of Youtube's #1 most-watched independent insurance agency channel!

Tune in to learn insurance tips you’ve never heard before that will make your insurance strategy smart, simple, and secure.

Getting to know Jeremy Goodrich - [00:01 – 03:19]

  • I introduce to the show

  • Bio

  • Jeremy shares a bit of his background

  • Background in education teaching kids
    The start of Shine and its goal

Making Insurance Smart, Simple, and Secure - [03:20 – 16:58]

  • Jeremy talks about avoiding some common pitfalls in insurance

  • Everything starts with the insurance agent you pick
    Insurance agents are really “risk managers”
    Trust your operator and make sure they hire the right person

  • Jeremy shares the top lessons he’s learned in insurance

  • Always think through what policies will be in a claims scenario
    Insurance doesn’t seem to mean much until it’s desperately needed
    The power of a quality insurance company

  • The four coverages you need to think about in real estate

  • Building coverage
    Enough to rebuild the property
    Business personal property
    What’s inside that’s yours?
    Loss of income
    Your covered cost will include your income in the payout
    Liability insurance
    The bad things that can happen to your tenants

  • Examples of businesses losing litigation

  • With insurance, you don’t have to deal with it
    You can’t skim on liability coverage

  • Grab your ticket to the MFIN Summit at mfinsummit.com Use promo code QUATTRO

How a Smart Agent Thinks Through Coverage - [16:59 – 26:26]

  • Jeremy explains through other auxiliary coverages you should think about

  • Think through exclusions  - ACV coverage
    Ex: age of the building
    The dangers of underinsuring
    Co-insurance clause
    Flood zones
    Take your building’s location into account

  • Building replacement cost - live vs. date of the claim

  • 80% co-insurance clause is the most common

  • Asking about insurance if you're a limited partner/passive investor

The Quattro Trio - [26:27 - 33:19]

  • What is your superpower?

  • The capacity to explain things simply

  • What is your biggest failure?

  • The inability to say “no”

  • How Jeremy is giving back to the world

  • A percentage of Shine deals goes to The Giving Back program
    Links below

  • How to connect with Jeremy

  • Links below

  • Final words

Tweetable Quotes:

“When I look at myself, I don’t see myself as an insurance agent, I see myself as a risk manager.” - Jeremy Goodrich

“I love being able to simplify.” - Jeremy Goodrich

“You shouldn’t have to be the expert.” - Jeremy Goodrich

Resources Mentioned:

Want to connect with Jeremy? You can find him on LinkedIn. For smart insurance made simple visit https://www.shineinsurance.com/.

Have you heard about the Multifamily Investor Nation Summit, coming up on January 20th?  If you've never been, it's a three-day information-packed event for multifamily investors, with over 1,000 attendees and over 50 speakers!  Not only will hear from experts about finding deals, raising capital, underwriting strategies, selecting markets, and so much more...But this year our partners here at Quattro Capital are excited to be participating with three speakers at the event. Our amazing Kim Wendland will be speaking on the often neglected subject of asset management, how to make the machine hum, while our “most interesting man in real estate”, Maurice Philogene, will be speaking on how to leave your corporate job for a freedom lifestyle. I personally will even be speaking on the topic of how to perform due diligence on multifamily assets before you purchase them and the not-so-common things to watch out for. Go to mfinsummit.com to grab your ticket and use promo code QUATTRO to get $100 off of your full access pass!  Whether you are new to multifamily investing or a seasoned investor, you do not want to miss this event. Join Team Quattro at the Multifamily Investor Nation Summit.

Visit mfinsummit.com promo code QUATTRO... That's mfinsummit.com promo code QUATTRO.

Check out Syndication Pro and learn how you can raise more capital in less time! https://syndicationpro.com/account-setup?fpr=quattro

Join the MFIN Summit and use our promo code: QUATTRO

LEAVE A 5 STAR REVIEW + help someone who wants to explode their business growth by sharing this episode. Find out how team Quattro can help you by visiting www.TheQuattroWay.com.

Real Estate Runway Podcast is all about alternative business and investment strategies to help you amplify life, and maximize wealth! Click here to find out more about the host, Chad Sutton.