Chad Sutton interviews Mark Deddens, the founder and CEO of iStorm Group. Mark shares his experience as a serial entrepreneur and his journey in discovering how insurance companies can take advantage of multi-family property owners when they have a fair, reasonable, legitimate storm damage or catastrophic loss. Learn how to protect against unmitigated risks with Mark's help and gain insight into iStorm's services that provide risk management and claim services for their clients. From pre-storm inspections to post-storm inspections and proprietary weather tracking systems, find out how iStorm gives property owners the edge when it comes to getting their claims settled quickly. Don't miss this eye-opening episode filled with useful advice on how to become a successful investor!
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[00:00 - 06:27] Opening Segment
Introducing Mark to the show
Mark Deadens is the founder and CEO of iStorm Group
iStorm Group has settled over 120 million in large claim losses to date with a 95% indemnification rate
Insurance companies are investors, not risk managers
[06:28 - 15:22] Uncovering Insurance Carrier's Deniability Tactics and Streamlining the Settlement Process for Property Damage Claims
Property owners need to understand their coverage limitations and exclusions in their policy
iStorm Group helps property owners protect themselves from insurance companies' delay, deny, and reject tactics
Baseline inspection of the exterior of the building to document condition and detect any wind or hail damage
Proprietary weather tracking system to monitor for wind and hail
Reinspections to compare with baseline and rule out dates when no damage occurred
Ability to provide before and after pictures of damages to insurance adjusters
Fast settlement process with the goal of completing in one round
Settlements move quickly to get the project underway and return the property to pre-loss operating condition
[15:23 - 28:25] Murphy's Law in Property Management
Focus on what you are best at and hire the rest out
Have a risk management plan in place
Get policy reviewed by a licensed public adjuster
Mark shares a story of an SUV barrel rolling into a building at high speed
Passion and belief in yourself lead to success
Mark’s biggest mistake was trusting a non-certified contractor
[28:26 - 30:26] Closing Segment
Philanthropic interests focus on children's health and wellness
Connect with Mark through the links below
"Insurance can be a very tumultuous world, especially in the commercial real estate world and there are about six ways that they find out how not to pay your claim. And it is really on you to make sure you have the right risk mitigation strategy and prep work in place.” - Mark Deddens
Connect with Mark through LinkedIn, Facebook, or visit www.iStormGroup.com. You can also contact him at 937-572-0746.
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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.