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RCRE – Understanding Property Insurance

Will Coleman and Mike Taravella interview Brent Coleman of CNC Insurance Brokerage.

Key Information:

  • Insurance prices, condition requirements, and deductibles have gone up for multi-family.
  • Factors for estimating insurance prices: class of property, type of construction, labor and construction costs of build, location.
  • Know the previous 3-5 year loss runs for a property by contacting the owner or prior insurance company.
  • Use a general contractor to understand the age and pricing of different items on a property.
  • Insurance companies are often insured by other insurance companies called reinsurerers which can raise prices for consumers.
  • Have your property quoted by many different insurance providers in order to find the best rate.
  • Contact an insurance broker once you have a property under contract.

Expert Pro Tip: “Paint a clear picture for your Insurance Provider!”

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