Insurance is a key piece of a successful deal, yet many operators do not value their insurance broker as a partner. Today’s guest, Matt Sutika, Chief Insurance Officer of Obie, is a leading authority in the multifamily insurance industry, and he joins us to provide valuable insights into this important topic. In this episode, we hear about Obie’s specialization, where Matt emphasizes the importance of working with an expert who has niche expertise.
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Just like you would not go to a family doctor for heart surgery, you should not go to a general insurance broker for your multifamily insurance needs. We also hear about Obie’s approach to relationships and why they only want to work with operators to consider them partners. Matt explains how he puts time into building relationships through honesty and transparency. Looking more specifically at insurance, Matt sheds light on what new operators should look for in terms of insurance, the common pitfalls operators make when finding coverage, and why getting a seller to show you their policy is a great secret weapon to add to your toolkit. To hear more from this multifamily insurance expert, join us today!
Key Points From This Episode:
- Matt’s background, Obie’s specialty, and how they serve their clients.
- The importance of working with a specialized insurance broker.
- Hear more about the types of syndicators that Obie works with.
- Why being considered a partner on the deal is so important for Obie.
- Some of the factors that influence Obie’s ability to produce a quote quickly.
- The insurance broker’s role in doing underwriting research to make sure it is the best deal.
- The value that Matt places on transparency in building sustained relationships.
- How the current situation is affecting the insurance side of multifamily.
- Key things new operators should keep in mind about insurance.
- Why you should ask the seller for their insurance policy.
- Some of the common mistakes Matt sees operators making when getting proper insurance.
- A recent business improvement, the biggest contributor to Matt’s success, and giving back.
[bctt tweet=”I share everything. For me, transparency is key. Because if they got to walk away from the deal, they got to walk away from the deal. If I ever knew something and I didn’t share it or didn’t get shared and then they got locked into that deal. At the end of the day, one deal isn’t that important to me. 50 deals are. My relationship with that person is key. — Matt Sutika” username=”whitney_sewell”]
Links Mentioned in Today’s Episode:
Matt Sutika Phone Number — 312-877-2692
About Matt Sutika
Matt Sutika is one of the leading experts in multifamily insurance and Chief Insurance Officer at Obie, an insurance and portfolio management platform for real estate investors. Formerly one of State Farm’s top performing agents and Founder/CEO of Skylight Insurance (acquired by Obie), Matt has since built a sizable practice in the multifamily space with Obie and strives to provide each investor with a streamlined, transparent, and consultative insurance process.
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