Insurance is an important part of securing your real estate property. There are different kinds of insurance to be considered, that is why working with a specialized provider for your property can help a lot. In this episode, we speak to Stuart Moore, a partner in Turner Wood & Smith Insurance, and he tells us what to look for in an insurance provider specifically for multifamily units.
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Stuart specializes in multifamily insurance and can insure properties in all 50 states. Stuart details to us the requirements an operator needs to prepare when securing insurance for a multifamily unit. He also talks about closing issues and the biggest pitfalls that most operators are overlooking. Click the play button now and learn what you should look for in a multifamily insurance provider!
Key Points From This Episode:
- Stuart talks about his background in real estate insurance.
- The differences in insurance for multifamily units compare to the regular house or car insurance.
- What are the requirements that an investor or an operator needs to prepare for the insurance provider?
- Stuart elaborates on the level of insurance coverage when you are trying to build all back.
- How material costs affect insurance prices
- Stuart talks about closing issues when you failed to do due diligence as far as securing proper insurance.
- Why is hiring an engineer to find out whether your property can be removed from the flood zone list is important?
- When to consider umbrella insurance? What is assault and battery coverage?
- Stuart shares some of the biggest pitfalls that most operators are overlooking.
- Did the Covid-19 pandemic alter the insurance industry in a big way?
- The daily habits that helped Stuart to achieve success.
- How does Stuart like to give back?
“Well, the insurance company is going to want to ensure that they have to build it back.” [0:04:10]
“So just to go out and buy the property is completely different than if the things knocked down and you gotta rebuild it from the ground up. It just has more cost involved.” [0:06:58]
“Just don’t believe the offering memorandum, get some, and get some advice from somebody who’s written in that area or at least can get some information.” [0:16:22]
Links Mentioned in Today’s Episode:
About Stuart Moore
Stuart Moore joined Turner Wood & Smith Insurance in May 2012, as a Property-Casualty Agent in the Commercial Division and became a partner in 2019. He is a graduate of Auburn University where he attended on a golf scholarship, was named captain of the golf team his junior and senior years, and was twice selected to the All-SEC Golf Team.
Stuart specializes in multifamily insurance and can insure properties in all 50 states.
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