We’ve all heard a lot of horror stories about insurance claims. Maybe you’ve experienced one yourself. But it doesn’t have to go that way! Our guest, Galen Hair, a property-casualty insurance attorney and owner of Insurance Claim HQ, talks about how to make sure you have the right insurance policy for your property and other important stuff!
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One of the problems for apartment building owners are exclusions in their policies that are very particular to their geography. Galen gives some types of policies and explains which would be better for a specific investment. And although there’s no magic organization that certifies which insurance agents are reliable or the best, Galen gives us some tips on how to find the right one.
Key Points From This Episode:
- According to Galen, insurance is just a contract that you made with the insurance company to pay them and a contract they made with you to pay you appropriately based on the terms of that policy, if you have a loss.
- He gives tips to make sure that you’re adequately covered by your insurance policy.
- For smaller multifamily investors, if you have a series of homes, you need to make sure you have the right policy.
- Often, the problem for apartment building owners are exclusions in their policies that are very particular to their geography.
- What is Actual Cost Value (ACV) policy and Replacement Cost Value (RCV) policy?
- Multifamily units often get the ACV policy because it’s cheaper. However, the effect is devastating if you have a catastrophic loss.
- How do you find the best insurance agent?
- When do you start getting help with your insurance claim if ever you experience a problem with your insurance company?
- How much does it cost to bring on a full platoon to your aid when you’re up against the insurance companies?
- What makes Galen Hair’s company stand out from the rest?
- How does he like to give back?
“At its core, insurance is just a contract, it’s a contract that you made with the insurance company to pay them and not to lie to them and do certain things if you had a loss, and a contract they made with you to pay you appropriately based on the terms of that policy, if you have a loss. That’s fundamentally so simple that people, I think, sometimes forget that it’s purely a contractual relationship.” [0:03:16.0]
“For smaller multifamily investors, if you have a series of homes, you need to make sure you have the right policy.” [0:04:00.9]
“I’m a big fan of getting the right tools for the right job. You don’t have to call someone like me, but you need to call one of my competitors and there’s not many, and you need to get them involved early, because the things we do on a claim at the beginning avoid the problems down the road.” [0:12:11.00]
“I’ll tell you this, we consider it an epic failure if we have not gotten our fees paid and left the client with enough money to rebuild as if this disaster had not happened. That is a failure for us and we don’t tolerate failure.” [0:17:22.00]
“We have core values, and it’s really, really important to us. It’s accountability, passion, integrity, and commitment. And those are internal and external. And every single person that works for us knows those core values, can recite those core values, can talk about what they mean, and they live them.” [0:19:34.00]
Links Mentioned in Today’s Episode:
About Jorge Fajardo
Galen M. Hair, owner of Insurance Claim HQ, is a property-casualty insurance attorney operating in more than seven states: Alabama, Louisiana, Texas, Atlanta, Georgia, Florida, and Mississippi. Through property-casualty insurance claims, Galen and his team have helped over 800 families rebuild their homes and businesses. They have dedicated their practice to fighting for the rights of policyholders when they experience a loss due to fire, flood, hurricane, or from the insurance company not keeping their word. Galen has been rated a Super Lawyers Rising Star and has been voted one of the National Trial Lawyers Top 100.
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