#84: Don’t Be The Investor That Doesn’t Understand His Coverage… A Deep Dive on Insuring Multifamily Assets with Jeremy Goodrich

A topic that isn’t widely discussed on real estate podcasts is insurance, despite it being a piece of the business that investors can’t afford to screw up! In this episode, I’m chatting with Jeremy Goodrich of Shine Insurance, one of the most well-known insurance brokers in the business. Before Shine, Jeremy was an elementary school teacher, helping countless kids fall in love with art, math, science, and writing. Eventually, Jeremy decided to make the career change into insurance and decided to specialize in working with multifamily investors. In this episode, we discuss the role of an insurance broker, common mistakes investors make finding insurance, and what you need to include in your policies. We also talk about how you can build your team of service providers, which is a critical process for real estate investors!Timestamps:0:03:42 - Jeremy shares his background, how he got into real estate, and what he’s up to now.0:05:44 - Jeremy’s background as a schoolteacher and how it applies to the insurance world0:08:54 - Jeremy talks about the role of an insurance broker and the value they bring to an investor0:12:16 - We learn how insurance brokers are compensated0:16:28 - The mistakes that Jeremy often see real estate investors make as it relates to insurance 0:24:07 - Jeremy discusses other things that multifamily investors should keep in mind when building out a policy0:28:14 - We learn about Shine’s tool designed to assist investors with generating ballpark quotes for what their insurance might be on a given asset0:34:33 - Jeremy’s most significant business failure and what he has learned from it0:35:49 - Jeremy shares the best decision he’s made in his career so far0:36:51 - We hear what skill or trait Jeremy attributes his success to0:37:57 - We learn about Jeremy’s short terms goalsCONNECT WITH AXELhttps://www.instagram.com/multifamilywealth/?hl=enhttps://www.linkedin.com/in/axelragnarsson/CONNECT WITH Jeremy GoodrichShine insurance website: https://www.shineinsurance.com/