Landlord Insurance Tips: Expert Insights from Darren Nicks on Coach Carson
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In this riveting episode from Coach Carson, the legendary Darren Nicks, founder of Steadily, takes center stage to unveil exclusive insurance secrets for landlords. Brace yourselves, folks, as liability claims can skyrocket to a jaw-dropping half a million to a million dollars! Nicks dives deep into the crucial insurance types landlords must have, emphasizing the significance of replacement cost (RC) coverage. It's a wild world out there, where insurance pricing hinges on the delicate dance of claim probability. Remember, when facing damages ranging from $5,000 to a whopping $220,000, don't hesitate to file that claim!
Hold onto your seats as Nicks unveils the driving force behind rising insurance prices - hurricanes and hail claims. The industry's profits are intricately linked to pricing, with hurricanes wreaking havoc, especially along the coast. But wait, there's more - severe convective storm claims, particularly hail, are throwing a spanner in the works. It's a human-made conundrum as people file more claims for hail without a proportional increase in hailstorms. Landlords, take note - partnering with industry game-changers like Steadily can fast-track your insurance journey with lightning-quick quotes.
Picture this: setting higher deductibles not only signals a penchant for catastrophic coverage but also slashes those hefty insurance costs. By self-insuring a portion of the risk, landlords can unlock a treasure trove of savings. It's a strategic move that echoes the sentiments of seasoned investors who opt to self-insure a property or two. As the insurance landscape evolves, it's imperative to adopt a long-term perspective on risk management. And for those grappling with insurance accessibility in high-risk areas, fear not - it's often a matter of affordability rather than insurability. So, gear up, folks, and navigate the insurance maze with the wisdom of a seasoned pro like Darren Nicks at your side!
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