209: Insurance Struggles: The Perfect Storm
Hustle Humbly Podcast
Alissa Jenkins & Katy Caldwell
4.9 • 914 Ratings
🗓️ 7 August 2023
⏱️ 50 minutes
🧾️ Download transcript
Summary
Insurance is becoming one of the biggest challenges in real estate right now—and honestly, it's a little overwhelming. 😅
In this episode, we're talking all about insurance struggles in real estate and why it feels like the "perfect storm" of rising costs, fewer options, and stricter requirements.
We're joined by Mark Peterson, an independent insurance agent, to break down what's happening behind the scenes—and what agents need to know to better guide their clients.
Then in part two, we share real insights from agents and insurance professionals across the country to show just how different (and widespread) these challenges really are.
Here's what we cover:
- Why insurance companies are tightening up across the country
- The "perfect storm" causing rising premiums and fewer options
- Why working with an independent insurance agent matters
- How roof age is becoming one of the biggest deal-breakers
- Why homes are being inspected AFTER closing (and why that's risky)
- The truth about coverage amounts vs market value
- Why so many homes are actually underinsured
- What happens when a home is considered a total loss
- Why prior claims on a property can impact new buyers
- Regional challenges (flood zones, wildfires, avalanches 👀)
- How litigation and storm damage are driving up costs
- Why some companies are leaving entire states
- The risks of choosing the "cheapest" policy just to close
- Why insurance needs to be addressed during due diligence
- How agents can better prepare and educate their clients
*"About 70% of homes nationwide are underinsured."* :contentReference[oaicite:0]{index=0}
If you've felt confused, frustrated, or caught off guard by insurance lately—you are not alone.
This episode will help you understand what's happening and how to navigate it with more confidence.
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Music:
Straight A's by Connor Price → https://connorprice.shop/
The Good Life by Summer Kennedy → https://soundcloud.com/summerkennedy/the-good-life
Be The One by Matrika → https://uppbeat.io/t/matrika/be-the-one
Transcript
Click on a timestamp to play from that location
| 0:00.0 | House burns the ground, you have the option to rebuild or take the cash and run. |
| 0:07.0 | Like how close can we get and still get insurance? |
| 0:12.0 | Pick your segment of who you're going after and go deep. |
| 0:17.0 | Reinsurance and not to get insurance nerded out here, but about 70% of homes nationwide are |
| 0:27.8 | underinsured. |
| 0:29.9 | But I was able to prove it. |
| 0:32.1 | I'm paying more, but I feel much better. |
| 0:36.1 | Hi, y'all. |
| 0:37.0 | Welcome to Hustle Humbly. |
| 0:38.1 | It's Alyssa and Katie and we are two top-producing realtors in the Baton Rouge market. |
| 0:42.1 | We work for two different companies where we should be competitors, but we have chosen |
| 0:45.5 | community over competition. |
| 0:47.1 | The goal of our podcast is to encourage you to find your own way in business. |
| 0:50.8 | So stop comparing yourself and start embracing your strengths. |
| 0:54.6 | Hi, Alyssa. Hey, Katie. It's episode number 209. |
| 0:57.8 | Today we have a guest in the virtual studio, Mark Peterson, and everyone who listens, who's been |
| 1:04.8 | a listener, may know his lovely wife, Chelsea, has been on the show three times. Yeah. So she's our most repeated guest, |
| 1:13.4 | and now we get to hear Mark talk to us about insurance. So Mark, tell us who you are, what you do, |
| 1:19.7 | like your 30-second bio. All right. Yeah, that's big shoes to fill. Yeah, my lovely wife is |
| 1:26.5 | Chelsea Peterson. |
| 1:33.1 | I have an insurance agency that we own with my brother. |
| 1:35.8 | It's a second generation family agency. |
... |
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