356: How To Reduce Property Insurance Costs
Get Rich Education
Keith Weinhold
4.3 • 602 Ratings
🗓️ 2 August 2021
⏱️ 40 minutes
🧾️ Download transcript
Summary
You achieved 95% total rate of return if you bought a turnkey property one year ago, on average.
How can that be true? It’s the “Five Ways Real Estate Pays” revisited.
Get our free, wealth-building “Don’t Quit Your Daydream” newsletter. It’s the real estate industry’s best at: GetRichEducation.com/Letter
Doug Fudge joins us. He’s President and CEO of Fudge Insurance. They are a brokerage where customers get a choice of insurance provider.
Fudge provides insurance in: CA, CO, FL, GA, NC, TN and KY.
He suggests higher deductibles and lower premiums for well-off investors.
Doug & I discuss trade-offs between replacement cost and actual cash value insurance.
Vacant land is generally not insured.
Every policyholder in Florida has had a rate increase in the last year. This is largely due to frivolous lawsuits.
Get a lower insurance rate with property that is: new-build, concrete block (not frame), further inland (not coastal), hip roof (not gable).
Flood and earthquake coverage are separate policies.
We discuss how to administer renters’ insurance and umbrella insurance policies.
Learn which insurance document you should never sign.
Resources mentioned:
Show Notes:
Fudge Insurance:
(407) 965-4253
Get mortgage loans for investment property:
JWB’s available Florida income property:
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Transcript
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| 0:00.0 | Welcome to Get Rich Education. I'm your host Keith Weinhold in today's high property appreciation landscape. |
| 0:07.0 | How do the five ways that real estate pays you look now exactly? Then we're going deep on how to lower your property insurance premiums, which will increase your cash flow, yet still get adequate insurance coverage. |
| 0:22.5 | Learn why property insurance premiums have gone up substantially in some parts of the nation since last year. And what's the one |
| 0:27.6 | insurance-related document that you should never sign today on Get Rich Education? |
| 0:35.3 | You know, a lot of investors choose either cash flow or home price appreciation, |
| 0:39.5 | but one real estate market could provide both Jacksonville, Florida. You've got 27% lower |
| 0:44.7 | home prices and higher rents than the national median. Their market has appreciated 34% more than |
| 0:50.6 | other comparable cash flow markets over the last 30 years. Get positive cash flow today and above average appreciation for tomorrow. |
| 0:58.0 | They often have available inventory in Jacksonville. |
| 1:01.5 | If you can believe that, start at cashflow and growth.com. |
| 1:09.2 | You're listening to the show that has created more financial freedom than nearly any show in the world. |
| 1:16.4 | This is Get Rich Education. |
| 1:23.5 | You're going to be able to do. Welcome to GRE from Framingham, Massachusetts to Birmingham, Alabama, and across 188 nations worldwide. |
| 1:38.7 | I'm Keith Weinhold. This is get resuscation. Some property insurance rates have increased a lot, and some haven't. |
| 1:47.1 | My insurance premiums have shot up more than 20 to 30% on some of my single family rental properties. |
| 1:55.4 | Then I have property in other states where the premiums really only had increases that were about index to inflation. |
| 2:03.2 | Now, if you're like most people, what you do is you escrow your property tax and insurance obligations |
| 2:11.1 | and you just roll it all into one monthly payment that you make to your bank or your mortgage servicer, of course, known as |
| 2:19.3 | PITI, principal, interest, taxes, and insurance. Of course, when we break down your PITI, |
| 2:26.8 | well, your mortgage interest payment, the first I, that shrunk, that payment shrunk thanks to the Fed and their artificially low interest rates. |
| 2:38.5 | We recently had Tom. |
| 2:39.7 | We're right here to discuss how to lower the T in PITI and contest your property taxes. |
... |
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