insurance costs

2023’s insurance market is bad. Really bad. “As bad as I’ve ever seen,” says Insurance Office of America’s Robert J. Hamilton. He’s never seen home and multifamily insurance prices as high as today. But, he has good reason to believe that a better insurance market could be upon us soon, especially as prices continue to ramp up and providers get priced out of the market.  If you’re a property owner, there’s a good chance your insurance premium increased significantly in price last year and the year before. After several unprecedented natural disasters, states like Texas, Florida, and California have seen carriers massively raise rates or leave their markets entirely. But why now? And how long will this last? Robert walks us through exactly what’s caused the higher insurance rates, why so many carriers have given up or died out, and “the beginning of a reset” that could be on the horizon. Andrew Cushman, long-time friend of the show and multifamily investor, gives his seven quick tips on finding a better rate and protecting your property if and when disaster strikes. DO NOT analyze another deal before you watch this episode because, by the time you finish, your new insurance rate could ruin the profit potential.  In This Episode We Cover: The wild 2023 insurance crisis explained and why rates have gone up so dramatically The “capacity crunch” forcing insurance carriers to leave risky markets  What’s causing rates to rise and the “reinsurance” problem carriers face  Underwriting your next rental/multifamily and how to properly predict property insurance costs  The safest states/areas to invest in that carriers are flocking to  The “percentage deductible” trap that could bankrupt your deal if you aren’t careful  And So Much More! Links from the Show Find an Agent Find a Lender BiggerPockets Youtube Channel BiggerPockets Forums BiggerPockets Pro Membership BiggerPockets Bookstore BiggerPockets Bootcamps BiggerPockets Podcast BiggerPockets Merch Listen to All Your Favorite BiggerPockets Podcasts in One Place Learn About Real Estate, The Housing Market, and Money Management with The BiggerPockets Podcasts Get More Deals Done with The BiggerPockets Investing Tools Find a BiggerPockets Real Estate Meetup in Your Area Davids's BiggerPockets Profile David's Instagram Network with Other Investors on the BiggerPockets Forums How to Protect Your Rental from Fires, Floods, Lawsuits, and Liability What Is Rental Property Insurance & Do Landlords Need It? Book Mentioned in the Show: SCALE by David Greene Connect with Andrew: Andrew's BiggerPockets Profile Andrew's LinkedIn Andrew's Website Connect with Robert: Robert's Email Click here to listen to the full episode: https://www.biggerpockets.com/blog/real-estate-819 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email advertise@biggerpockets.com. Learn more about your ad choices. Visit megaphone.fm/adchoices

Hasta La Vista PPI!

Arnold Schwarzenegger has been drafted in as a last-ditch attempt to get the millions of us who still haven't claimed compensation for mis-sold PPI to do so.

In this episode of the podcast, top financial broadcaster Georgie Frost join Lee Boyce and Rachel Rickard Straus of the This is Money team to talk about Arnie's new PPI advertisement campaign and more.

They have a good old chat about the big money stories from the past week and what it all means for you.

We've all heard about PPI a million times, but with half of those eligible still yet to claim, could you still be owed a little windfall?

Lee gives his back to basics guide on what you can do to check – and how you could still be owed some cash even if you've had a claim declined in the past.

Then Georgie makes a case for banning the word 'loyal' when used to describe customers who stay with the same utility or insurance provider for year after year.

Are they loyal, apathetic or unaware that they could get a better deal elsewhere?

Either way, we explain how you can help family and friends to save hundreds of pounds every year (and perhaps even take you on holiday with the proceeds… you never know).

Rachel and Lee also go head to head over cashback websites. Rachel says you can't argue with free cash, Lee finds some arguments against it…

All this and plenty more in another packed episode of the unmissable This is Money Podcast. Enjoy!