Feb. 11, 2022

Special Episode: 4 Biggest Insurance Mistakes Real Estate Investors Make with Jeremy Goodrich, Shine Insurance

Jeremy Goodrich is a real estate insurance advisor and is the host of the REI Clarity Podcast. He is the owner of Shine Insurance and specializes in making commercial real estate insurance smart and simple. As the host of the most-watched insurance agenc...


Jeremy Goodrich is a real estate insurance advisor and is the host of the REI Clarity Podcast. He is the owner of Shine Insurance and specializes in making commercial real estate insurance smart and simple. As the host of the most-watched insurance agency channel on YouTube, he has answered hundreds of real estate insurance questions in a way that actually makes sense and is interesting. Jeremy speaks the language of real estate investors.   In this episode, Jeremy shares four real-life stories in relation to the biggest mistakes investors make when it comes to insurance as he explains why these deeds are really bad mistakes no one would ever want to experience after learning about them.

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What you'll learn in just 17 minutes from today's episode: 

  • Understand why cheap insurance is expensive;
  • Discover why you should give correct information to the agent and not trust a seller’s number when doing insurance;
  • Learn how the understanding of insurance’s world helps you avoid ineffective insurance policies in the future

Resources/Links: 

Topics Covered: 

  • 04:49 – Talking about how commercial insurance works in relation to the most common mistake most investors make in the insurance world
  • 10:29 – The difference between a good insurance policy and the one that lowers your coverage through time
  • 16:24 – Why cheap insurance is expensive
  • 21:33 – A story that highlights why shouldn’t trust the seller’s number when it comes to insurance
  • 27:36 – Why you should give the agent enough and correct information in order to avoid denied claims in the future
  • 34:10 – How the line “I don’t speak insurance” causes heavy insurance problems
  • 39:37 – Learn more about commercial insurance by visiting https://www.shineinsurance.com/insurance-guide-for-real-estate-investors/

Key Takeaways:

“You lost the person you trust the most simply because you didn’t tell them first. If you’re going to shop with more than one agent, tell the person you trust the most first; give them the opportunity to have a clean slate and go to any company they want.” – Jeremy Goodrich  

“The first agent you tell has the upper hand. Make sure the first agent you tell is also the person you trust the most.” – Jeremy Goodrich  

“Let your advisor make companies compete for you.” – Jeremy Goodrich  

“If you aren’t sure, ask an insurance agent for a ballpark. Never trust the seller’s number for insurance.” – Jeremy Goodrich  

“Always share the correct occupancy. Take the time to inform your agent thoughtfully.” – Jeremy Goodrich 

“There’s a basic understanding you should expect to learn, and if you don’t want to learn it yourself – which is reasonable, then you should expect your insurance advisor to give you enough information so you can understand the basics on how insurance works.” – Jeremy Goodrich  

“Ask questions and note whether they’re able to communicate insurance in a way that makes sense. If they can’t do that, then what is the value of your insurance advisor?” – Jeremy Goodrich  

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