ABOUT JEREMY GOODRICH
Jeremy is the owner of Shine Insurance agency and the host of the REI Clarity podcast. He’s a teacher at heart and he simplifies insurance by giving step-by-step guidance along the way. Before Shine, he was an elementary school teacher, helping countless kids fall in love with art, math, science, and writing. After 13 years of teaching, he decided it was time to change the way people feel about insurance. Jeremy carried the heart of an educator over and he's been making insurance simple for first-time homebuyers and real estate investors even since. He's also the host of Youtube's #1 most-watched independent insurance agency channel.
THIS TOPIC IN A NUTSHELL:
[01:25] His career background
[02:06] How Shine Insurance started
[04:40] Pain points of Insurance coverage for Realtors
[05:23] Two ways to purchase insurance
[05:30] Buying insurance as Captive Provider
[06:30] Buying as an Independent Insurance agent
[10:11] On getting quotes from insurance companies
[14:50] Timeline in getting a quote
[16:45] Determining the coverage of Insurance policies
[18:00] Replacement cost policies and ACV coverage
[20:03] Differences of DP1, DP2, and DP3 Insurance policies
[22:46] Importance of Liability coverage insurance
[25:00] How do you write coverage for each asset
[25:56] Pros and cons of coverage for multifamily
[27:01] Pricing of insurance companies
[29:55] Property’s track record and risks considered in coverage
[32:35] Why Insurance companies have different pricing?
[34:25] Advice to his 25-year-old
[35:21] First Entrepreneurial Endeavor
[36:14] His Formal and Informal training that shaped his journey
[37:44] The Opportunity that got away
[39:43] How to reach out to Jeremy
KEY QUOTES
[22:45] In my opinion no matter what you’re asset-based is, no matter how much money you have, no matter how many properties you have, going without liability coverage is a huge mistake. Liability coverage covers when bad things happen to other people because of you or your property.
[23:19] The reason why Liability coverage is so important is that you just have no idea what the number is. Like, if your single-family home burns down, you just lost $200,000 or if you have to deal with lawyers it will cost you money too. All those things that you should have been doing yourself and you’ve been dealing with lawyers and paying for yourself is just happening with the Insurance company and you don’t even necessarily know it’s being dealt with because it’s just taken care of.
[28:00] For insurance pricing, I can say without question that there is no magic ball, it’s not a number that just comes from nowhere, though I agree that it feels like that. These numbers are based on claim experience for a given type of property. All these data points create a hard reason for insurance pricing. Having said that, especially in commercial real estate insurance, there is flexibility and that’s what makes it feel like a magic ball. Pricing is based on hard numbers, especially in multifamily.
KEYWORDS:
DP1 Policy - is a type of home insurance policy that protects a house from 11 named perils – most notably fire. It's usually used to ensure vacant homes but can also be used for rental properties if landlords are on a tight budget.
DP2 Policy - is a type of home insurance policy that protects a house from 16 named perils including burst frozen pipes.
DP3 Policy - is a type of insurance policy that covers everything else except for what is mentioned specifically as excluded in the coverage.
SUMMARY OF BUSINESS
Shine is an independent insurance agency committed to making our clients & our community better. Not only are we able to provide the best insurance experience you never imagined, but our Rise by Lifting Others program also directs a portion of every policy premium to organizations that address homelessness. Whether it’s insurance for HOME & AUTO or REAL ESTATE INVESTORS, the result is smart policies, with the highest rated companies, at incredible prices. Our mission is to change the way you feel about insurance. We take something complicated and make it understandable. Advice is provided every step of the way and advocacy when you need us most. When you get insurance from Shine it actually counts for something, whether you need to use it or not.
ABOUT THE WESTSIDE INVESTORS NETWORK
The Westside Investors Network, is your community for investing knowledge for growth. For real estate professionals by real estate professionals. This show is focused on the next step in your career... investing, for those starting with nothing to multifamily syndication.
The Westside Investors Network strives to bring knowledge and education to the real estate professional that is seeking to gain more freedom in their life. The host's AJ and Chris Shepard, are committed to sharing the wealth of knowledge that they have gained throughout the years to allow others the opportunity to learn and grow in their investing. They own Uptown Properties, a successful Property Management and Brokerage Company. If you are interested in Property Management in the Portland Metro or Bend Metro Areas, please visit www.uptownpm.com. If you are interested in investing in multifamily syndication, please visit www.uptownsyndication.com.
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YOU MAY CONTACT JEREMY GOODRICH VIA:
Email: jeremy@shineinsurance.com
