Welcome to the first edition of Protecting your ASSets. We are interviewing those that are at the top of their game in their industries. The interviews will focus on how to protect your assets AND yourself financially during these unprecedented times.
This interview features insurance agent, Mike Murphy of JB Harrison Insurance. In this video, Mike and Justin discuss insurance policies and strategies for protecting your real estate portfolio. They cover topics ranging from loss runs to replacement costs to vandalism. You will find some great content and a lot of it!
Mike has worked with real estate investors his whole career and is very familiar with the best ways to use insurance to mitigate risk. Mike is on our team of advisors for our rental properties because he has spent the time to acquire the knowledge and will tell us the truth even if it’s not what we wanted to hear it.
Insurance Edition Outline
Because this video is so in depth, we created an outline with links to the exact location on the YouTube video. This way you can conveniently go back to view specific subjects in the video.
- Vandalism, Terrorism and Riots
- Are you covered for this?
- Terrorism Exclusion Waivers (Don’t do this!!!)
- Passive vs Active Investor: How to Insure
- What should a passive investor insure for vs. an active investor
- Types of Replacement Costs:
- Replacement Value
- How do insurance policies arrive at the replacement value?
- Co-insurance equation
- The Bottom Line: Cost of Insurance
- What else to look for besides the price $$
- Loss Runs
- What are loss runs?
- Why do insurance companies use them?
- What to know BEFORE you buy your next multifamily property
- Ordinance or Law
- How insurance companies define these?
- How do they affect your coverage?
About Mike Murphy
Mike and his family live in West Michigan. Mike has been in insurance since 2006 and specializes in insuring rental properties, auto, home, business, and life insurance. On top of that, Mike is very involved in our local Rental Property Owners Association. He works with many Grand Rapids area real estate investors and property management companies including us here at Access Property Management Group.
When away from the office, Mike enjoys spending time with family and friends. He also enjoys time in the outdoors fishing and hunting and is an avid sports fan.