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Commercial Real Estate Pro Network

Commercial Real Estate Professionals who work with Investors, Buyers and Sellers of Commercial Real Estate. We discuss todays opportunities, problems & solutions in Commercial Real Estate.
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Now displaying: Page 1
Nov 22, 2022

J Darrin Gross:

I'd like to ask, you know, Paula, what is the biggest risk?

 

Todd Nepola 

Well, I know you said you don't want an insurance that needed insurance answer, but I'm gonna tell you as a real estate owner, the biggest risk is not knowing working with a good insurance broker. So I'll give you a real quick story again that the second building I bought one of the guys I rented space to restore tires, and the tires caught on fire. And when I was told that I got that there was a fire first I thought someone was kidding me. I drove there. So the whole street shut down. And it was burning 50 feet to discard for just a few tires. I mean, maybe 50 100 tires. I want to ask the firefighters when they're doing this that there's really nothing we could do. It's just gonna burn out. And I was like, Oh my God, my whole building burned down. And it did. And when I went and called the insurance company, I was my neck Call first thing in the morning, I got a hard lesson in insurance about being underinsured and not devalues, we're off. And I realized that I was on the hook for a lot of this damage that was going to really eat it. And I said, this is terrible. Nobody ever explained this to me, I just assumed you buy insurance if there's a problem, but save me is that it was a total loss. And by being a total loss, if there was I had to pay the maximum insurance policy, then they gave me money for demolition and cleanup. So I was safe. But had it only been a fire that was contained to one room, I was really going to pay the price because I wasn't properly insured. So that went back to probably around 2005, or six that fire. And ever since then I said you really really must work with a good insurance agent, especially in Florida, as we're talking now it's storming outside, if you're not aware of your liabilities on hurricane insurance, wind insurance, fire slip and falls, if people don't know things like you know, it won't be your fault. Someone could fall on your property, and you will do nothing wrong, not even have a pothole, but you're going to get sued. So what do you expose for? And I find every time I take on a property management account, and I asked owners this question, they simply don't know. And that's why it's really, really important you work with a good insurance agent, that's more important than tenant risk. Because if a tenant leaves, I can replace it, that's more important than a problem with the vendor because I could get a new vendor. But if you're not probably insured, something happens and you're going to share this liability, you're not ready for it. It could bankrupt you.

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