Jon Coy @titanrisk1 Twitter profile

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Jon Coy

@titanrisk1

1 year

The problem with the insurance business: Brokers get out of college and grind for 5 years and build a book making them $2-300k a year. Then they play golf 4 days a week and work very little. The clients and the service suffer in a major way.

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Jon Coy

@titanrisk1

1 year

When renewal comes around and your broker sends over the update and new policy, respond with the following questions: What new markets did you hit? What new carriers did you try? What feedback did you get after doing those things? 75% chance they didn't try at all...

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Jon Coy

@titanrisk1

1 year

Note to real estate investors: Carrier capacity in the wind / hail zones is EXTREMELY limited and we're seeing 20-100% increases in premiums at renewal in these areas: -Texas -Oklahoma -Arkansas -Georgia -Louisiana -Florida -N and S Carolina -South Mississippi This is outside

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Jon Coy

@titanrisk1

1 year

Most brokers have access to the same carriers. So pick a broker with really good internal systems so you never have to: -print something out -wet signature anything -get a binder on closing day Hire an insurance group with good systems and tech!

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Jon Coy

@titanrisk1

8 months

People often forget that real estate is an operating business. Employees, tenants, vendors who lease, clean and maintain property. Teams of people are needed to manage real estate effectively. This is why the best real estate investors are good at business. They don't

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Jon Coy

@titanrisk1

1 year

Were putting together a large group of self storage properties to go to carriers and negotiate property insurance premiums and terms. We have 11 self storage operators so far and over $750m of value. Fill out a form on my website if you’d like to be included and see options!

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Jon Coy

@titanrisk1

1 year

Its frustrating as a real estate investor when your insurance broker is on the golf course 3 days a week and makes $500k+ a year while you still have to print documents and it takes 2 days to get a response to an email.

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Jon Coy

@titanrisk1

1 year

The #1 mistake in our business: Insuring buildings for the amount they paid for said building. In the event of a loss you're getting a check for the replacement cost, no more. The cost to rebuild the asset with like-kind materials. Don't pay for insurance you don't need!

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Jon Coy

@titanrisk1

1 year

Insurance is dynamic. Carriers enter and exit markets constantly. If your broker isn’t working hard when renewal comes around you need to get a new broker!

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Jon Coy

@titanrisk1

1 year

Hurricane Ian led to an estimated insured loss of $50-65 billion. The second costliest natural catastrophe on sigma records (to Katrina).

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Jon Coy

@titanrisk1

8 months

A Q for the semi-successful real estate folks out there: As a college grad would you rather start with Real estate private equity firm Developer Private landlord / operator Large REIT operator Construction management Brokerage Insurance Lending Large or small shop?

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Jon Coy

@titanrisk1

1 year

Carriers will pick and choose which policies they want to write and which assets they want to cover. Two things matter: 1. Relationships 2. Volume You need a broker with both.

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Jon Coy

@titanrisk1

1 year

Carriers have between 500 and 1000 submissions on their desk currently. This is a VERY high number compared to normal. What it means for you: They're pickier and it's way harder to get hairy properties insured at reasonable prices.

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Jon Coy

@titanrisk1

1 year

More and more carriers are entering the self storage space and rates are more competitive than ever. Loss runs in 2022 looked great once again. This is good news for operators because more carriers -> more competition -> better coverage at reasonable prices.

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Jon Coy

@titanrisk1

1 year

AI is freaking everyone out. It freaks me out how bad most insurance brokers run their business.

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Jon Coy

@titanrisk1

8 months

The playbook of so many successful real estate investors: Buy moderately leveraged real estate… Manage it really well… Hold it for a long time… Do other things to have fun while waiting.

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Jon Coy

@titanrisk1

1 year

The amount of folks who tell me insurance binders are the most stressful part of buying real estate is surprising. No excuse for that!

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Jon Coy

@titanrisk1

1 year

Multifamily is right behind it and we have 5 operators and over $300m in value there. Would love to hear from you!

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Jon Coy

@titanrisk1

1 year

Better insurance at the lowest price with an incredibly easy online account management system. Is it that hard to do for commercial real estate?

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Jon Coy

@titanrisk1

1 year

As with anything, you need to make sure your insurance broker is doing their job. When you get your renewal back make sure you ask them: What carriers did you try who didn't quote our last renewal? Why didn't they write it and what feedback did we get?

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Jon Coy

@titanrisk1

1 year

Florida has the highest property insurance rates in the country. The average premium for residential properties is $4,231 compared to the national average of $1,544. At the commercial level it has a staggering effect on NOI and property values.

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Jon Coy

@titanrisk1

1 year

Self storage has some SEXY options entering the market. If your brokers aren’t doing the work to go after new options, push them harder!

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Jon Coy

@titanrisk1

8 months

The problem with the insurance business: Brokers get out of college and grind for 5 years and build a book making them $2-300k a year. Then they play golf 4 days a week and work very little. The clients and the service suffer in a major way.

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Jon Coy

@titanrisk1

1 year

Oklahoma is one of the toughest states in the country for property and casualty insurance. The only non-coastal risk state that is a nightmare to insure.

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Jon Coy

@titanrisk1

1 year

Insurance shouldn't be the bottleneck when it comes to closing deals and buying properties.

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Jon Coy

@titanrisk1

1 year

@redwood_ryan_a The great thing about real estate is that if you manage it well, time is on your side. Go run around and do whatever for a few years and time just keeps working for you.

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Jon Coy

@titanrisk1

1 year

More and more carriers are entering the self storage space and rates are more competitive than ever. Loss runs in 2022 looked great once again. This is good news for operators because more carriers -> more competition -> better coverage at reasonable prices.

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Jon Coy

@titanrisk1

1 year

@John_Lovell_III @DanStorage

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Jon Coy

@titanrisk1

1 year

Make sure your broker is working the market extremely hard at renewal - there are still options out there and carriers in the game!

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Jon Coy

@titanrisk1

1 year

@StorageDataDev @ArtemTepler You realize what it would mean to have US companies stop trusting banks with deposits? You think that is the right move? Let the bank fail, sure. But don’t let people lose their deposits or it’ll be chaos.

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Jon Coy

@titanrisk1

1 year

@redwood_ryan_a The problem here is that you used brokers and underwriting in the same sentence. There are no third party management companies who can do this. But GPs do it at a loss to get deals bought and earn future promote.

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Jon Coy

@titanrisk1

1 year

@bailey_gay @JWurzak @sweatystartup That will kill a deal, thats for sure.

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Jon Coy

@titanrisk1

1 year

@helios_rei Florida has sustained some of the worst property losses in almost a decade last year. Reinsurance companies did not perform well and they are trying to recoup some of these losses. Having a partner that understands all of this is key!

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Jon Coy

@titanrisk1

1 year

@StorageDataDev @sweatystartup Florida is the toughest, Texas is second. But still options. Would love to take a look. We do a lot of builders risk too.

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Jon Coy

@titanrisk1

1 year

@JayMaxweII @heIpfullandlord Sorry to hear about your building.

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Jon Coy

@titanrisk1

1 year