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ContinueWe spoke with Max McClure, the Chief Underwriting Officer at Steadily, to discuss how investors can best protect their investments for steady financial growth.
We dig into the ins and outs of Landlord Insurance and the importance of having the right coverage for your portfolio to minimize risk and achieve your targeted financial growth.
When it comes to real estate investments, landlords often find themselves at the crossroads of risk and opportunity. As they navigate the complexities of property management, one fundamental aspect that should never be overlooked is insurance.
In this podcast episode, we had the chance to delve deep into the world of landlord insurance with Max McClure, the Chief Underwriting Officer at Steadily, an innovative insurance company that’s disrupting the market. Below we pick out some highlights of what he had to say about the pivotal role of insurance in growing your rental portfolio.
You can watch the full video above or listen and subscribe on your favorite podcast channel.
Insurance for landlords isn’t just a safeguard against unforeseen circumstances; it’s a strategic move that can define the success of your property ventures. Max McClure emphasized, “You have to ask yourself, what is your risk tolerance for insurance? How high of a deductible do you want to have? It's about finding the right balance between protection and cost.”
This balance is especially crucial as the industry experiences significant shifts. Max highlighted, “We are in a hard insurance market where premiums are rising rapidly. It's important for investors to factor in the increasing rates, which could go up by 30 to 40% over the next couple of years.”
One area where landlords often underestimate their coverage needs is liability. Max shared a compelling story: “I have a friend who owned rental properties. He realized the importance of umbrella policies when he saw his tenants shooting fireworks dangerously close to his neighbor's house. It’s about ensuring you have a safety net against severe catastrophic events.”
Amidst the complexities of insurance, Steadily emerges as a beacon of innovation. Max goes on to explain “If you're going to have a loan, your mortgage company is going to require you to have insurance. And they're not only going to require you to have insurance, they're going to require you to have a certain amount of insurance with a reputable financially stable insurance company.”
However, traditionally this can be a complex and time-consuming task. The team at Steadily saw this gap in the market and with the use of their innovative technology have become “obsessed with providing exceptionally fast service that focuses on customer satisfaction. While traditional insurance companies take days or even weeks to provide quotes, Steadily does it in two minutes or less. We focus on being the best direct landlord insurance provider in the world.”
Steadily’s disruptive approach is reshaping the insurance landscape. Max elaborated, “We are working on nuanced solutions, such as products for Additional Dwelling Units (ADUs), where a single lot is divided to accommodate multiple dwellings. This requires specialized insurance, and Steadily is actively working on custom products to cater to such needs.”
Steadily doesn’t just stop at providing insurance; it integrates seamlessly with platforms like Landlord Studio. By offering instant quotes within the product, Steadily simplifies the entire process for landlords, making it easier than ever to make informed insurance decisions for their properties.
Insurance isn’t just a necessity; it’s a strategic investment. By understanding the nuances of landlord insurance and embracing innovative solutions like Steadily, landlords can secure their investments effectively. As Max McClure aptly puts it, “It's about having a heart that never hardens, a temper that never tires, and a touch that never hurts. This applies to your approach in managing your real estate investments too.”
Steadily provides fast, affordable landlord insurance with custom quotes delivered in under two minutes. Headquartered in Austin, Texas they combine decades of insurance and landlording experience with strong tech and design that customers love.
To learn more about Steadily and how it can transform your insurance experience, visit Steadily.com or follow them on any of their channels.
Instagram: @SteadilyInsure
Facebook: @SteadilyInsure
Twitter/X: @SteadilyInsure
Youtube: @SteadilyInsurance
LinkedIn: @Steadily
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The Profitable Rental is a podcast by Landlord Studio. We interview real estate experts and discuss practical advice on how you can build a profitable real estate portfolio.
Stay tuned for the next episode where we’ll get stuck into even more tax strategies for landlords to maximize profitability and stay on top of their numbers.
