Ep 33: REI MBA: Insurance Policies and Coverages that Operators Need to Know About - Drew Maconachy
In this episode, Drew Maconachy sits down with us for an interview and blows the doors down with the amount of content and value that he provides us in just ~35 minutes, that it to conduct the interview. I personally went back and listened to this episode several times and took several pages of notes! Not to spoil too much of it, but to name a few topics that we covered during the interview:
✅ Shares a common misconception with umbrella policies. (We discussed this one in a little more detail during the interview.)
✅ If you are raising capital for your deals, there is an insurance product that you need to be aware of. (We also cover this one in a little bit of detail as well).
✅ Several policies / coverages that are not as well known. Drew provides an example of where a client lost ~$800k due to not having a specific type of coverage that Drew discusses.
✅ Checklist during an operator's underwriting and due diligence process specific to insurance.
Drew owns and operates Maconachy Stradley Insurance, one of the fastest organically growing agencies in the country. Drew focuses on insuring Real Estate related risks and insures over 5000 doors across the county with a goal to insure 20,000 by year end 2022. He breaks down complicated insurance concepts in a manner that is easily understood.
Insurance is such an important component within real estate investing and sometimes the type of coverages can be easily overlooked by how cheap of a policy one could find. Having experts like Drew on the program is great, because it helps highlight how valuable a role your insurance agent or broker plays and why they must be on your team.
You can reach out and connect with Drew by phone and by email. The general office line is 330-966-5170. His email is: dm@macstrad.com
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