I've heard horror stories from some of my investor friends in Texas who saw their property insurance costs go from $350 a door to $1,500 a door over the past year.
That made me happy to be investing in Michigan, which is much more of a climate haven that isn't affected as much by the costs of the extreme weather that we're seeing in Texas, Florida, and other coastal states.
But then my insurance company notified me that they weren't going to renew my $7,500 policy on a 37-unit I own here in Grand Rapids. The next best price we could find was $23,000!
That's almost a 200% increase overnight.
Mike Murphy from Brouwers Insurance Agency is my insurance broker on the majority of my portfolio. I invited him to this week's episode of Next Level Thursday to share his insight into the skyrocketing costs we're seeing in the property insurance world.
Mike is going to let us know what to expect with our policies, what we can do to offset the higher costs, and his expectations for 2024.
Mike can be reached:
[email protected])
616-891-0123
