Dedicated local property insurer- Colleen Pacheco, Secured Insurance shared lots of golden nuggets about how insurance works behind the scenes, things to consider in the commercial real estate world, and how she overcomes problems finding insurance. Here are some highlights:

8:16 -  insurance brokers may be able to adjust inspection or policy fees to be more competitive
13:59 -  Vending machines, laundry mats, telecommunications, etc that create income streams usually bring risk exposure and higher insurance premiums, so talk to your agent.
18:27-  Rules of thumb estimating insurance costs (2.5% generally for property and liability)
20:14- Colleen can insure homes and commercial properties with any age roof, you just may not like the coverage terms or rate.  Most insurers want roofs less than 10 yrs old or newer, but in May 2022 new legislation states insurers must accept any age roof older providing an inspection shows it has a 5-year remaining life (no missing shingles, nails, etc); see minutes 25 00-  as Colleen tells how she overcomes the problem of problem roofs.
22:00- Current insurance problems are from claims from prior years, not the storms in 2022.  In 2021, Florida had over 117,000 lawsuits against insurance companies as compared to the total for all of the rest of the country was 10,000 lawsuits.  This demonstrates why insurers are leaving the state.  Reportedly it is not the claims breaking the insurance companies, it is all the related fees and costs for the litigation.
36:55- If park owner does not own the homes, the premium is based on the income from the land, plus *.  If the park owns the homes, the premium is based on the homes, *plus amenities, utilities and other income generators presenting any risk.  She highly recommends getting assault coverage.

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Supplemental Info per https://www.policygenius.com/homeowners-insurance/homeowners-insurance-statistics/ 
Homeowners insurance claims statistics

6%    of insured homes filed at least one claim in 2020 [2]
$168   is how much more homeowners pay on average in 2022 for home insurance after filing one claim — compared to homeowners with a clean claims history
$13,962    was the average property damage claim amount from 2016 to 2020 [3]
2.3%    percent of claims were liability claims in 2020 [4]
34%    of claims were caused by wind and hail — the most common type of insurance claim [5]
$77,340   was the average home insurance claim amount for fire and lightning claims from 2016 to 2020 [6]

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Connect with Ginny Bolling on LinkedIn https://www.linkedin.com/in/ginnybolling

Pivot to Prosperity is a podcast that is sponsored by Pivotal Real Estate Investments, which focuses on helping investors build wealth and income through commercial real estate that improves communities. To learn more, visit www.PivotalRealEstateInvestments.com/contact-us

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