Welcome to Asset Management Friday! Today’s episode is all about insurance, and our special guest is Daniel Garzella, President of The Garzella Group, which is an insurance brokerage that specializes in multifamily property insurance. Dan founded the Garzella Group in 2014 and, prior to starting his own firm, he was selected as one of America’s top commercial insurance agents of the year for five years in a row. This episode focuses on the processes one needs to go through to get the best insurance deal, from learning about the different devices available within multifamily and commercial insurance to learning how the requirements change as the asset increases in value. Dan covers all of this and more, sharing with us how The Garzella Group uses its knowledge and expertise to set itself apart from other insurance companies, helping to reduce your insurance costs by doing extensive market research and creating a number of different options for better value. For more on what new syndicators need to obtain a quote, and some of the things that your asset manager might not be aware of, tune in today!
Key Points From This Episode:
“The insurance isn’t going to pay the loan amount just because it’s the loan amount, they’re not going to pay the market value just because it’s the market value, they’re going to pay the cost to rebuild it. We would push for the reconstruction cost and we can actually do that using the appraisal that the lender ordered in order to validate the deal to begin with.” — @garzellagpmfra [0:06:11]
Links Mentioned in Today’s Episode:
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