The Texas freeze of 2021 had a huge array of impacts on the population, the economy, and of course the real estate world. Joining us on the show today to unpack some of these results is Omar Hernandez of the Garzella Group, an insurance brokerage firm based in Scottsdale, Arizona. Garzella deals with commercial real estate from all over the US and focusses on partnering up with local banks to bring extra coverage to investors entering into deals. Omar gives us a brief overview of the basics of the Texas freeze and the most relevant information that pertains to real estate and multifamily, talking about damages such as frozen pipes and the electrical grid failures, as well as the costs of tenant displacement. He shares some of the staggering numbers associated with insurance claims during this period and talks about how this may impact the market going forward. Ultimately the events in Texas this year serve as a warning and a lesson for what is possible, and should not be taken lightly, so tune in to hear it all!
Key Points From This Episode:
“We're going to see a shift in which carriers want to jump in and support the Texas market.” — Omar Hernandez [06:20]
“The climate change is going to continue. We now know this.” — Omar Hernandez [09:21]
Links Mentioned in Today’s Episode:
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