33: [Team Building] Investment Property Insurance - What You Need to Know w/Gloria Kelley

Flipping Junkie Podcast with Danny Johnson

APIA is an investor friendly insurance company owned and operated by Gloria Kelley in Castroville, TX. Gloria has over 42 years experience in the insurance industry and services a niche market-unoccupied, vacant, or "distressed" properties. She got her start providing insurance for large financial institution's Real Estate Owned (REO) portfolios and has been employed by various large insurance companies over the course of her career. She has experienced all types of claims in her ever-growing knowledge in the insurance world.

Gloria shared some great tips and gotchas that all real estate investors need to be aware of when it comes to insuring vacant houses. As investors, we have a lot going on and can sometimes make decisions without knowing all the facts.

I’m willing to bet that 90% of real estate investors don’t properly insure their investment properties.

In this episode we talk about the importance of understanding insurance policy vacancy clauses. This is a super important clause because it can basically allow insurance companies to deny claims.

Another important topic we cover is what happens when you under insure a property. I know most investors do this as well. It’s important to understand the ramifications when you don’t put a proper insured value on your vacant real estate investments.

They currently service investors all over the U.S. We build strong relationships with clients because of our customer service, competitive pricing, responsiveness, and flexibility to meet the unique demands of investors. They offer the investor the opportunity to pay insurance in arrears. This is especially important since you know investors are cash /cash flow focused. Most insurance providers require insurance 3 months in advance and you probably won't get a refund of the premium if you do not use it all. With them you pay for what you use after the fact-not beforehand.

Their policies is underwritten by Lloyd's of London.