Explore key insights about the insurance market and learn valuable tips to secure the best policy for your entrepreneurial journey.
What Entrepreneurs Should Know About the Insurance Market and Finding the Best Policy
John Melton is an Independent Insurance Agent and Partner at RCI Insurance, an independent insurance broker that finds personal and commercial insurance for its clients. He is also a real estate investor and an entrepreneur who’s owned multiple businesses. At RCI, he specializes in worker’s compensation insurance for businesses, including contractors, manufacturers, and bar and restaurant owners. After eight years of serving in the United States Air Force, John joined the Oklahoma Air National Guard, where he received the rank of E-5 Staff Sergeant, journeyman status as an in-flight refueler, and craftsman status as a vehicle operator.
Kyle BeggsKyle Beggs is the Owner and CEO of RCI Insurance and a real estate investor with over 25 properties. As a designated commercial lines coverage specialist, he has been named as one of the 42 Young Guns in the industry by Insurance Business America magazine. Kyle is also the President of the Rogers State University Alumni board and serves as the Executive Vice President at the Chamber of Commerce.
Here’s a glimpse of what you’ll learn:
How John Melton and Kyle Beggs became involved in commercial real estate
Kyle and John talk about RCI Insurance’s offerings
Market challenges and costs of commercial multifamily property insurance
How often do insurance carriers write multifamily property claims, and how does competition affect pricing?
Key considerations for comparing commercial multifamily property insurance policies and how to acquire optimal rates
Determining fair pricing on insurance policies
The impact of inflation on insurance rates
John and Kyle explain minimum earned premiums
In this episode…
The 2023 insurance market is projected to be the most challenging. Inflation has increased the cost of rates and premiums, and Hurricane Ian has impacted commercial carriers’ profitability. When it comes to commercial multifamily property insurance, optimal coverage is especially difficult to find. How do you assess policies and ensure the best rates?
Policy terms and conditions are becoming increasingly strict, so John Melton says to always analyze the fine print when comparing carriers. For instance, vacant multifamily properties often have little to no damage coverage, and a penalty may be imposed if your property is not insured at its initial value upon a loss. Kyle Beggs always selects policies with replacement costs to offset possible coinsurance penalties and says to be aware of your loss ratio to get affordable rates.
In today’s episode of The Same Day Podcast, Mat Zalk talks with John Melton and Kyle Beggs of RCI Insurance about the commercial property insurance market. Together, they discuss the costs of commercial multifamily property insurance, how to compare insurance policies, and the impact of inflation on rates.