My Property Insurance Just Tripled, What do I do? - Next Level Thursday

<p>I've heard horror stories from some of my investor friends in Texas who saw their property insurance costs go from $350 a door to $1,500 a door over the past year.</p> <p>That made me happy to be investing in Michigan, which is much more of a climate haven that isn't affected as much by the costs of the extreme weather that we're seeing in Texas, Florida, and other coastal states.</p> <p>But then my insurance company notified me that they weren't going to renew my $7,500 policy on a 37-unit I own here in Grand Rapids.  The next best price we could find was $23,000!  </p> <p>That's almost a 200% increase overnight.</p> <p>Mike Murphy from Brouwers Insurance Agency is my insurance broker on the majority of my portfolio.  I invited him to this week's episode of Next Level Thursday to share his insight into the skyrocketing costs we're seeing in the property insurance world.</p> <p>Mike is going to let us know what to expect with our policies, what we can do to offset the higher costs, and his expectations for 2024.</p> <p>Mike can be reached:</p> <p><a href= "mailto:mikem@brouwersagency.com">mikem@brouwersagency.com</a></p> <p>616-891-0123</p> <p> </p>