In this episode, Jason Williams and Frank Patalano break down one of the most overlooked but critical tools in real estate underwriting: the loss run. They explain what it is, how to read it, and why it can make or break your deal. From spotting hidden risks to negotiating better terms, this conversation gives investors a practical edge when evaluating properties and working with insurance.

Topics Covered

• What a loss run is and why it matters in due diligence
• How insurance claims history impacts your investment and premiums
• Key elements inside a loss run including type of loss, paid amounts, and open claims
• Red flags to watch for like repeated issues, severity of damage, and patterns over time
• How loss runs can reveal hidden property problems like faulty electrical systems or recurring water damage
• The role of insurance brokers and why you should never rely on seller-reported numbers
• Using loss runs as a negotiation tool to reduce purchase price or account for future costs
• How to align your underwriting with real insurance quotes instead of estimates
• The importance of comparing loss runs with your physical property inspection
• Real-world examples of how missed insurance details can wipe out cash flow

Quotes

• “It's basically the report card for the property on insurance claims.”
• “If you miss something like that, you’re not having cash flow at all.”

🎧 Connect with Jason:

✅ LinkedIn

✅ https://IroncladUnderwriting.com

✅Linktree

🎧 Connect with Frank:

✅LinkedIn

In this episode of the Ironclad Underwriting Podcast, Jason and Frank break down the essential insurance types every real estate investor should understand and what lenders actually require. From flood insurance to liability coverage, they simplify complex concepts and explain how proper insurance protects both your asset and your loan. Whether you're underwriting your first deal or scaling a portfolio, this conversation helps you avoid costly mistakes.

Topics Covered

• The risks of letting insurance lapse and how lenders can step in with force-placed coverage at a higher cost
• The three core types of insurance including property, liability, and umbrella coverage
• How flood zones impact insurance requirements and pricing
• Why lenders require specific coverage to protect their investment
• The role of replacement cost versus actual cash value
• Additional coverages like loss of rent and business interruption insurance
• Factors that influence premiums such as location, crime rates, and amenities like pools or playgrounds
• Common liability risks in multifamily properties and how to manage them
• The importance of working with a knowledgeable insurance broker

Quotes

• "If your insurance lapses, the lender can step in and force coverage at a much higher cost."
• "Insurance is something you buy hoping you never have to use, but when you need it, it protects everything."

🎧 Connect with Jason:

✅ LinkedIn

✅ https://IroncladUnderwriting.com

✅Linktree

🎧 Connect with Frank:

✅LinkedIn

In this episode, Jason and Frank continue their deep dive into insurance, breaking down how to accurately underwrite insurance costs for commercial real estate deals. They share practical strategies, common mistakes investors make, and why building a strong relationship with a knowledgeable insurance broker can make or break your numbers.

Topics Covered

• Why investors should rely on brokers instead of trying to shop for insurance themselves
• How to get realistic insurance estimates using soft quotes and comparable properties
• Why seller-provided insurance numbers and pro formas can be misleading
• The importance of disclosing all property details upfront to avoid costly surprises later
• How insurance costs vary by market and risk factors like storms, wind, and geography
• Real examples of insurance premiums rising and falling and what drives those changes
• How to underwrite insurance conservatively and stress test your assumptions
• What happens during inspections and how required repairs impact your budget
• Understanding deductibles, claims, and when it makes sense not to file
• How past experience helps you anticipate future insurance requirements and costs

Quotes

• “You’re not shopping for insurance, you’re shopping for a broker who can shop for you.”
• “Underwrite for the worst case and let everything else be upside.”

🎧 Connect with Jason:

✅ LinkedIn

✅ https://IroncladUnderwriting.com

✅Linktree

🎧 Connect with Frank:

✅LinkedIn

🎧 Connect with JT

✅LinkedIn