INSURING MULTIFAMILY PROPERTIES

Why It Matters

Multifamily owners face complex, often misunderstood insurance needs; having knowledgeable brokers like Rich who can demystify coverages reduces risk exposure and can lower long-term costs. Clearer client education improves coverage decisions and protects portfolios, which matters for owners, managers and lenders.

Summary

On the Complex Podcast, Katrina Green interviews Eric Rich of McGowan Insurance Group about insuring multifamily properties, opening with his industry credentials (CAWC and CIC) and tracing his path into insurance from a modest upbringing through roles in retail, hospital services and sales. Rich describes how early sales and operations roles led him to State Farm in 2009, where he realized many customers didn't understand the products they were buying and committed to educating clients. The conversation frames Rich as a consultative broker focused on clarifying coverage for property owners and growing revenue through service. The episode sets up practical discussion about multifamily insurance challenges and best practices.

Original Description

Insurance isn’t sexy until it is.

When premiums jump 30%, claims go nuclear, and underwriters start saying “no,” suddenly it matters a lot.

Katrina Greene welcomes Eric Rich, Partner at McGowan Insurance Group, for a candid conversation about the real forces driving insurance costs in multifamily.

From humble beginnings to leading a 60-person sales team, Eric shares:

• Why the hard market hit so hard

• How operators can proactively reduce risk

• The truth about umbrella policies

• Real claim stories (including a $7M case)

• Why relationships matter more than ever

This isn’t just about policies — it’s about protection, strategy, and leadership.