The PM Insurance Model No One Talks About (But Should) with Nicolas Lares

What if the premiums you're paying your insurance company could partially come back to you? That's the premise behind captive insurance, and it's been standard practice in large multifamily for years. SFR is just now catching up.In this episode, I'm joined by Nicolas Lares, founder of Insur3Tech, a brokerage that places property managers and rental owners into captive insurance structures (essentially co-owned insurance companies where policyholders share in the underwriting profit).We discuss:(00:02:27) - Nicolas's background in insurance(00:05:18) - Building an insurance company from scratch(00:07:05) - Why carriers left despite profitability(00:13:24) - The origin story of insurance(00:20:19) - Sponsor - Enterprise Bank & Trust(00:15:55) - Are insurance companies unfair?(00:21:43) - What is a captive insurance program(00:25:31) - How captives work for property managers(00:31:34) - Identifying good operators through data(00:34:59) - Administering captive programs(00:37:45) - Sponsor - Haven AI(00:39:14) - Handling disputed claims(00:44:22) - What happens in catastrophic events(00:46:22) - Captives for scattered site managers(00:49:33) - Renters insurance captive profitability(00:53:36) - What people should be asking when shopping captives(00:58:55) - How captives get started and funded(01:02:46) - How InsurTech fits into the market(01:05:34) - ClosingFair warning: I push back on some of the framing. Insurance companies aren't a scam. They run real businesses with real costs. But there may be a better structure for the right operator.Learn more about Insur3TechNicolas on LinkedIn___Resources for Property Managers & Real Estate Entrepreneurs• Crane – Private PM Owner Community → Join a private network of property management owners and operators: https://joincrane.co/• Free Weekly Newsletter → Property management insights, strategies, and industry updates direct to your inbox: https://peter.beehiiv.com/subscribe• RL Property Management → Learn more about Peter’s company and services in Columbus, Ohio: https://rlpmg.com/__Disclaimer: The content of this podcast is for informational purposes only and does not constitute professional advice. I may have consulting agreements with, or financial interests in, companies mentioned in this podcast (more info here: https://www.peterlohmann.com/financial-interest-disclosure ). Additionally, some of the links included may be affiliate links, meaning I may earn a commission if you purchase through these links. Always perform your own due diligence before making any financial or business decisions.