Christopher M. Becerra’s background in mortgage banking gives him an edge when navigating complex financial situations. Speaking to Insurance Business, he recalled instances where his knowledge of real estate values helped clients qualify for loans when they were initially struggling with their debt-to-income (DTI) ratios.
"There’ve been scenarios where things have been a little bit challenging on a DTI level," he said. "Sometimes it’s simply a matter of going back to the underwriters and saying, ‘Hey, this valuation on this replacement cost is crazy.’ Some of these commercial buildings can be way, way out of whack."
By leveraging his real estate knowledge, Becerra can challenge excessive valuations and present more accurate figures, often securing lower premiums for his clients.
"That’s allowed us to get some of that premium down and get these clients over the finish line."
Becerra’s firm has built a strong network of realtors who frequently refer clients to him for insurance after a property transaction closes. "We work with a ton of investors, so we get a lot of referral business based off of that," he said. "Our niche is property insurance, so it’s definitely complimentary business alongside real estate."
With Cleveland experiencing rapid property value increases, Becerra plays a key role in educating clients about the evolving risks and coverage needs.
"The market has risen sharply – values have increased tremendously here in Cleveland," he said. "I’m not sure exactly what the percentage is, but probably one of the higher areas in the country."
At the same time, the cost of building materials and labor has also spiked. "What used to be adequate coverage – maybe $150 a square foot for replacement cost—is now closer to $200 plus," he points out. Many homeowners, unaware of these changes, risk being underinsured.
"Obviously, there’s a difference between market value and replacement cost," Becerra said, emphasizing the importance of proper coverage. "If a house burns down, they have to come in, do demo, remove debris, and all those additional costs are above and beyond just building something on a vacant lot."
Becerra has been vocal about the benefits of loan officers obtaining their insurance licenses. "If you’re in a unique position and have all three licenses – mortgage, real estate, and insurance – great," he said. "But even if you bring two to the table, you can deepen that relationship with your existing client."
This strategy allows professionals to offer a seamless, one-stop-shop experience. "However you got them – whether it’s on the banking, real estate, or insurance side – you can work with them every step of the way," Becerra said.
Clients appreciate the convenience of dealing with a single trusted advisor rather than being passed between different service providers, he said. "It really positions you much better when you can continue working with your clients as they go through the property purchase process."
"A lot of my friends work strictly in the investment space – off-market deals, different ways to size up deals compared to retail buyers," Becerra said. "Investors are always looking at different things than someone buying a house for their family."
His insights into the investor mindset help him tailor solutions for clients looking to build rental portfolios or flip properties. "Cleveland’s got some excellent people working on the off-market wholesale side," he said, emphasizing the importance of knowing how to navigate both retail and investment real estate transactions.
However, insurance companies are still catching up. "A lot of carriers are just squeamish about that exposure. They don’t know how to rate it – they just don’t understand it."
This hesitation creates gaps in the market, and Becerra sees an opportunity. "It’s an emerging market, and there’s a lot of opportunity to serve that space," he said. "Obviously, if you go on Airbnb or VRBO, you’ll find a ton of listings in just about any city. All those properties need insurance, but there are limited markets willing to cover them."
Mixed-use developments are another growing segment in Cleveland. "There’s been a big push for townhomes – retail on the bottom floor with apartments or condos above," Becerra said.
These projects maximize land use efficiency while adding community amenities. "You can fit a ton of people in a small footprint when you build up, plus have additional services like restaurants or retail on the main floor."
Despite rising costs, Cleveland is seeing an uptick in new construction. "There’ve been quite a few new starts, which is always encouraging," Becerra said. The focus has been on mixed-use developments, which accommodate both residential and commercial needs. "It’s a big push in Cleveland – having retail below and apartments or condos above."
As Cleveland continues to evolve, Becerra’s multi-disciplinary expertise ensures that he remains at the forefront of the market. His ability to integrate banking, real estate, and insurance knowledge positions him as a trusted advisor, not just a broker. And in a city where the numbers make sense for investors, his insights are more valuable than ever.
