PREPARING FOR YOUR NEXT RENEWAL
The strongest insurance submissions that underwriters look upon most favorably will tell a complete risk management story, not just bits and pieces.
BEFORE YOUR NEXT RENEWAL, MAKE SURE TO HAVE THE FOLLOWING INFORMATION ON HAND:
• Updated property information • Documentation of capital improvements • Maintenance records • Roof inspection reports • Loss prevention initiatives • Plans for addressing known issues
BY TAKING A PROACTIVE APPROACH PROPERTY OWNERS MAY POSITION THEMSELVES FOR A MORE COMPETITIVE RENEWAL PROCESS.
By taking a proactive approach to maintenance, safety, and documentation, property owners may position themselves for broader coverage options, fewer underwriting challenges, and a more competitive renewal process. Insurance underwriters are now looking far beyond a property’s loss runs. The condition of the building, quality of management, maintenance culture, catastrophe preparedness, and commitment to risk reduction all influence how a property is viewed, and whether coverage will be offered. Owners who are on top of risk management and are proactive instead of reactive are often in the best position when it’s time to negotiate coverage.
Click here to explore your coverage options with a multifamily insurance expert.
LAUREN LIEB Senior Commercial Risk Advisor InsuranceHub Leavitt Agency llieb@insurancehub.com Lauren has more than 14 years of experience in commercial insurance and specializes in multifamily and rental property coverage for owners across the country. She has helped hundreds of property owners shop the insurance market, compare options, identify potential coverage gaps, and build customized insurance programs designed around their individual properties and risks.
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