RATE INCREASE 22%
Consider taking the following actions to safeguard your investment:
1
Look into fire-proof building materials (fire- resistance roofs and gutters) Keep roofs and gutters clear of debris at all times. Exterior wooden decks and fences should be sealed. New construction should focus on non- combustible materials. Keep all flammable materials away from their properties (pine straw, dried leaves, yard debris, etc.) Create fire-stopping landscape features. Do not allow any type of grilling or smoking on your premises. If grills are allowed, make sure they are in a safe, non-combustible area of the property away from wood-frame buildings and easily ignitable landscape features.
$ 1.26 PAYOUT PER
CHARGED $ 1.00
2
3
4
Despite these ongoing efforts, the outlook for the California insurance market still remains uncertain. The combination of natural disasters and insurers' financial challenges suggests that the multifamily insurance market in California will continue to face difficulties for the foreseeable future. That being said, there is still the California Fair Plan for those with no other feasible options to consider. Those that do have alternative options will still face an uphill battle trying to find reasonable insurance markets right now, so it’s best if property owners can take more initiative on how to take care of their investments to prevent risk.
Looking forward, those properties that are near a wildfire zone should heavily consider alternate options outside the insurance space to protect their investments. Lastly, always remember to do your due diligence when looking for insurance carriers. Make sure the agencies you work with are familiar with your industry and have access to the markets that will be the best fit for your portfolio. While going through these uncertain and tumultuous times, it’s always good to have trusted partners you can rely on and can guide you through this difficult terrain.
5
6 7
LAUREN LIEB Sr. Commercial Risk Advisor InsuranceHub (678) 812-2516 LLieb@insurancehub.com
Lauren has been with InsuranceHub for over 10 years and specializes in advising clients all around the country in regard to their multifamily and other lessor’s risk properties. When she is not helping her clients, you can find her fostering dogs for animal rescues (and only occasionally keeping them). She originally hails from Ohio, but now lives in Decatur, Georgia with her husband and menagerie of pets.
PAGE 35
Powered by FlippingBook