RENT Magazine Q2 '21


4. Different Brokers have Different Markets There are thousands of insurance carriers across the world, and no one insurance brokerage has access to them all. Most insurance carriers require a brokerage to sign a contract, committing a certain amount of premium will go to said carrier, to gain access to their program. Brokerages that specialize in insuring multifamily properties and rental dwellings are much more likely to have access to specialized programs that will best fit your needs.

Replacing roofs, wiring, plumbing (pipes, not toilets), and HVAC Installing a sprinkler system Connecting a central-station or local fire alarm Getting a burglar alarm Installing security cameras painting, making the units look prettier, but building system updates can save you money, and lessen your likelihood of claims. These updates directly affect your insurance premiums: Now, small improvements won’t make a difference like replacing windows, 6. Updated Your Property If you have recently made an investment into improving your property, those improvements may get you a better rate. Insurance carriers give better rates to properties that are well-maintained, are safe for tenants and visitors, and have active building systems that deter the #1 type of multifamily property claims: Fire. It’s important that you be prepared for what to expect during the quoting process. Here are a few helpful tips to make sure you are getting the most out of your experience:

5. *Crickets* From Your Agent Are you not getting the response or service you expect? Of course, no one is perfect, and everyone makes mistakes, but if you’re having consistent issues with your agent’s lack of response, that is reason enough to see if there is a better fit for you out there.

P A G E 1 1 |

Powered by