The market for real estate insurance is in flux. Rates are skyrocketing while carriers are getting pickier about what they’ll insure, often refusing to write policies for certain situations altogether. If you own a property that’s near a wildfire area…or in Florida…or of a certain age…or isn’t sprinklered…or whatever…you may be struggling to get the insurance you need.
Today the job of insuring your real estate holdings is like putting together a puzzle. You often need to work with a number of carriers to obtain all the needed coverages. Plus, because everything is in flux, come renewal time the job of piecing together coverage is likely to start all over again.
Tenants or visitors slip, trip or fall, or make other general liability claims.
Owners of multi-family properties are always concerned about kitchen fires, while owners of commercial or industrial buildings generally face a greater risk from electrical or manufacturing-related fires. Even if a fire is quickly contained, the smoke damage can be widespread.
Toilets overflow. Sprinkler systems get triggered. Water mains burst. Whatever the cause, water damage can be quite costly.
Depending on where your property is located, you’ll want to insure against earthquakes, floods and/or hurricanes.
Senior Vice President
Pacific Oak Capital Advisors, LLC
Warren handles all of our insurance across REITs and has done a phenomenal job for us.