Balancing Higher Deductibles and Lender Requirements: Strategies for Real Estate and Property Management
For real estate and property management clients, balancing the cost-saving benefits of higher insurance deductibles with lender requirements can be challenging. Strategies such as deductible buy down policies, indemnity agreements, and reimbursement policies help insureds reduce premiums while meeting lender expectations. Additionally, effective collateral management, including alternatives like letters of credit and third-party trust arrangements, is critical for clients navigating the increasing costs and evolving requirements of loss-sensitive insurance programs.
Multifamily Properties Update: Understanding and Mitigating Attractive Nuisances
Attractive nuisances such as swimming pools, playgrounds, and trampolines can increase liability if not managed properly. Property owners must take steps to mitigate risks by installing secure fencing, conducting regular maintenance, enforcing supervision requirements, and ensuring safety protocols are followed.
RPS: 2024 Q3 State of the Property Market
The property insurance market in 2024 has seen a significant shift towards a buyer's market, with rates steadily decreasing across most asset classes compared to 2023. However, the market remains fragile, with the potential for a major storm or catastrophe event to reverse the current trend, and while most clients are benefiting from better terms and lower rates, some accounts with poor loss performance are still facing challenges.
