Insurance – almost everyone needs it, but nobody likes paying for it. Unsurprisingly, this is no different for Property Managers. If you’ve got some HOA’s and Mixed Use Buildings under your wing, you’re already aware of the subjective underwriting – and respective premiums – that orbit around surprisingly small aspects of your properties.
Fortunately, you can use this to your advantage. Since some of them are small, they can be changed swiftly, leaving you with some delightfully quick wins for reducing your insurance premiums.
Find out how regular inspections and thorough record-keeping can help you to cut your insurance costs.
If you want to cut costs, you’re going to have to put in a bit of effort and get yourself down to the property to carry out regular building inspections.
Insurance carriers are offering you coverage on the basis of key rules and regulations being adhered to, but it’s unlikely they’re going to visit. If they do, it’s not going to be on a regular basis.
By showing them that you’re inspecting your buildings regularly, you’ll offer them added peace of mind that you’re upholding your side of the bargain. This, in turn, can translate to lowered insurance premiums for you.
Is regular maintenance work conducted on your buildings? Prove it. No, seriously – show this to your carrier by keeping accurate and up-to-date records of any work that’s been carried out.
When you think about it, it’s mutually-beneficial. By showing them that you’re keeping your buildings in good repair, they’ll deem your coverage to be a safer investment on their end.
That’s good news for you. With lower risk comes less capital required to justify providing you with coverage, meaning you could end up paying less for it each month.
Your word will be sufficient in the short-term, but in the long-term, problems could crop up with your HOA’s or Mixed Use Buildings that you can’t actually see. If there’s a structural issue in the building, you might not know until it’s too late. That’s bad news for you, but even worse news for your insurance company, because they’ll end up covering the repair costs.
To hedge their bets on this happening, they will have hiked your monthly premiums to take it into account. If you can get a licensed contractor to give your building the all-clear, however, they’ll feel safer in the knowledge that your building’s structural integrity is still strong. Solid building structure means solid trust, which – you guessed it – means lower monthly insurance premiums.
Although the 3 tips above are excellent steps for you to take to reduce your HOA and Mixed Use Building insurance costs, there are a whole handful of other ways to knock the price down even further. By working with a licensed insurance broker, you’ll be able to find the best coverage that the market has on offer, with an attractive price to match.
Find out just how much you could save on your HOA and Mixed Use Building insurance. Get in touch with us today.
“Legal Disclaimer. Views expressed here do not constitute legal advice. The information contained herein is for general guidance of matter only and not for the purpose of providing legal advice. Discussion of insurance policy language is descriptive only. Every policy has different policy language. Coverage afforded under any insurance policy issued is subject to individual policy terms and conditions. Please refer to your policy for the actual language.”