Our thoughts are with all of those who were affected by Hurricane Ian.
Unfortunately, some unethical individuals wish to take advantage of those who have just suffered a loss. Service providers may attempt to exploit your clients’ difficult situation by pressuring them into signing an unread contract and inflating repair costs.
Coverage for mold, mildew, and fungus is usually either completely excluded or may be very limited depending upon the policy. Although many people assume that they will have at least some coverage for mold, it is most often the case that mold, mildew, fungus, and their bi-products are excluded.
Prior to the September 11, 2001 attack on the World Trade Center towers and the Pentagon, terrorism coverage was a standard component of most insurance policies. The financial toll of 9/11 caused coverage costs to skyrocket, and many insurance companies stopped offering it completely.
The 2022 Atlantic hurricane season (officially beginning June 1), is predicted to be another active one calling for 19 named storms. This increase continues the trends from 2020 and 2021 of above average activity. If your investor clients own Atlantic coastal properties, now is the critical time to be sure they have the appropriate coverage they need should one or more of these forecasted storms strike.
If your investor client has rental properties and has contracted with a Property Manager, their PM likely will (and should) carry Professional Liability coverage, or Errors & Omissions. This helps to cover them in the event their inadequate work or negligent actions while performing these property management duties leads to a lawsuit. But what if the investor performs property management activities on their properties themself? Did you know that if, in the course of performing these PM duties, your client’s negligence results in a claim, their premises liability offers them little to no protection?
Winter has made its presence known, but your investor clients can still fortify their “castles” against the cold. The saying “better late than never” holds true here. In this two-part article series, we are looking at four winter perils from which your clients need to shield their properties. In Part 1, we addressed ways to protect occupied properties and this time, we’ll cover vacant properties and renovation projects.
The year 2021 continued to be an interesting year in the insurance market, with extreme and unique weather events and ongoing uncertainty around COVID. The industry as a whole continues to experience a rapidly hardening property market, a trend that accelerated in 2020, but had been snowballing the previous five or six years. It is common for the market to cycle from hard to soft every five to ten years, so it is increasingly important for investors to ensure that their insurance agent is advising them on ways to “ride out the storm” while still maintaining adequate coverage.
Many regions of the U.S. have already received their first snows and freezes, but your investor clients can still fortify their “castles” against the coming cold. In this two-part article series, we’ll look at four winter perils from which your client’s need to shield their properties. In Part 1, we address ways to protect occupied properties and next month, we will address vacant properties and renovation projects. Let’s get started.
Of the three leading causes of property damage—fire, theft/vandalism, and water damage—the last one is usually the easiest to prevent. Your investor clients can avoid frozen pipes and water damage at their vacant property by taking some simple steps to winterize it properly.
Every state, city or local municipality has different codes and requirements that residences and buildings must abide by. These change over time as new ordinances or codes are enacted, and. in the case of a covered loss at one of those buildings, the location will need to be brought up to current code during the repair process in order to pass inspections. If your investor’s property does not meet current building codes, Ordinance or Law is an important coverage to consider.
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