Leonardo247’s Post

I recently contributed to Modern Home Builders on a critical issue for multifamily developers: the insurance squeeze. With premiums soaring and coverage terms tightening, our old approaches to risk management simply aren’t enough anymore. In my article, "A Call to Action for Multifamily Developers," I outline proactive strategies to address these challenges. From prioritizing risk prevention to exploring unique coverage options, it’s about finding practical ways to protect our investments in this shifting landscape. Check out the article for the full breakdown, and if you’re facing similar issues, let’s connect on how Symphony Build is tackling this.

Symphony Risk Solutions is proud of Matt Burns, president of Symphony Build, and his thought leadership around navigating the insurance landscape for property developers. This article is a must read for practical steps to protect your assets and stay ahead. Let Us Play for You! 

Managing Rising Property Insurance Rates— Commercial real estate faces soaring insurance costs due to extreme weather and financial conditions. Property owners are considering self-insurance and other strategies to cope. Innovative solutions and proactive risk management are crucial for financial stability and success. Click below to read more. https://lnkd.in/gmPyVmNb #CommercialRealEstate #PropertyInsurance #RiskManagement #RealEstate #PropertyOwners #PropertyManagement

The US property insurance market is stabilizing, but wood-frame multifamily properties remain risky due to fire concerns. In 2023, 440,000 new multifamily units—a 36-year high—were built, with 81% using wood-frame construction. These buildings are more vulnerable to fire, especially from cooking, which caused nearly half of last year's 374,000 residential fires, resulting in $10.8 billion in losses. This increased risk has kept insurance rates high for wood-frame multi-family properties, delaying any rate relief in this segment. #propertyinsurance #multifamily

The property insurance landscape is shifting as insurers retreat from industrial and multifamily assets, following record losses in 2023. With stricter terms and heightened risk scrutiny, operators are seeing increased premiums and more selective underwriting. Gallagher's recent report highlights how insurers are diversifying risk, especially in multifamily portfolios built with wood framing, and how liability coverage for these assets is tightening. As we navigate this softening market, it's crucial for property owners and investors to stay informed and prepared for evolving insurance dynamics. Website: mclennanindustrial.com  Bio: https://lnkd.in/gJihJmJ9  Google Business Page: https://lnkd.in/gHn-YT5m  YouTube: https://lnkd.in/gxz7UURi  Instagram: https://lnkd.in/g3gNBFkV  Facebook: https://lnkd.in/gNmDVBBE  X: https://lnkd.in/g4f-8_aJ  TikTok: https://lnkd.in/g8_RtaNV  LinkedIn: https://lnkd.in/gms5TXMP #PugetSound #TenantRepresentation #LandlordRepresentation #SIOR #CCIM #IAMC #NAIOP #CRE #CommercialRealEstate #IndustrialRealEstate #Industrial #Logistics #Manufacturing #Warehouse #Seattle #Tacoma #KidderMathews #Kidder #SupplyChain #CommercialLand #WarehouseSpace #Warehouse #KingCounty #PierceCounty #ThurstonCounty #Seattle #Tacoma #RealEstate #SupplyChainManagement

🔥 "Insurance Costs Are Up 28% YOY: Here's How Multifamily Investors Can Stay Ahead!" 🔥 Investing in multifamily real estate? Buckle up—insurance costs are skyrocketing. Yardi reports a 28% year-over-year increase, with average costs per unit hitting $636 (and much higher in some areas like Miami at $1,405). So, what's an investor to do? 1️⃣ Know Your Coverage: Understand your insurance policy inside and out. Make sure it covers all potential losses. 2️⃣ Proactive Risk Mitigation: Regular maintenance is key. Simple steps like changing washing machine hoses can prevent costly floods. 3️⃣ Public Adjusters Are Your Friends: When disaster strikes, a skilled public adjuster can help maximize your claim. They’ll ensure every screw and nail is accounted for—literally. 4️⃣ Business Interruption Coverage: This can be tricky. Ensure your policy covers the actual loss sustained, not just a fixed period. Renovations and rebuilds take time! 🏢 Multifamily insurance is no joke. With the right coverage and proactive strategies, you can protect your investments and ensure long-term profitability. 💪 #RealEstateInvesting #Multifamily #Insurance #PassiveIncome #7foldRealty

"It's going to be much more difficult for owners of small businesses and multifamily properties as they rebuild to find insurance that isn't three or four times what they were paying before." . . . . . Alexandra Glickman head of Global Real Estate for insurance broker Gallagher said about the policy adjustments that property insurers will make in the wake of hurricanes Milton and Helene. This may sound surprising because investors with properties in Florida and along the Gulf Coast have already seen insurance premium increases of that magnitude in the last few years. But what do natural disasters like this mean for NYC property investors? Moreover, what tactics should NYC investors deploy to stabilize their operating expenses - in a market where some revenue drivers are stabilized and pegged to prior year revenue? My views are linked below. https://lnkd.in/gC8bkhb2

Pressure. #FridayCRE #CommercialInsurance #CommercialDebt #CommercialRealEstate A spike in commercial property foreclosures is increasing pressure on insurance brokers, who must respond to more demanding inquiries from underwriters and seek more sources for coverage, industry participants say. A recent report from ATTOM, a firm specializing in real estate data, shows that there were 635 commercial foreclosures in January, up from 141 in May 2020. The pool of distressed US commercial properties totaled $85.8 billion at the end of last year, according to data from MSCI. #SourcingAndSelling #SellingAndSourcing #Retwit #2024 #SkyscraperInsuranceServices ~ Contact Us For Your Insurance Needs. Multifamily, Industrial, Hotels, Office, Retail, Development Sites, Plus. #ListWithLance #LanceLoans #LetLanceInsureYou #CRE #Owners #InvestmentProperties #Multifamily #Industrial #Hospitality #Retail #Development #Construction #Commercial #CommercialTransactions #CommercialFinance #CommercialInsurances #CommercialTitleAndClosing #CommercialProp https://lnkd.in/gCsqqipQ

The soft property market happens slowly, then all at once.....I hope. "Despite these challenges, some areas of the property insurance market are seeing a slight easing in rates. Gallagher indicates that most asset classes are experiencing risk-adjusted property rate changes ranging from flat to +10%, with some exceptions where decreases are evident. Office assets with strong rent rolls and low crime scores have seen rates ranging from flat to -5%. Insureds with Tier 1 wind-exposed assets in coastal Florida, who faced some of the hardest renewals in 2023, are now seeing year-over-year decreases in rates." #insurance #propertyinsurance #coastalproperty #commercialpropertyinsurance #propertycaptiveinsurance

I'm always telling real estate investors, brokers, and developers I either advise or coach about examining "everything" and asking "What could go wrong?" before entering into a transaction. Looks like we have still another consideration when it comes to investing in or developing condos in certain parts of the country. What amazes me is the number of people in the industry that I have already talked with that were not aware of the insurance uproar. I look at it that having a research person or team on your side could be the best "insurance" you have for growing your real estate business. Here is "what could go wrong" for condo buyers, starting with Florida: https://lnkd.in/e4vDPbKp #condo #condos #BuyingCondos #RealEstateInvesting #insurance #HomeInsurance #risk #Florida #BocaRaton #FtLauderdale #Miami #Naples #Tampa #research #RealEstateResearch