Symphony Risk Solutions’ Post

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

Did you know? 🏡 10.6 million Americans generate income from rental properties annually! Whether you're a seasoned landlord or just starting in the rental business, protecting your investment is key. With POWERS Insurance and Risk Management, safeguarding your rental properties is simple. Our Commercial Property Insurance provides comprehensive coverage, ensuring that your assets are protected against potential risks and liabilities. https://lnkd.in/exQnVzhH Don't leave your rental properties vulnerable – trust POWERS to keep your investments secure and your peace of mind intact! Contact us today to learn more. 💼 #RentalProperty #CommercialInsurance #RiskManagement #POWERSInsurance #RentalProperties #PropertyOwners

Owning and operating a multifamily property can be incredibly rewarding—you’re helping provide a safe, comfortable home for your residents. However, it's not without its challenges. Rising interest rates, stagnating rent growth, and skyrocketing insurance premiums pose significant threats. How are you navigating an increasingly difficult risk landscape? Read our latest blog to learn more about the types of risk in multifamily and how to mitigate them: https://hubs.li/Q02tN-sK0

I suspect that in terms of commercial real estate, this is not only happening in the US. We're certainly seeing it in the context of private household insurance across a number of countries. We need to be thinking differently about how we support communities and businesses with respect to insurance. I'm doing some writing on this. Novel approaches are being taken but not by all, and it's very early days. And I'll keep putting this out there.... we need to be having wider conversations that also include businesses, communities, householders. Responses in terms of how to best support that financial resilience piece will differ across communities, geographies, countries and regions. The conversations need to be both hyperlocal and global.

Navigating Insurance Challenges in Multifamily Development🏢 The evolving landscape of property insurance makes it critical for developers to keep a pulse on their current insurance program. Here are some key points to consider: 1. Rising Premiums: - Property insurance costs have increased by an average of 26% for multifamily businesses over the past year. - Many policyholders have been forced to raise deductibles to maintain affordability. 2. Coverage Limitations: - Insurers are tightening their belts, leading to reduced coverage amounts. - It's crucial to understand the fine print and what is/is not covered. 3. Risk Mitigation Strategies: - Proactive risk management is essential. - Consider implementing preventive measures such as improved building maintenance, security systems, and disaster preparedness. - Engage with specialized insurance professionals to explore tailored solutions and alternative options. #RealEstate #MultifamilyDevelopment #InsuranceChallenges

https://lnkd.in/evanhyFX “Insurance pricing has caused deals to come to a halt and has forced deals into foreclosure in some cases,” said Danielle Lombardo, the chair of the real estate, hospitality and leisure division at Willis Towers Watson. Now more than ever it is imperative to work with a broker that can quantify risk via property analytics. Creating the most efficient insurance program while satisfying lenders concerns should be top of mind for all buyers. If you are not receiving proprietary analytics to support your buying decisions and satisfy your lenders, it’s time to talk to us.

🏠 Roof claims account for nearly a third of all U.S. property insurance losses, or about 30%, and trees are very often how nature takes its toll on a structure. 🌳 Aerial imagery can deliver a holistic view of trees encroaching on defensible space or posing a hazard to roofs helping underwriters mitigate potential risks. Learn how: vrsk.co/4aqtzTX #Underwriting #Risk #Insurance

A builders risk insurance policy for multifamily construction typically provides coverage for damages to the building and materials during the construction process that we could encounter. This policy helps mitigate financial risks associated with unforeseen events such as fire, theft, or vandalism until the project is completed and we hand it over to the property owner. We have this policy in place for any multifamily project we build. #inabnetcontracting #inabnetbrand

Most people don’t think about the need for insurance coverage during the construction of a new home and believe that their builder will cover any damages or losses during the construction process. But this isn’t always the case, so you might need a builder’s risk policy. A builder’s risk policy is a type of homeowners insurance that protects the building during construction. Even building contractors with construction insurance might not cover everything that can occur during construction, including theft, vandalism, fire, or damage caused by bad weather. The coverage may fall short and not pay entirely for replacement costs, especially when the cost of building materials rapidly rises. Learn more https://lnkd.in/e37iKrxB

Strata managers face a tough challenge: getting insurance valuations right for the homes they help protect.     With recent CoreLogic Australia and Archistar.ai analysis surfacing the potential for three million strata units to be built across Australia, it is paramount to enable more efficiencies in the strata sector.       CoreLogic’s latest solution, Strata Sum Sure, is designed to provide strata managers with a fast, cost-effective way to generate rebuild cost estimates, improving compliance, reducing the risk of underinsurance, and helping manage risk with confidence. Over the past year, I’ve worked across both finance and sales to better connect with our customers. Tools like this are what CoreLogic’s promise is about—helping people build better lives and smarter property decisions.     Find out how Strata Sum Sure is helping shape the future of strata management: https://lnkd.in/dyu3ecEK     #CoreLogicAU #PropertyOwnership #StrataManager #InsuranceCoverage #Compliance