Saving On Insurance Costs
Since 9/11 Insurance premiums have taken a hike. Apartment buildings have been hit quite hard.
What are some money-saving tips that you have used to save on insurance for apartment buildings?
What are your prefered companies (producers AND underwriters)?
How do you arrive at the value that you will insure?
I understand the risks of underinsuring a property, and also that there are regional variations, but I think this is a worth-while dialog.
Thanks for your opinions in advance.
1. High deductibles are the best way to offset property premiums.
2. Combining locations onto "master" or "blanket" policies is another.
3. Drop the coverages that you don't need, won't use, or that benefit to amounts less than the deductible.
4. Combine higher liability limits on differnet type of exposures with umbrellas.
5. Don't file small claims.
6. Keep your property in updated condition (from the insurer's perspective especially...roofs, gutters, electric, etc...
Cosmetics (external) also go a long way in keeping an underwriter happy.
7. Pay your bill timely.
8. etc...
Hope this helps. I probably have more if needed...
Quote:
On 2004-01-05 05:58, hibby76 wrote:
Since 9/11 Insurance premiums have taken a hike. Apartment buildings have been hit quite hard.
What are some money-saving tips that you have used to save on insurance for apartment buildings?
See prior post...
What are your prefered companies (producers AND underwriters)?
We have used/use Nationwide, Zurich, Scottsdale, Foremost and a few others...really depends on state, area, etc...
How do you arrive at the value that you will insure?
The Agent should do this for you by determing first the reconstruction value then the depriciated options (ACV, market, agreed value, etc...) Understand the ramifications on claims payments of each "form".
I understand the risks of underinsuring a property, and also that there are regional variations, but I think this is a worth-while dialog.
Thanks for your opinions in advance.
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[ Edited by norrist on Date 01/08/2004 ][ Edited by norrist on Date 01/08/2004 ]