The Property & Casualty insurance market for the multifamily industry is a very challenging segment due to the unpredictable nature of its occupancy - it is also one of the largest annual expenses for multifamily operators and owners. The structure of your insurance program and experience of your insurance broker can dramatically influence your total cost of risk over time. Buying insurance is only one piece of your overall risk management program – we can help take it to a new level.
The Multifamily insurance marketplace is constantly changing and evolving. At Stern Risk Partners, we understand the insurance marketplace, how to incorporate a resident program or captive insurance program, and how to create more capacity by going to nontraditional insurance markets. We have extensive experience structuring and negotiating insurance placements for multifamily risks. We maintain relationships with all the important insurance carriers in what is a very limited marketplace. It is extremely important to differentiate yourself from the traditional stigma of multifamily and be viewed as a quality real estate risk.
· Simplifying the administration of insurance is critical in the multifamily industry. We are experienced in negotiating pre-agreed rates for acquisitions and divestitures as well as utilizing customized manuscript insurance policy forms.