Multifamily Claims Management – Are You in Good Hands?

PHILADELPHIA - June 16, 2014 - PRLog -- One of the most costly fixed operating expenses for multifamily owners is property insurance.  As apartment buildings fluctuate in value due to market conditions and cashflow, the key to maintaining proper claims management is through claim strategy programs and policy evaluations. Savvy Owners understand the benefits of having an insurance claim advisory firm to undergo policy reviews on an annual basis to determine if coverage is adequate and in line with current metrics. Proper claims management provides support and protection against events such as fires, floods, weather crisis, and the like.

As an apartment owner, it’s vital to retain the services from an insurance claim advisory firm, preferably experienced in commercial real estate and disciplined in multifamily. Seasoned property insurance professionals offering such credentials in most cases tend to be solutions-oriented, insightful about current and forthcoming coverage programs, and aggressive in claims mitigation. As a credible recommendation, consider consulting with Woodlyn Schwartz (http://www.woodlynschwartz.com/), a company who specializes in multifamily insurance advisory and has the key elements to a successful claims management team, which includes insurance brokers, insurance adjusters, accountants, and more.

During the selection process, don’t lose sight of who’s in charge.  As your multifamily assets are at stake, your claims management team should be placed in a position to earn your business.  With that said, it’s imperative for multifamily principals to become solid interviewers. Consider drafting a questionnaire as a point of reference. Suggested questions include 1) What’s the average claim issue for my property type?  2) Are there discounts available for property management portfolios?  3) What trends are you seeing in claims management for multifamily? At all costs, avoid companies that offer claims management processing software. Seek options with a single system that allows flexibility to customize your claims management requirements.  Regardless of multifamily type (2-4 units, low/mid-rise, garden-style) or level of ownership experiences, take the necessary steps to assure that your prized apartment assets are in good hands.