Investment Property Insurance
Summertime in the “C”
Cleveland, summertime is here! It’s a great time and a great place to cheer on your team at Progressive Field, relax at an outdoor Blossom Music Center concert, or grab your picnic gear and head for the Metroparks. When the mercury dials up, and the humidity hangs, sometimes cool water is the best place to…
Read MoreDon’t Let your Garage Turn into Garbage
I had the opportunity to sit down with a prospect who was getting ready to purchase his first apartment building, a nice six-unit building in Rocky River, OH. The prospect has owned several duplexes and single-family homes, but this was a big dive compared to those. The prospect insured his other rentals with another agent…
Read MoreBuyer Beware. Investment in Vacant Land Involves Liability Risk.
Learn why vacant land investment property owners need General Liability insurance. Read about liability exposure associated with vacant land investment property. Raw land is the original investment property, as land has always had value. For some investment property owners, land is the investment of choice. For others, it may be new territory. Any investment involves…
Read MoreDon’t be Led Astray by a Lead Claim
Buildings built before 1978 may contain lead that was used in both interior paint and exterior paints how does Insurance address this? Greater Cleveland is alive with new apartment construction! There is building activity from Intro across from the Westside Market to Treo near the Duck Island neighborhood to the Ascent at the Top of…
Read MoreInsurance to Protect You from Active Shooters & Violent Acts: a Must for All Businesses
Insurance for All I wrote a blog about keeping your tenants safe and avoiding liability. Richey Barrett has also written and repeatedly posted information about active shooters at religious institutions. Now, these two topics needs to come together! Management plans for landlords must address active shooter situations and the insurance industry needs to start providing…
Read MoreBuilding Owners Protect Your Assets
COVID-19 and Building Vacancy As I travel throughout Northeast Ohio, I see what COVID-19 has done to this once bustling area. Highways empty, office complexes with empty parking lots as employees work from home and shopping centers with more and more vacancies as small retailers continue to shut their doors. Once the scourge of Covid-19…
Read MoreKeeping It Safe
Keeping your Tenants Safe and Avoiding Liability As the owner of an apartment building in Northeast Ohio you are responsible for the safety of your tenants. While your liability insurance may provide coverage for your negligence if a tenant is assaulted or there is a break-in, having a security action plan will help you avoid…
Read MoreWhat lies ahead for the Owners of Habitational Properties?
2021 is around the corner and insurance companies are finalizing their underwriting plans for next year. What will this mean for owners of apartment buildings and rental units in Northeast Ohio? (read more) Be prepared for insurers to ramp up their inspections to ensure they are charging the proper rate for the exposure. Proper valuation…
Read MoreThe Basics of Insurable Interest
Gino is buying a 14-unit apartment building that is structurally solid, but needs both maintenance and repair work. Three days ago Gino and Toby entered into a purchase contract in the amount of $300,000. Along with signing the purchase contract, Gino also put a $20,000 deposit down on the apartment building. Toby, the current owner…
Read MoreMechanical Breakdown Insurance More Than Boiler Insurance
During a heatwave, many systems are being worked to their limit. This heavy workload could cause a mechanical breakdown. Insurance for mechanical breakdowns/equipment breakdown can be purchased as a separate policy or as an endorsement to your commercial insurance policy, Equipment Breakdown: A standard policy will cover the following types of equipment. Electrical systems-Including electric…
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