When is a bargain not a bargain? The real estate market is heating up across the country, but prices for multi-family dwellings in Northeast Ohio remain lower than the national average. With unemployment higher than the national average, many would-be homebuyers have had to remain renters longer than expected. The convergence of these two trends…

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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…

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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…

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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…

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When you think apartment housekeeping, you probably think of jobs like tenants keeping their units clean, the garbage being picked up from the dumpster and the front of the building’s street appeal. But what about those housekeeping items that, if ignored, could lead to safety issues? Lighting, exits, floors, and stairs, if not properly maintained,…

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Bed Bugs, an unseen liability risk. I received a frantic call from an apartment owner late last Monday that one of his east side Cleveland apartments had bed bugs, and is he liable for the damage they may cause to his tenants. I said I would look into it, but in the meantime call the…

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Keeping it safe 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 these traumatic situations. Some…

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Insurance for AllProtecting your Investment Property I wrote a blog a couple of months ago 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 need to come together! Management plans for landlords must address active shooter situations…

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I received a frantic call last Friday from a longtime client that the insurance inspector was coming. No, he did not tell me one if by land and two if by the sea like in Longfellow’s poem but he was concerned, to say the least. The Insured owns about 100 apartment units in 5 buildings…

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