Property Insurance Roundtable
About This Show
Adjusters International’s Property Insurance Roundtable features property insurance experts discussing current issues affecting first party claims. Each podcast focuses on a critical topic that is currently trending within the property insurance industry and includes real life examples intended to improve disaster preparedness.
Most Recent Episode
Common Exposures and Losses Faced by Multi-Family Complexes (Apartments and Condos)
This discussion will take an in-depth look on insuring the many exposures and losses that result from disastrous catastrophes. While multi-family buildings offer many amenities to residents such as maintenance and lawn care, which allow for a simplistic and flexible lifestyle, the insurance policy to cover them are anything but. Apartments and condos are often inadequately insured, and the risk posed for those who own or reside in them is high. For further insight on this topic, please see the corresponding Adjusting Today article: “Multi-Family Complexes (Apartment and Condo): An In-Depth Look at Insuring the Many Exposures and Losses.” Key Takeaways: [1:57] Defining what constitutes a multi-family property. [2:19] How do multi-family exposures differ from typical residential or commercial exposure? [3:13] Why, by law, must multi-family property owners purchase adequate insurance coverage? [4:45] Does preparing a multi-family policy take more foresight and planning than a conventional homeowners policy? [6:54] A 2014 study by the National Multi-Family Council, found approximately 43,267,432 Americans live in rental properties, and a survey by the Insurance Information Institute reported 94,000 fires recorded in apartment buildings the same year; do these figures surprise you? [8:09] Are rental apartments, condo, and cooperative apartments insured in the same way? [9:29] How are condominium and paired homeowner associations insured? Does it differ from apartment complexes? What two kinds of ownership are available for condos? [13:54] What is the building's management responsible for insuring? [14:57] What is a unit owner or renter responsible for? [16:35] What will standard building coverages, provided by the Insurance Services Office (ISO) include for a multi-family complex? [17:26] What additional coverages are available for apartments and condos? [21:25] What types of coverage are available to protect owners and resident