Dear Brownstone customers,
Can you guess what the #1 cause of insurance claims in multi-unit buildings is? Hopefully you have not experienced it yourself: water damage.
As a property manager or tenant, it is important to make sure that your building, personal belongings and assets are protected.
In this newsletter, we will provide tips to help decrease your risk of water damage claims, as well as illustrate a vital coverage which many condominium associations neglect to add to their policies, and explain why it is so important to have.
We'll also update you with regards to the recent streak of burglaries in Boston, and provide you with a handout of tips to minimize your risk of being victimized.
Preparation is the key to prevention, and Brownstone is here to prepare you.
Brownstone Insurance goes beyond selling insurance policies.
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How To:
Avoid Water Damage Claims
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 Water damage is the #1 cause of insurance claims in multi-unit properties.
To help decrease your risk, take a look at this Tip Sheet we have prepared for you.
Print our handout to share with your tenants and fellow property management professionals.
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Maintenance Fee Coverage - Who Will Foot the Bill?
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One
coverage that condominium associations frequently neglect to add to
their policy is Maintenance Fee Coverage. This coverage is vital in
the event of an incident which ceases payment of fees by unit owners.
To illustrate the importance of this coverage, picture this scenario:
Disaster strikes. A fire occurs in your building and you and your fellow tenants/owners have to vacate the property.
The damage is covered by your policy (pending that you have the proper coverage for yourself and the association), but what happens when all of the tenants move out until the units are repaired and in livable condition? The unit owners stop paying their maintenance fees, but the bills will continue to roll in.
If you have Condominium Association Maintenance Fee Coverage, you are protected. This simple and important coverage will cover fees (up to $25,000) that you are unable to collect after a direct loss to the association building. This coverage will reimburse you until the building is once again livable.
Contact Brownstone Insurance to learn whether your policy includes Maintenance Fee Coverage, or to add it to your policy.
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 Those of you living in and around Boston have undoubtedly become aware of the recent streak of residential break-ins in the East Boston area.
Items such as laptops, IPods, cell phones, jewelry, cash and other items of value have been stolen from apartments, as well as single and two-family homes. The area most impacted to-date is the Eagle Hill community.
These break-ins occur mainly during the daytime when residents are away at work or school. In fact, 60% of burglaries occur during the daytime, according to the FBI.
In many cases, the entry point has been identified as an open or unlocked window in the rear of the property or side alley adjacent to the building, as well as unlocked doors to apartments.
To avoid being victimized, please view and print the following handout which details the precautions you and your tenants should take to protect yourselves and your possessions.
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Following the tips in this newsletter can help protect your personal assets, as well as the integrity of your association should a disaster ever occur in your building.
Sincerely,
Glenn Montgomery
Brownstone Insurance |
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7.4%
The apartment vacancy rate in the U.S. in 2009. A record high.
6.8%
The projected apartment vacancy rate in the U.S. for 2010, due to stabilization of the job market and fewer new rental properties entering the market.
2.8%
The projected percentage that rents in Boston will climb in the fourth quarter of 2010 as compared to 2009.
70%
The percentage of the total U.S. apartment market comprised of 20-30 year olds. This segment of the population is recovering more slowly than others.
Read more statistics about apartment vacancy rates here.
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HAVE A QUESTION?
LET US HELP!
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The staff of Brownstone Insurance is always here to answer any questions you may have.
Submit a question and hear from our experts in a future issue!
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