A record number of California apartment buildings have had their insurance non-renewed this year. Some big-name carriers are non-renewing every apartment building in the state. Though ultimately this turmoil is driven by the large number of recent wildfire claims in CA, apartment buildings in the heart of urban centers such as San Francisco and Los Angeles are being non-renewed all the same. Owners of apartment buildings can sometimes feel overwhelmed by this upheaval, especially if they’ve enjoyed stable insurance for the past few decades. If your apartment building has been non-renewed, what you need is a good insurance broker to help you replace that policy. We can help!
At Mighty Oak, our brokers understand how to navigate the nuances of a complex market, and the challenges of owning and managing multiunit apartment buildings. We understand that you face unique risks with tenants living in your building. Our apartment policies include property coverage for the building as well as landlord liability coverage. Our goal is to match the coverages that are on your current (non-renewing) policy, help you protect your investment, and satisfy your lender. And for the individual renters who need insurance for their personal belongings, we work with insurance agents who specialize in personal insurance as well.
If your current insurer has non-renewed your apartment building’s insurance policy, we will work to replace it with a policy comparable to what you previously had. If your price has risen considerably, we will work to find you a lower-priced quote. Along the way, we are happy to offer advice and guidance for steps you can take to lower your future insurance costs and widen your insurance options. We can even help if your non-renewal is due to a history of claims. We work with insurers of all kinds, including those who specialize in “distressed” properties, meaning properties that have had a series of claims, and even currently-damaged buildings and buildings under repair. We have options to insure apartment buildings of any size, and can even find you a quote if you (the owner) occupy one of the units.
Our brokers specialize in apartment building insurance in California, Florida, Texas, Nevada, and we are licensed in other states as well. We have been especially successful with non-renewed apartment buildings in urban areas, and apartment buildings facing a steep insurance price increase.
Contact us today to speak with a broker!
(We also specialize in finding insurance for non-renewed HOAs).