Thursday, December 30, 2010

Options for 5 + Multi Unit Property Owners

By: Edward L. Blais, JD, CIC

In this complicated real estate market, many proud owners of well-kept apartment buildings with five or more units are having a difficult time finding insurance coverage with a premium that reflects their efforts of maintaining their property. Their search is made more difficult by the fact that, as the multi-family housing stock continues to age, more and more insurance carriers are becoming reluctant to offer coverage options to these structures. The industry further sees that some owners are finding it difficult or simply just don’t maintain their buildings properly, and many are left in less than ideal condition or have become vandalized.

However, we at Blais Insurance believe that the Pride of Ownership you show in your property should be reflected in your insurance premium – it’s that simple.

We offer a premier program to insure well maintained 5+ unit apartment buildings, and believe your exceptional property deserves “best in class” rates. When you are a responsible landlord who maintains your property and ensures the safety of its occupants, Blais Insurance will work with you to design a package of protection to fit your specific needs – and at a terrific premium!

As a lawyer, I also recommend to our insureds that they consider forming a Limited Liability Company (LLC), to more fully protect the family assets in the event of a liability loss. As we go through life, we need to protect our assets and to contain exposures to loss. If a devastating liability loss were to occur on the property, the owner’s other assets (family home, savings, etc.) may be at risk to satisfy any judgment that may follow from the claim. By placing the property is a properly formed and maintained LLC, you effectively “build walls” around the liability exposure thereby providing protection to your other personal assets. The associated costs are not as high as you might expect either.

At Blais Insurance, our business is protecting what matters to you, and our experience will help you make certain that you are fully protected. If you need any additional information please feel free to call me at 401.725.0070.

At Blais Insurance, we are more than just agents – we are advocates who are here to help you protect your investments, and we have options for you.