To ensure that Apartment, Condominium, and Townhome policyholders remain adequately protected, particularly in a hard market, it is critical to ensure property values and pricing are adequate. Conducting regular property inspections, maintaining current tenant contracts and lease agreements; as well as reinforcing the following tips to our respective insureds to promote business continuity:
Require all tenants to submit their tenant policies annually and conduct routine audits to ensure policies are current.
Make sure there are strict rules in place to limit grilling, smoking, candles, and incense.
Make sure property managers/landlords are educating and reminding tenants about the importance of being always present when the oven and stove are in use.
Have a policy that forbids unregistered or abandoned vehicles or vehicles in disrepair on the property.
Have a policy that forbids the tenants from operating certain types of businesses (e.g., welding) on the premises.
Make sure properties are inspected and maintained regularly to reduce any potential. maintenance issues relating to roofing, electrical, plumbing, HVAC, sprinklers, elevators, etc.
Reduce and preferably eliminate vacancies.
Building exteriors should be routinely painted and power washed to limit the growth of mold and mildew.
Trim trees and landscape so that the trees do not touch the building.
Unhealthy trees should be removed so they do not fall into the building or neighboring properties.
Interior building temperatures should be maintained at levels such that pipes will not freeze in the winter.
Ensure the premises are inspected and repairs are made to any uneven surfaces to eliminate tripping hazards, as well as for stairs that do not meet local building codes.
Properties should be selected that demonstrate pride of ownership.
In addition, Frederick Mutual provides Business Risk Protection by epoq. This service provides property owners and landlords with vital contract and agreement templates for their business needs to become compliant and reduce risk. With BRP, habitational owners can create lease agreements, contracts, and deposit notices that can be easily shared with their client through the software database.
To learn more about Frederick Mutual’s successful habitational program please contact slprice@frederickmutual.com or to learn more about Business Risk Protection please read here.