Bailey Place's vice president Jeremy Boylan- Insurance pitfalls and coverages that all landlords should be aware of but are often overlooked, He will discuss how the insurance industry is responding to Covid-19 and what landlords can expect in the coming years.
Sprague and Jackson- Tax season is right around the corner David and Angie will present tax planning insight.
BAILEY PLACE INSURANCE • Serving Cortland and Tompkins County for 163 years • Offices in Ithaca, Dryden, Cortland, and Rochester • Locally owned, independent agent • 100% Licensed agents, focused on professional development and client service • Online, interactive client portal, chat feature • Annual comprehensive coverage reviews and risk management strategies
INSURANCE MIND SET • While pricing does fluctuate based on a variety of market factors – insurance is not a commodity. It is not a simple transaction like your water or electric bill. A comprehensive, yet affordable risk management program is an important part of protecting your real estate portfolio.
INSURANCE NOT A QUESTION OF IF, BUT A QUESTION OF WHEN MAKE INSURANCE EASY • One policy, one agent – or at least one effective date • Easy annual review with your agent • Easy umbrella coverage • Easy budgeting • Easier claims and coverage questions INSURANCE PITFALLS • Multiple policies, effective dates, agents • Choosing price over coverage • Actual Cash Value vs. Replacement Cost vs. Assessed Value • Don’t hide exposures from your agent/carrier to save costs • Do: Require Renter’s Insurance • Don’t: Use uninsured contractors LET’S TALK ABOUT 2020! • Property rates for larger exposures, with national carriers, may increase 15% to 25% next year. • General liability rates will increase 7.5% to 15%. • Umbrella/excess rates will increase from 30% for low/moderate hazard umbrella to 150% for high hazard excess. • Workers compensation rate decreases are flattening. • Auto rates will increase 8% to 15%. • D&O rates will increase up to 70%. • Cyber insurance rates will increase 10% to 30%. OPPORTUNITIES • Exclusive product with Bailey Place Insurance, provides: • Vandalism coverage during semester breaks • Discounts for effective lease agreements • No cost to add property manager as additional insured • 10% renewal credit for claim free first year! Student Select Insurance Program 2020 OPPORTUNITIES • Discrimination – typically excluded on standard liability policies. • Payment on behalf of landlord, not reimbursement • Lawsuit alleging discrimination for race, gender, familial status, criminal background or disability, or reasonable accommodations (service animals) • Work with a property manager who leases and/or evicts on your behalf? Tenant Discrimination, Professional Liability 2020 OPPORTUNITIES: RISK MANAGEMENT IDEAS –WE CAN HELP • New Tenant Checklists – Lease, keys, utility schedule, maintenance • Property Checklists – Smoke/CO2 detectors, railings, roofs, gutters, dryer vents • Risk Management