Apartment Insurance Guy @AptInsuranceGuy

Multifamily P&C Insurance specialist living in the hard market - Bringing the best and worst from an unsexy industry to the world of #REtwit Joined February 2023

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Apartment Insurance Guy @AptInsuranceGuy

2 years ago

@skylarromines 🤖 negative 🤖

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Apartment Insurance Guy @AptInsuranceGuy

2 years ago

@skylarromines We are seeing a lot of what you mention in other replies - flat and single digit decreases. But as you know, this is all account specific, and in the real estate world, asset specific. I tend to think the people catching increases are just a bit more vocal about it…

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Apartment Insurance Guy @AptInsuranceGuy

2 years ago

@skylarromines Just because we are in a “softer” property market does not mean automatic decreases across the board. This could still mean increases on certain accounts. The increases just might not be quite as drastic as years past.

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Apartment Insurance Guy @AptInsuranceGuy

3 years ago

@skylarromines There is nothing to share other than you should get it. So good and fun to try different combos. I’m a big fan of mine if you can’t tell 🙃

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Apartment Insurance Guy @AptInsuranceGuy

3 years ago

@INSpectrGadget_ This is our specialty and definitely has its challenges. Overall it is great but those markets you think you have, be prepared for those to change constantly or deliver tough news at renewals. Happy to connect if you would like.

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Apartment Insurance Guy @AptInsuranceGuy

3 years ago

@bradleyflowers 10000% We do a ton of E&S business and I’ve come to learn it isn’t only about the systems you have in place, it’s the wholesalers you work with. If something does go wrong with policy issuance, billing, etc, you want that wholesaler to be on your side to get things smoothed out.

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Apartment Insurance Guy @AptInsuranceGuy

3 years ago

@Ins_Brkr Directly from one of our contacts unfortunately

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Apartment Insurance Guy @AptInsuranceGuy

3 years ago

@chris_stritzel Sounds like it has @molzer written all over it!

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Apartment Insurance Guy @AptInsuranceGuy

3 years ago

@molzer Looks like you forgot a TV 😜 Looks great and should definitely attract good tenants.

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Skylar Romines @skylarromines

3 years ago

I am once again begging you to send one insurance broker to market. You may not realize it. Your broker may not even realize it. Especially if you have a new to industry, sales focused, short-sighted broker bro. You have a reputation in the market. Underwriters move from carrier to carrier. Your name and your asset location is in a system every time you make a submission. If you are sending multiple brokers to market, you have a reputation for being unlikely to bind and difficult to work with. You are pushed to the bottom of the pile. You are almost certainly paying more for insurance as a result. This can take years of working with a good broker to fix. Underwriter fatigue is real. Relationships matter. Your reputation matters. There is a reason best in class operators are close to their insurance brokers. And even know their underwriters.

Skylar Romines @skylarromines

3 years ago

If you have 2+ insurance brokers quoting your renewal, you are putting your company at a disadvantage. Your reputation in the market matters. UW fatigue is real. The time to broker select is pre-marketing. Then you pick a horse & ride it 🏇 your rates will thank you. yeehaw!

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Apartment Insurance Guy @AptInsuranceGuy

3 years ago

@skylarromines @Fallenour Absolutely agree with you on this. Only time I’ve seen it actually work positively is if all brokers are aware of the situation/competition and it’s more of a formal market selection process.

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Apartment Insurance Guy @AptInsuranceGuy

3 years ago

@Fallenour @skylarromines If your different brokers have different carriers to access, then maybe that makes a little sense. But I would imagine if your CPAs and lawyers were working with the same market constraints as your insurance peeps, they would be a bit more reluctant to work on your business 🤷‍♂️

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Apartment Insurance Guy @AptInsuranceGuy

3 years ago

@Fallenour @skylarromines There’s a difference here though - your CPAs and lawyers are all getting paid for their work. Only one insurance broker will get the business at the end of the day.

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Apartment Insurance Guy @AptInsuranceGuy

3 years ago

I definitely have not been as active as I would like to be and hope to change that around, but for those looking for some good MF & CRE insurance content, @skylarromines is putting out some very insightful stuff! Would highly encourage the follow.

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Apartment Insurance Guy @AptInsuranceGuy

3 years ago

@JTMartingCRE We do a good bit in Savannah and surrounding areas if you would like to connect

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Apartment Insurance Guy @AptInsuranceGuy

3 years ago

@Akelsoe96 @SeanODowd15 Yup! But keep in mind… Only a few people will know enough to be helpful. But a lot of people will know just enough to be dangerous.

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Apartment Insurance Guy @AptInsuranceGuy

3 years ago

@someinsurance 100% agreed. Unless you are in a coastal area 🙃

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Apartment Insurance Guy @AptInsuranceGuy

3 years ago

@purple_nurple @progressive There are a ton of variables, but anywhere from $1500-4000/unit on the multifam side is what we are seeing. The lower end of that is usually dependent on your insurance program structure, and sometimes $4k+ happens. Not fun and definitely not sustainable!