Multi-Housing News - November 2008 - (Page 29)

sell me Renters Insurance MHN asks: what do management specialists look for in a provider? John E. Barger, Jr. Vice President, Real Estate Services Fogelman Management Group enough to pay a claim, should you ever have one. When reviewing a proposal, make sure that it specifies that the total insured value equals the replacement cost, and that the amount is agreed to prior to the policy becoming active. The policy also should be written with special form coverage, aka, “all risk,” where anything not covered has to be specifically excluded. Make sure you have inflation guard as well. This covers any increase in replacement cost up to 5 percent over the policy limit.” MHN “The primary attraction to using our current provider was its commitment to making the transition to the program seamless. In addition, we were attracted to its product’s low resident premiums and the extent of its program’s liability coverage. Your two primary constituents in the implementation are your site teams and your residents. If your site teams are resistant to the program, you will have an uphill battle from the start, so it is best to start with a committed site team. Your residents and prospects are, not surprisingly, resistant to any “added fees.” They often forget that their belongings are not covered by the property’s insurance and that they may be liable if they cause a loss on the property. Our current provider has done an outstanding job of training our site teams in how to effectively operate the program and how to overcome objections from residents. It has also done a fantastic job in explaining the benefits of the program to both the residents and to our onsite teams.” Paid to the order of: financing your multifamily real estate project Bret Holmes President Advanced Management Group “Insurance is a contractual transfer of risk. In its most basic form, that is the function of insurance for an owner. You are transferring your risk for something going wrong to a third party for a fee. So the question becomes, for what kind of assurances are you looking from the party to whom you are transferring that risk? Fannie Mae has basic requirements that you can use as a starting point whenever you are looking at acquiring a new policy for your property or renewing a policy already in place. Always go with a company rated A7 or better. Companies with this rating or better have met the requirement of being financially secure At Arbor, we take being your financial partner seriously. With our unsurpassed range of unique lending solutions, you can count on us for whatever you need, whenever you need it. And there is no dealing with third party lenders – just Arbor. We’ll custom design your financing and fund it too. We believe in growing financial partnerships, that's why most of our clients are repeat borrowers. Growing Financial Partnerships 1-800-ARBOR-10 • www.arbor.com MHN ONLINE See expanded interviews at www.multi-housingnews.com/sellme FANNIE MAE • FHA • CMBS • BRIDGE • MEZZANINE • PREFERRED EQUITY Austin, TX • Bloomfield Hills, MI • Boston, MA • Chicago, IL • Dallas, TX • Darien, CT • New York, NY • Spokane, WA • Uniondale, NY • Westlake Village, CA For more information, visit www.multi-housingnews.com/productinfo www.multi-housingnews.com | November 2008 29 http://www.arbor.com http://www.multi-housingnews.com/sellme http://www.multi-housingnews.com/productinfo http://www.multi-housingnews.com

Table of Contents for the Digital Edition of Multi-Housing News - November 2008

Multi-Housing News - November 2008
Contents
From the Editor
Perspective: The Economy
Market Pulse
Special Report: People to Watch
Market Report: Southwest
Executive Roundtable: Dealing with the Crisis
Development & Design: TOD
Finance: Workforce Housing
Green Awards/Perspective
Sell Me: Renters Insurance
Products: Recycled Content
Solutions: Security
Property Showcase: Chelsea Modern

Multi-Housing News - November 2008