by Richey-Barrett Insurance "Since 1902"
Investment Property Insurance

Investment Property Insurance

Investment Property Insurance by Richey-Barrett Insurance "Since 1902"

As the owner of apartments or strip centers you created a team of trusted independent advisers to assist you in running your business. From your attorney to draw up leases and your accountant to figure out the best way to handle complex depreciation issues. Remember to always include your independent insurance agent as a trusted advisor. An independent insurance agent will work in concert with your team to create a custom insurance solution for your specific business needs. If it is addressing the transfer of risk to the Tenant by additional insured endorsements or making sure your loss of rental income is properly covered after a loss. Your independent insurance agent will be with you along the way to create insurance solutions that best meets your needs

April 15, 2019
President
A

s the owner of an apartment building in Northeast Ohio you want a well built, solid building.

As local insurance agents we want to build a solid property and liability insurance program for you.

March 11, 2019
President
T

his past weekend we “sprung ahead” to daylight saving time which means spring and summer in Northeast Ohio will be here before you know it

February 15, 2019
President
I

In honor of Presidents Day, our office will close at 5:00 p.m. February 15 and reopen on Tuesday February 19th at 8:30 a.m.. If you have an emergency please call the office at 440.835.4800 extension 109 and an on call team member will get back to you as soon as possible.

January 07, 2019
President
A

s the owner of rental properties, if you could reduce your economic loss by reducing the size of a cooking fire for approximately $50.00 per unit, would you do it?

November 13, 2018
Vice President
Y

ou gotta have a plan. Game plan. Savings plan. Retirement plan. Plan B. Autopilot only works when a flight plan is engaged.

Even well-considered plans need adjustments. Suffice it to say, “stuff happens”. If you are a homeowner, house flipper, or residential rental investment property owner/manager, you probably know this from firsthand experience. Beyond insurance coverage, preemptive planning may ease or perhaps eliminate a potential property loss. Today’s blog draws attention to one of the most intrusive, expensive, and disruptive occurrences that can throw a property owner into disaster mode… interior water damage.

October 09, 2018
President
I

just purchased an Amazon Fire TV for the family room at our home, with a bigger picture to better watch my hometown Cleveland Browns. The integration of the Internet of Things (IoT), the interconnection from the Internet of computing devices embedded in everyday objects, has started to change how I accomplish things in my life as much as it has changed the fortunes of the Browns. The Amazon Echo, better known as “Alexa,” is tied into the TV so a voice command changes the channel or the app on the TV. Searching the internet doesn't even require a smart phone. At this rate, I am guessing lights and thermostat are next. So, if the IoT is changing my life what do you think it will do for a property/facilities manager?

September 18, 2018
Vice President
T

he city of Cleveland and adjacent suburbs, Lakewood, Parma, and Cleveland Heights to name a few, are popular “homes” for residential rental properties. Several local first-time property investors begin with a single or double-family home in these areas to build a nest egg. Some investors stay, some move on, and some expand. No matter where you choose to purchase a residential rental property, whether the property is a single-family home or 100-unit apartment complex, there is one constant … tenants.

July 23, 2018
Vice President
I

f you have ever owned residential investment property for very long in Northeast Ohio, you know it really is an “all-in” investment … all year long through all kinds of severe weather conditions. Whether your property has ridden out a signature “Noreaster” sweeping across Lake Erie bound for land, or a spring/summer hailstorm unscathed, the threat of resultant property damage is very real. While a roof or siding may take a direct hit from wind, ice, or hail and be a covered property insurance loss, there is no insurance coverage for ongoing or wear-and-tear damage to property. If you own it, you are responsible for regular maintenance and repair of the entire property.

June 11, 2018
Vice President
C

leveland, summertime is here! It’s a great time and a great place to cheer on the Tribe at Progressive Field, relax at an outdoor Blossom Music Center concert, or grab your picnic gear and head for the Metroparks.

April 20, 2018
President
A

few weeks ago, I wrote about a prospect in Rocky River who was purchasing her first apartment building. The prospect owns several single-family rental units and the discussion revolved around properly insuring the garage. It was confirmed that the garages must be listed on the declarations page when insuring apartment buildings on a commercial form.

This difference created some conversation within the agency and I felt it was important to share some additional differences when you are moving on up to a Commercial Policy from Personal Lines Dwelling Fire (DF) Policy.Read more

March 12, 2018
President
I

recently had the opportunity to sit down with a prospect who was getting ready to purchase his first apartment building a nice six-unit building in Rocky River. The prospect has owned several duplexes and single-family homes, but this was a big dive compared to those. The prospect insured his other rentals with another agent but wanted to review the quote for the six-unit building with me.

January 29, 2018
President
A

couple of months ago John Bouhall wrote a blog asking if you were ready to purchase your first investment property. Now you are ready and I will discuss the next steps. Read more

December 11, 2017
President
K

eeping your apartment building occupied is paramount to profitability, but don’t be negligent in your application and screening process. The Department of Housing and Urban Development (HUD) has created regulations that define classes of people who can’t be discriminated against in the rental process. (read more)

October 30, 2017
Vice President
I

nvestment property can serve as an income source and asset builder.  Your resources, experience, goals, and tolerance for risk are deciding factors in the type and scale of investment you might make.

September 11, 2017
President
W

inter weather is coming and now is the time to start thinking about who you might hire as your snow removal contractor for your apartment complex. It’s no secret winter weather creates more opportunity for liability claims, especially slips and falls. If you own or manage an apartment building, contracting with a reputable snow removal contractor to clear your driveways and walkways can help eliminate many of these risks.
 

July 18, 2017
President
N

ew multi-unit residential properties continue to spring up all over Cleveland and the surrounding suburbs. Nonetheless, there are still many older buildings in the area that can be affected by ordinances and laws which are implemented by communities to protect the tenants. Just look at the horrific fire at Grenfell Tower in London. 

June 08, 2017
R

epairing or replacing your roof can be expensive. Spending a few minutes every six months looking closely at your roof can help you identify roof maintenance opportunities that will help prevent costly repairs later. It is also important to periodically check your homeowners insurance to make sure that serious roof damage is covered by your policy.

April 25, 2017
President
O

ne drip of water per second wastes 1,661 gallons of water per year according to the Department of Energy. Building owners need to develop strategies to keep consumption and heating costs down. While parts of Northeast Ohio are seeing rents increase, others are seeing decreases. What can a building owner or manager do to improve their bottom line?

March 21, 2017
President
T

he U.S. Energy Information Administration’s latest short-term energy outlook (March 7th 2017) for electricity still shows consumption rising over the next six months and pricing going up about 2.4% in each of the next two years. As a building owner there are energy vampires out there you must be aware of. (read more)

December 06, 2016
President
I

received a frantic call last Friday from a longtime client that the insurance inspector was coming. No, he did not tell me one if by land and two if by sea like in Longfellow’s poem but he was concerned to say the least.  To read more

The Insured owns about 100 apartment units in 5 buildings in Greater Cleveland and his mindset was that this was not normal and there were nefarious reasons for the inspection. When I called the client back the questions came in rapid fire:

Is the insurance company going to cancel me?

Do we need to get into the units? What is the inspector going to looks at?

Why me after 8 years with this company?

October 11, 2016
President
M

y daughter graduated from college in May of 2015 and has been living at home but just told me she is ready to move out.  Having a child move back home is a blog for another site, but we started looking at apartments in first ring suburbs of Cleveland (a term for the suburbs that touch the city of Cleveland). 

The first house we went to look at was a quaint duplex on a quiet street.  As we walked into the living room I noticed a huge TV mounted on the wall then I saw the mass of electrical wires going to a surge protector that then was plugged into an extension cord to an ungrounded plug.  It only got worse when we went down the basement and I saw the original 60 amperes (amp s) service box. 

September 12, 2016
Vice President
G

ino is buying a 14-unit apartment building that is structurally solid, but needs both maintenance and repair work. Three days ago Gino and Toby entered into a purchase contract in the amount of $300,000. Along with signing the purchase contract, Gino also put a $20,000. deposit down on the apartment building. Toby, the current owner of the apartment building, advised Gino before entering into the purchase contract that Toby only has liability insurance on the apartment building. Toby owns the apartment building (there are no liens on the property), and Toby is not interested in providing property insurance on the building. Gino asks the very practical question, “Can I insure this property now before official title transfers to me?”. Good question. 
What do you think? Can Gino buy a policy covering the property before title transfers? Does Gino have to wait until title transfers and then buy a property insurance policy on the apartment building?
interest

August 29, 2016
President
H

ow often do you get to your office go through the rear entrance and not even notice the condition of the parking lot your customers and guests see or not notice gradual deterioration of an item? Having a simple checklist can help.

July 25, 2016
Vice President
D

ealing with property claims is always a concern for you, the property business owner. Do you have enough insurance coverage for the loss? What if the loss is caused by a defective appliance such as a refrigerator, stove, electrical cord, and/or a water supply line? Suppose you are a landlord, and the property loss is caused by your tenant’s negligence in starting a stove fire, or your tenant leaves the bathtub water running unattended resulting in an overflow, or your tenant carelessly leaves on an electric blanket which catches on fire. Typically your insurance company will pay the covered loss less your deductible. If you are a landlord, it is prudent to require your tenants purchase a tenant’s insurance policy providing both property and liability coverage. The tenant’s insurance policy can also protect you, the landlord, indirectly. These scenarios get into an area of insurance claims we do not often hear about, the area being after- the- fact settlements.  

June 06, 2016
President
W

hen you think apartment housekeeping, you probably think of  jobs like tenants keeping their units clean, the garbage being picked up from the dumpster and the front of the building’s street appeal.

April 18, 2016
F

inally the first weekend with beyond gorgeous weather, that makes everyone starting to think of all the upcoming summertime fun! If you own a pool at one of your investment properties, it may be time to start planning the pre-summer maintenance your pool requires. Everyone knows the saying “Safety first!”  Therefore, let’s review some basic pool safety tips to ensure your pool is equipped for the upcoming summer season.

February 08, 2016
President
W

hen I started in the insurance business I never realized being a detective was going to be so important.  Receiving information from customers and trying to ask the pertinent questions to turn in a claim on their behalf and be able to advocate for them if there is a problem of coverage down the road can be difficult.

November 02, 2015
A

nyone who owns a rental or investment property knows the importance of making sure their assets are well protected from dangers of damage. Maintaining a smoke alarm is more than just changing the battery and testing the alarm with a stick or by pressing the 'battery test' button. You need to know that it will actually work in a fire. It's simply not worth the risk of ignoring fire safety.

Carbon monoxide is an odorless, colorless and tasteless gas that can cause sudden illness and death. Carbon monoxide is commonly known as "the silent killer." State legislatures have begun adopting laws mandating the use of carbon monoxide detectors. As of September 2015, CO detectors are required in homes by 25 states; with another 11 states requiring CO detectors in private dwellings via each state’s billing code. 

September 14, 2015
President
T

he main goal of any business owner is working to increase sales and revenues.  By growing sales more people are discovering and returning to your establishment.  Unfortunately, the additional customers that are flowing in and out of the business increase the chances that somebody has sudden cardiac arrest.

May 27, 2015
President
A

s the owner of rental properties if you could reduce your economic loss by reducing the size of a cooking fire for approximately $50.00 per unit would you do it?  You can do this with a simple item call StoveTop FireStop .

December 05, 2014
President
W

inter and freezing temperatures are forecast to roar back into Northeast Ohio in the next week or so, but there is still time to get out and complete a few simple items to help protect your property. You may also discover additional items that need improvements for next year and beyond.

August 04, 2014
President
S

mall and medium size business (SMB) owners have a multitude of responsibilities and concerns with running their own business. I understand your concerns because I own a business too. And if you own the commercial property your business is in you have (at least) two businesses to worry about.

One of the most important decisions you will make as a business owner is how to adequately insure your property.