Michael Haltman, Hallmark Abstract Service’s Post

In parts of the U.S., the housing market remains locked in a perpetual impasse between high demand and low inventory of affordable residences. In California soaring rents have led to overcrowding in multifamily dwellings. There has been a growing trend of tenants filing habitability lawsuits against current and former landlords, often seeking punitive damages and attorney’s fees (where allowed by contract or statute) in addition to statutory penalties. BUT!!! Many insurance companies now are excluding Habitability from their policies due to the age of the buildings. What to do for the landlord - i told in the video. It is not uncommon for a tenant to have caused or contributed to the conditions of the unit because of substandard cleaning and maintenance practices. For example, this is commonly seen with infestations or sewage backups (which can be from tenant-caused clogs to pipes or flushing improper materials down toilets). The following recordkeeping best practices can help a landlord more effectively fight a habitability lawsuit. • Take photos of vacant units prior to leasing and for any repairs during the tenancy which reference what maintenance was required and whether such maintenance resulted from regular wear and tear or was tenant-caused. • Conduct a pre-move in walkthrough, signed by the tenant, with the tenant noting any existing blemishes and certifying that the tenant moved into a clean and habitable unit. • When maintenance and repairs are necessary, create an inspection report with detailed descriptions and photos of the conditions, both before and after repairs, to document both cause and remedy. I highly recommend that Landlords enhance their coverage with Umbrella insurance, which starts at $200 per year and can increase your insurance limits several times over. From my professional experience, it was Umbrella that helped my clients, Landlords, avoid bankruptcy several times. Write to me in Direct and we will quickly advise you on how to do this under your conditions and budgets. #landlords #insurancecaliforina #insurancebrokerla #insuranceforbusiness

Back in the early 2000s I was working at the then Auckland City Council. One fine late spring day there was a sudden flurry of activity, and we found out that the private Building Certifiers had all collapsed, and the Council needed to uplift their files to check the quality of the work, and to finish jobs. Predictably, all of the companies had done shoddy work, cut corners, and passed things that should never have been passed. The resulting mess meant that homeowners, who relied on the ""professional"" skill of the Building Certifiers had to a) have another inspection by Council and b) pay to fix the numerous issues found - sometimes quite expensively. To avoid a repeat of the mistakes seen in the collapse, we would need a better system of oversight. Snap inspections by Council and MBIE. Selection of random files to inspect. Results of inspections to be compulsorily given to company insurer. Council to randomly assign Building Certifiers to applicants. Stronger and consistent oversight will improve the industry, restore confidence in homeowners, banks and insurance companies, and lead to better outcomes.

Landlords and property management companies with affordable and market-rate properties alike are facing similar problems in the post-pandemic landscape: soaring costs of operations that cut severely into revenue. #PropertyManagement #PropertyOwners #TwinCitiesRealEstate

It is a challenge for all types of commercial real estate, from office, to retail, to industrial, not just apartments. When looking at investments we are bidding out new policies and every single one of them are coming in over $1 PSF. So we adjust our underwriting going forward. Same with real estate taxes. End result? higher equity amounts as well as increased rents for tenants. #wincre #womenincre #WICRE10day #commercialrealestate #womenincommercialrealestate https://lnkd.in/gp3S2RKN

Just faced a fire? Don't worry about restoration costs on top of everything else. Our blog breaks down the average rates & what factors affect the final price. Get informed & start reb#insurance https://lnkd.in/dWZNWANm #accurateestimates #insurance #FireDamage #Restoration #HomeownerHelp #Rebuild #Costs #Insurance

📢 Learning from Horror Stories: Protecting Our Communities🎃 🔐 As a Community Associations Insurance Broker, my priority is safeguarding the well-being and assets of our communities. 🤓 Recently, I came across a chilling article that serves as a stark reminder of the potential risks and challenges we face. https://lnkd.in/dkw7i3hc 🔍 Key Takeaways for Community Associations: 1. 🛡️ Comprehensive Coverage Context: The mass exodus of condo owners in certain markets highlights the need for good communication between the broker and the client. Tip: Ensure you have a Written Service Plan in place. 2. 📝 Regular Risk Assessments Context: Aging condos are facing imminent inspections under new regulations across the US. Tip: Conduct regular risk assessments and inspections to identify and address vulnerabilities before they become critical issues. 3. 🚨 Emergency Preparedness Plans Context: New regulations demand prompt action on structural repairs. Tip: Develop and regularly update emergency preparedness and maintenance plans to ensure quick and efficient responses to any required repairs. Work closely with an engineering firm. 4. 🏘️ Community Engagement Context: Condo owners are rushing to sell due to fear of structural defects and increased costs. Tip: Foster a culture of awareness and engagement among residents about the community’s insurance policies and upcoming inspections to promote transparency and preparedness. 🔐 By learning from others’ experiences and taking proactive steps, we can better protect our communities and ensure a safe, secure environment for all residents. #CommunityAssociations #InsuranceBroker #RiskManagement #SafetyFirst #ProtectOurCommunities #LearnFromThePast #BePrepared

Should we sell our condo or pay the big assessment? For older condo buildings that are going through or about to go through the required 25-year or 30-year recertification in South Florida - after the tragic Surfside collapse - what should owners do? What should HOAs do? Spend millions to repair the building or sell out to a developer who will "repurpose" the land value? RiskFootprint(tm) can help owners and HOA board members make better and more realistic decisions based on both current and future risks to the building, its lobby and any underground infrastructure or parking. We have building science experts ready to help. Find out more at RiskFootprint dot com. #surfsidecollapse #condomarket #southflorida #condorecertification #sealevelrise #climatechange #stormsurge #floodrisk #riskassessment #riskmanagement #riskfootprint

Thanks Justin Theobald BSc (Hons) MRICS for highlighting the TPI Service Charge Index and this helpful explanatory article on why service charge inflation is outpacing inflation. All part of the debate on residential leasehold property

🤔 Ever wonder how much owning an older apartment building really costs? After a conversation with an insurance agent whose family has owned multifamily for decades, I was blown away by how much era impacts long-term expenses. Here’s a quick breakdown of what I’ve learned from comparing 16-unit buildings over 10 years: 🏚️ 1960s Building: - Total Cost: $728K–$1.2M - These charmers have character, but the hidden costs (like plumbing and electrical overhauls) add up fast. And the roof?! - Insurance? Expensive, thanks to aging systems and higher risks. 🏢 1980s Building: - Total Cost: $400K–$716K - A solid middle ground: fewer updates needed, though plumbing and electrical are still a factor; and insurance is a little easier to find quotes for than older stock. - With selective upgrades, these can attract tenants looking for affordability with comfort. 🏡 2010s Building: - Total Cost: $200K–$300K - Virtually turnkey. Modern systems keep insurance costs low, and the energy efficiency is a big draw for tenants. - Long-term, it’s the least stressful (and most predictable) option. It's not a surprise at all that owners prioritize cosmetic remodels over the "unsexy" systems—the plumbing, wiring, and HVAC. Why replace an entire system when a good ole patch will suffice? While a fresh coat of paint and updated kitchens look great, it’s the unseen infrastructure that directly impacts insurance costs and long-term viability. Without addressing these core systems, no amount of remodeling will fully protect your investment. Have you run into this with your properties? Let’s chat and compare notes! 👇 #RealEstateBroker #MultifamilyInvesting #InvestmentStrategies

In June 2024, the Government indicated its intentions to make it easier to build small, self-contained and detached houses, commonly known as ‘granny flats’ on properties with existing homes on them. BRANZ supports the Government’s aim to create more affordable housing options and choice. At the same time, we believe the emphasis should also be on ‘quality’. We believe that what has been put forward as a ‘preferred option’ carries three key challenges: 1.     Lack of third-party checks: The current consenting system provides third-party checks and quality assurance. Removing this system creates opportunities for building or product failure. ⠀⠀⠀ ⠀⠀⠀⠀ ⠀⠀⠀⠀ ⠀⠀⠀⠀ ⠀ 2.     Increased risk of non-compliant buildings: Without the oversight of Building Consent Authorities (BCAs), there is a higher risk of non-compliant buildings. Although notification requirements and other criteria are proposed to mitigate this risk, it is unclear if these measures will be sufficient to address non-compliance and potential difficulties with finance, insurance, and resale. ⠀⠀ ⠀⠀⠀⠀ ⠀⠀⠀⠀ ⠀⠀⠀⠀ ⠀⠀⠀⠀ ⠀⠀⠀⠀ ⠀ 3.     Responsibility on owners: The preferred approach would make owners responsible for ensuring qualified professionals complete the work. However, as no entity would be actively monitoring this requirement, there is a risk of non-compliance. ⠀ ⠀⠀⠀⠀ We also believe these challenges could be mitigated by adopting a slightly different approach. Find out more here https://lnkd.in/eWitECHg We’re open to working with MBIE and sharing our research and expertise to help achieve the ambitions of the proposed changes.⠀⠀ ⠀ ⠀⠀⠀⠀ ⠀⠀⠀⠀ ⠀⠀⠀⠀ ⠀ #QualityHomes #ResilientHomes #BRANZ #NewZealandBuildingCode #ReducingBuildingRisk