Why Your Insurance Just Got Canceled For Your Multi-Family Property

💌 STAY AHEAD YOUR WAYWant smarter insights, market trends, and strategies delivered straight to your inbox? Join the Commercial Connections Newsletter — a quick, actionable read for brokers, investors, and CRE professionals. 👉 Subscribe now📅 BOOK A CALLIf you’re a family-owned apartment owner in Oregon, you don’t have to navigate your next move alone. From 1031 exchanges to retirement planning, I help owners protect equity and plan for the future. Schedule a strategy call🎙️EPISODE SUMMARYIn this episode of Commercial Connections, I sit down with Gary Kelley, risk management consultant and partner at PCF Insurance, to break down the shifting landscape of commercial property insurance.We explore:⦿ Why sudden cancellations and new inspection requirements are on the rise⦿ How weather events and COVID-19 have changed underwriting criteria⦿ Steps property owners can take to prepare for inspections and avoid non-renewals⦿ The role of long-term relationships with agents and underwriters in protecting coverage⦿ The pitfalls of annual insurance shopping and the true cost of water claimsIf you’ve experienced rising premiums, surprise inspections, or a canceled policy—this episode gives you proactive strategies to reduce risk and protect your investments.📝 EPISODE THEMES 00:00 – The Impact of COVID-19 on Real Estate 00:31 – Introduction to the Episode 00:36 – Insurance Cancellations and Coverage Challenges 01:27 – Understanding the Surge in Insurance Claims 10:05 – The Role of Underwriters in Insurance 20:04 – Proactive Measures for Property Owners 22:11 – Handling Insurance Cancellations 25:04 – The Importance of Relationships in Insurance 29:49 – The Underwriting Process 31:33 – The Changing Landscape of Insurance Requirements 33:20 – Impact of Credit Scores on Commercial Insurance 35:08 – The Importance of Long-Term Relationships with Insurance Agents 38:08 – The Pitfalls of Shopping for Insurance Annually 44:02 – When to Report a Claim and When to Pay Out of Pocket 47:26 – The Significance of Water Claims in Underwriting 50:10 – Subprime Insurance and State Fair Plans 52:36 – Final Thoughts and Advice for Property Owners🔗 CONNECT WITH GARY KELLEY LinkedIn: https://www.linkedin.com/in/garyjkelley/ Email: [email protected] Phone: (360) 734 1161🔗 CONNECT WITH ME#CommercialInsurance #RiskManagement #CREStrategy #MultifamilyInvesting #PropertyInsurance #Underwriting #InsuranceTips #CommercialConnections