Why this review matters
Multifamily insurance decisions depend on building-level detail. A strong renewal file separates each location’s construction, age, updates, occupancy, protection features, and income so portfolio-wide limits are easier to test.
Information to prepare
- A location schedule with construction, square footage, units, and year built
- Dates of roof, electrical, plumbing, and HVAC updates
- Current rents, occupancy, and annual rental income by location
- Loss runs plus details of corrective action after major claims
- Life-safety, security, water-detection, and maintenance procedures
Decisions to discuss
- Blanket versus location-specific property limits
- Replacement cost, coinsurance, and valuation assumptions
- Ordinance or law needs for older buildings
- Appropriate loss-of-rents and umbrella limits
Common pitfalls
- Combining dissimilar locations without usable detail
- Failing to update roof or system information
- Using market value as a substitute for reconstruction cost
- Ignoring tenant-related liability and contractual responsibilities
Frequently asked questions
Why does a statement of values matter?
It gives underwriters and owners a consistent view of the buildings, values, income, and characteristics that drive the property program.
Does a property policy automatically cover flood?
Commercial property policies commonly exclude or restrict flood, so flood protection should be evaluated separately for each location.
Coverage descriptions are general. Availability, eligibility, limits, exclusions, and policy terms vary. Review actual policy documents and requirements with an appropriate insurance professional.