Case Study

Multifamily Operator Seeks Benefits of Having Suitable Insurance Products

  • Improper valuation terms that would cause financial harm.
  • Gaps and insufficient coverages and limits.
  • Symphony Risk reviewed existing policy for gap analysis
  • Created compelling application submissions that cast the client in the best light
  • Secured the top carriers to evaluate and provide options for their type of operations.
  • Converted policies to Replacement Costs that in case of loss would increase the insurance payout by at least 30 percent.
  • Created a master policy that allows for easier management and cost savings of bundling locations.
  • Added coverage to trigger in a large property loss that would save the insured from out-of-pocket expenses.

The Challenge

A large multifamily operator was seeking the benefit of having proper insurance for their extensive real estate portfolio across Northern California. The client had high insurance costs for policies that were inadequate and did not satisfy lender requirements — leaving the client at exponential risk in the event of any loss.

The Solution

Symphony Build reviewed every policy of the client’s to determine their strengths and weaknesses. Our team presented a comparison analysis of those points against Symphony Build offerings. In doing so, our team identified the client’s existing policies would not provide coverage in a manner that matched their expectations.

The Outcome

Following Symphony Build’s review of the  existing coverage, the client trusted they were working with professionals that truly understood the unique risks associated with commercial real estate.

The expertise and guidance brought to the table enabled the client to feel so comfortable working with Symphony Build. Our team was hired soon after, to work on their personal assets, which, too, was resolved successfully.