Join us in this episode as Charles Dobens discusses a critical issue in multifamily ownership – escalating problems in the insurance field. Focused on empowering property owners, he explores challenges with insurance renewals and their potential impact on businesses.

This episode explores strategies for risk management, including increasing deductibles and implementing programs like the Waiver Program, a groundbreaking solution to involve tenants in insurance costs. He introduces innovative strategies, including risk retention and transfer, sharing statistics on tenant-related claims. Charles is inviting property owners to explore this transformative risk management approach.

Listen to all our episodes and leave a review: HERE 

Subscribe:  Apple | Google Play | Stitcher | Spotify

Solving Insurance Woes in Multifamily Ownership

In this discussion, Charles Dobens sheds light on the significant challenges faced by owners and operators in the multifamily property sector, particularly in dealing with insurance issues. Charles highlights the critical impact of insurance renewals gone awry, pushing businesses into turmoil. With banks resorting to exorbitant premium rates and unexpected cancellations, it becomes evident that a sound risk management strategy is imperative for navigating these treacherous waters.

Charles advocates for a proactive approach to risk management, emphasizing the need to identify and address the root causes of recurring losses. By focusing on mitigating risks associated with tenants, who are often found to be a primary source of claims, Charles proposes innovative solutions for shifting and transferring risks effectively.

One such solution presented is the implementation of a Waiver Program that transfers the financial burden of claims and deductibles to tenants, thereby safeguarding property owners from escalating costs and disruptions. By strategically leveraging risk retention and transfer mechanisms, property owners can enhance their risk management capabilities, secure favorable insurance renewals, and optimize their financial stability.

Charles introduces the concept of Investment Property Risk Advisors to facilitate the implementation of tailored risk management programs, offering multifamily property owners a comprehensive framework to safeguard their investments and streamline their operations. By integrating these risk management strategies into lease agreements and engaging tenants in risk-sharing initiatives, property owners can proactively address insurance challenges and fortify their businesses against unforeseen financial setbacks.

If you are grappling with insurance-related complexities in the multifamily ownership space, reaching out to Charles Dobens at [email protected] could be the first step toward transforming your risk management approach and securing the future of your property investments.

Let us help you navigate the complexities of multifamily property ownership and empower you to make informed decisions that safeguard your investments and propel your business toward sustainable growth. Take charge of your risk management strategy today with Charles Dobens as your trusted guide.

Check out Charles' MultifamilyOS™ Business Builder Program HERE

We Need Your Help! 

Thank you for being a part of the MFIA Podcast community! We couldn't do this without you, and we truly appreciate your support.

If you've found value in the conversations and interviews, we share each week, we would be incredibly grateful if you could take a moment to help us out.

By subscribing to the show and leaving an honest review on iTunes, you can help us continue to deliver the best possible content and reach more investors like you.

So please, take a few minutes to leave a review and let us know what you think. Your feedback means the world to us! You can leave a review by simply heading: HERE

Thanks again for listening, and we can't wait to keep sharing amazing content with you.