Distinguished Blog - Real Estate
Market insights and industry news.
Builder’s Risk Insurance: What Your Clients Need to Know
The moment construction begins, a property is at risk of damage. Whether it’s theft, accidental fires, floods, or more, there can be a number of major risks to these buildings. That’s why it’s crucial that any property undergoing construction, improvements, or renovations has a comprehensive Builder’s Risk insurance policy. This kind of insurance policy is…
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A Closer Look…New York Brick & Brownstones
New York City is known for its beautiful brownstones – from Queens to Manhattan’s Upper Westside to some of Brooklyn neighborhoods including Park Slope, Brooklyn Heights, Bedford-Stuyvesant, Fort Green, Cobble Hill, and Prospect Heights. Insuring these owner- and tenant-occupied properties requires understanding their unique risks and having a program available that can address them. Let’s…
Fall Home Maintenance Checklist
Fall is upon us, and homeowners need to prepare their homes for the dropping temperatures and changing leaves. By weatherproofing and performing preventative home maintenance, homeowners can protect their property from any unwelcome surprises and make their autumn more pleasant. Knowing what needs to be done, however, is not always easy. Share this checklist with…
Say Goodbye to Pandemic Rental Deals
For most of the pandemic, we saw house prices rise and urban rents fall as city dwellers traded the apartment for a single-family home. Rents dropped as much as 25% in some cities, but the days of apartment steals have come to an end. Rental site, Apartment List, reports that the median apartment rent rose…
Eviction Moratorium Extended, Real Estate Groups and Landlords Displeased
At the heels of an expiring national moratorium order, the Centers for Disease Control and Prevention issued a new, more limited two-month eviction moratorium on Tuesday, August 8th. Unlike the previous order, the new ban on evictions only applies to parts of the United States experiencing a “substantial” or “high” spread of coronavirus — which,…
Preventing Vandalism Amid Summer Uptick
Mischievous people with nothing to do, long summer days, and plenty of vacant and unoccupied buildings: a recipe for disaster. Whether your insured owns a vacant building or a building in the midst of the construction process, they should take steps to mitigate risk of vandalism, theft, and property damage as the universe conspires to…
Most Popular Home Improvement Projects Amid COVID
Stuck at home, homeowners are displeased with their surroundings and funneling money they would have normally spent elsewhere into their homes. Over the past year, home improvement projects have surged and are showing no sign of slowing down. According to a survey from Axiom, a Minnesota-based marketing firm, 90 percent of 1,000 surveyed homeowners are…
Insurers Focus on Increased Need for Inspections, Repairs for Older Buildings Amid the Surfside Condo Collapse
On June 24, part of the Champlain Towers South in Surfside, Florida, collapsed in the wee hours while many residents slept. To date, 97 residents have been confirmed dead. The catastrophic loss has sent shockwaves throughout this oceanfront community located in Miami-Dade County.
Built to Rent Suburbs Picking Up Steam
Homeownership has been on the decline for decades, and not only among millennials. House prices have risen at a rate disproportionate to income, making homeownership increasingly unaffordable. Rent too has increased, contributing to Americans’ inability to afford down payments, but remains more affordable than homeownership.
Sedgwick Contractor Helps Mitigate Risks During Remodeling and Repairs
Sedgwick Repair Services provides customized managed repair, restoration, and mitigation through its network of certified local, regional and national contractors. Members of Distinguished Programs – insureds in our New York Brick & Brownstone Program, City Multi-Family Insurance, City Landlord Insurance, and City Condominium Insurance – have access to Sedgwick’s network of trusted contractors whose insurance…
Builder’s Risk Insurance FAQs for Brokers
A property during construction has different risks than an established structure, and builder’s risk insurance helps to manage these unique risks. Unlike homeowners’ insurance, which covers structures that have already been built, builder’s risk is made for new constructions, renovations, or additions. From contractors to investment companies, it is essential for any person or organization…