In our first blog Diversify Your Portfolio with Culture, we discussed cultural institution risks that present sizable opportunities for brokers interested in growing their business in urban areas. Another urban risk that could either diversify your portfolio, or make you the resident specialist, is likely right around the corner, and could lead you to a community of referrals…literally.
Condominiums: From one-of-a-kind buildings to spiraling luxury towers, condominiums are dominating the urban habitational landscape. At least twice as many new condominium units are hitting major cities from Los Angeles to Manhattan this year as they did in 2014—the most since 2007.
With often inexperienced volunteer boards, and management companies handling the insurance decisions for everything from common areas to professional liability, a trusted insurance broker can quickly endear themselves to both risk managers and condo owners alike. One condominium association client can turn into a steady stream of referral accounts for a local agent.
To find out more about our condominium packages, visit Community Associations. To read the first entry in our Urban Risks You May Have Missed series, check out Urban Risk: Cultural Institutions . Up next in this series, Boutique Hotels.