As an affordable housing business, you need to constantly be concerned with the details. You need to make sure your physical properties are in good condition, you need to make sure your tenants are safe, secure and (hopefully) thriving. Lastly, you need to make sure that management of your facilities meets all the necessary guidelines and expectations of your investors and civil authorities.
There are many insurance brokers that may present themselves as a good fit for your affordable housing business. However, relatively few actually understand the many intricacies of the affordable housing industry. When considering who to work with on your insurance and benefits portfolio, here are some suggestions on what to look for in an insurance broker.
- First, any broker should have at least some experience and familiarity with the affordable housing industry and be sensitive to how affordable housing developers and managers may have different requirements and expectations than standard real estate companies. Additionally, it helps if your broker understands the reporting requirements of standard social service programs that may be offered with your properties.
- Your broker should be able to bring a team approach to client management and not just a service provider. As a multi-faceted business, with both physical assets and staff, your company will need to encompass solutions as diverse as employee benefits, HR products and services, specialized property and casualty plans, compliance, funding and more.
- Your insurance broker should understand your mission, culture, and needs as something more than just a commission check. Affordable housing managers are motivated to care for their community and your insurance broker-partner should share that motivation. Case in point, Bolton & Company’s Foundation regularly supports social service entities through events like the Bolton Foundation Throw Down each year.
Deciding on the proper broker-partner to help insure your affordable housing business should be a decision motivated by personal fit, understanding of your industry, and resources that can help your business grow. Why not work with one that cares as much about your mission and organization, as you do?
Bolton has been in Southern California for over 80 years, which means we are local and here to support you. Our understanding of the affordable housing community and local connections allow us to make better introductions, staffing placements for your company, and overall insurance portfolio. For more details or questions please reach out to Bolton’s Affordable Housing specialists Landon Ragnar Paulson, CIC or Guillermo Gonzalez, Jr. for more information.
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