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Building Guard provides a solution to the challenges of tracking residents’ insurance coverage with it’s homeowners insurance monitoring program.
Who We Are.
Building Guard offers a comprehensive solution to address the challenges faced in tracking residents’ insurance coverage. We tackle the problem of knowing who has insurance and who doesn’t, recognizing the far-reaching impact of this issue. It not only affects individual residents but also has implications for the entire community, including the board and property management firm. Building Guard’s goal is to provide an effective means of managing insurance coverage, helping to mitigate potential risks, protect all residents, and streamline the process of insurance verification and compliance monitoring.
Challenges Building Guard Overcomes
Difficulty in Tracking: It can be challenging for community associations and rental properties to keep track of residents’ insurance coverage status, especially in larger properties.
Assumption vs. Reality: Many boards assume that every owner has insurance, but this may not always be the case. This assumption can lead to potential problems when accidents or incidents occur.
Mortgage Requirement vs. Cash Payment: Mortgage companies typically require condominium owners to maintain homeowners insurance as part of the mortgage requirements, but there’s no such requirement for cash-paying owners. In co-ops, shareholders are typically not required to show proof of homeowners insurance coverage at their closing, they only need to show proof that the cooperative association itself has coverage. Because of these scenarios, there could be many uninsured owners.
Timing of Coverage Verification: Verifying coverage once a year on the same date can create gaps where residents could let their policies lapse, and the board or property owner may not become aware of it until the following deadline, which could be months later.
What We Do
Building Guard provides a solution to the challenges of tracking residents’ insurance coverage by:
- Insurance Confirmation: Building Guard confirms which residents have insurance coverage and which do not.
- Compliance Check: Building Guard assesses whether residents meet the insurance requirements specified in governing documents or lease agreements.
- Policy Renewal Monitoring: Building Guard monitors policy renewals to ensure that residents continue to have insurance coverage each year. This proactive approach helps prevent gaps in coverage.
- Management Reports: Building Guard will provide you with an initial report detailing how many owners are in compliance with the insurance requirements and how many are not. In addition, as owners insurance policies renew, you will receive notice if an owner does not renew their policy.
Let’s Get Started
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