The Mahoney Group Launches Coastal Multifamily Program
Mesa, Ariz., Jan. 18, 2022: The Mahoney Group has launched an exclusive and proprietary program to provide insurance coverage to owners of multifamily properties in coastal areas of the U.S., one of the most difficult and complicated risks to cover.
“Finding an insurance company to cover, say, a 250-unit or more multifamily property at a reasonable rate has become practically impossible if it’s close to the coast,” Mahoney Group Real Estate Practice Leader Guffy Wright said. “But our program makes it possible again.”
Fewer insurance companies have been willing to cover coastal apartments in recent years in part because of their exposure to intensifying hurricanes and other extreme weather events.
Properties with a history of losses and claims are even harder to insure, making their sale and acquisition even more complicated.
“The limited capacity and appetite on the part of insurers has made life a lot harder for our multifamily property clients,” Wright said. “It’s good to be able to talk to them now about coverage with appropriate limits and more affordable rates.”
About The Mahoney Group
The Mahoney Group, which traces its roots to 1915, is one of the largest independent insurance and employee benefits brokerages in the nation. Its focus areas include multifamily housing, construction, self-storage and intermodal trucking.