Navigating the Storms: Challenges and Solutions When Insuring Multifamily Home

Agency Nation Radio

On this edition of Agency Nation Radio Podcast guest host Nancy Germond, ARM, AIC, ITP, SPHR, SHRM-SCP, executive director, risk management and education sits down with Karen O’Connor Corrigan, CIC, CIRMS, president, and owner of O’Connor Insurance located in St. Louis Missouri and one of the foremost experts on community associations. Together they provide an update on the state of the multifamily housing market. The Foundation for Community Association Research Factbook reported that 52.9% of U.S. housing was built prior to 1979 leading to aging roofs, failing plumbing, and more. "The habitational market has long been claim-ridden. High frequency, high severity, you know, the insurance covers accidents that are typically confined to one home, but now imagine it's spreading to your neighbors,” says Karen. Additionally, the two discuss the complexities of the hard market on both property and liability insurance. Agency Nation Radio is where insurance professionals turn on the mic and share unscripted stories about leadership, technology, marketing, success, and failure—stories that helped make them the professionals they are today. From main street USA to the pages of Independent Agent magazine—we’ve got the stories you want to hear. For more, catch Agency Nation Radio on your favorite streaming platform or visit https://www.iamagazine.com/podcasts. Meet Our Guests: Nancy Germond, ARM, AIC, ITP, SPHR, SHRM-SCP Executive Director. Risk Management and Education https://www.linkedin.com/in/insurancewriter/ Karen O’Connor Corrigan, CIC, CIRMS President, Owner, O’Connor Insurance, Missouri https://www.oconnor-ins.com/ LinkedIn: https://www.linkedin.com/in/karen-o-connor-corrigan-6184569/ Additional Resources: https://www.independentagent.com/vu/Agency-Management/Sales/Other/GermondHardSoftInsuranceMarket.aspx Webinar: https://youtu.be/2hj7zgDaLHw https://www.independentagent.com/resources/SiteAssets/Aluminum%20Wiring%20Explanation.pdf https://www.independentagent.com/resources/SiteAssets/Big%20i%20Habitational%20Hot%20Mess%20by%20KOC.pdf https://www.independentagent.com/resources/SiteAssets/CAI%20National%20Survey.pdf