A recent Yardi Matrix research bulletin titled “Flood and Fire: The Multifamily Sector’s Response to Natural Disasters,” assesses the state of U.S. multifamily markets in areas hit hard by natural disasters in 2017 including hurricanes and wildfires. Hurricanes alone caused around $110 billion in total reported property damage. The bulletin also covers the impact of these events on the insurance market, and advises that property owners in the private insurance market should be ready for increasing rates and deductibles along with tightening policy terms and conditions. It’s Hurricane Season Again As cited in an April 2018 Multifamily Executive article, the U.S. was hit with 16 severe weather events in 2017. And now that this year’s hurricane season is underway, property owners and managers should ensure that their communities are as safe and sound as possible to prevent against future losses should a major storm hit. One key tip: install critical infrastructure above flood-prone areas. Recommended actions outlined in the article include relocating electrical panels, mechanical equipment, meters and shut-offs to higher ground. Sealing cracks in walls and foundations and installing sump pumps will go a long way to shoring up a property. Using materials that are designed to survive water exposure and resist mold for framing, wallboards, floorboards and ceilings is also a great plan. Mitigating Property Risk When it comes to safeguarding properties, being ready for extreme weather isn’t the only consideration for property owners. To protect against resident-caused damages, a required renters insurance program is a widely accepted industry best practice. For property owners without renters insurance at their communities, now is a great time to consider implementing a program to mitigate risk. A program that includes fast and easy signups for residents and automated compliance monitoring for property managers is ideal....