276. Commercial Property Insurance Insights with Skylar Romines
Sep 12, 2024
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Skylar Romines, founder of ATW Advisors and a self-proclaimed insurance nerd, dives into her journey from commercial insurance broker to entrepreneur. She unpacks the current state of the commercial property insurance market, discussing rising costs and challenges faced by brokers. Skylar also highlights the importance of proactive engagement with insurance carriers and shares insights on leveraging social media to empower women in the industry. Her passion for advocating for clients is both inspiring and informative.
Skylar Romines founded ATW Advisors to fill a market gap by providing dedicated insurance representation for commercial real estate owners.
The current insurance crisis necessitates proactive management and effective risk strategies to mitigate elevated insurance costs and ensure optimal coverage.
Deep dives
The Launch of ATW Advisors
Skyler Romines founded ATW Advisors to address the increasing need for dedicated representation in the insurance industry for commercial real estate (CRE) owners. Drawing from over 17 years of experience, primarily as a commercial insurance broker, Skyler recognized a gap where clients sought more than mere policy placement. The firm aims to act as an owner's insurance representative, providing tailored advice and ensuring that clients are proactively managing their insurance processes. By understanding the complexities of their core businesses, ATW empowers clients to navigate the insurance landscape more effectively and advocate for their best interests.
The Challenges of California's Insurance Market
California's insurance market is navigating a confluence of challenges impacting the real estate finance community, exacerbated by factors such as rising inflation, increased construction costs, and changing market dynamics post-COVID. Recent years have seen significant increases in insurance costs due to heightened replacement values and the cyclical nature of the insurance industry, leading to frustrations among policyholders. The market conditions have intensified issues related to underwriting and availability, compelling operators to reassess their insurance approaches. As the industry faces these challenges, understanding how historical trends and current risks intersect is crucial for stakeholders in the commercial real estate sector.
Risk Management and Insurance Strategies
Skyler emphasized that effective risk management strategies are vital for building owners to mitigate their insurance costs and enhance their bargaining power with carriers. By gathering data on recent construction costs and presenting them to insurers, clients can challenge inflated replacement value assessments and negotiate more favorable terms. The proactive management of insurance policies, including regular updates to meet lender requirements, is essential for maintaining coverage and avoiding unexpected non-renewals. Ultimately, creating a robust submission for underwriters can significantly improve the chances of securing optimal insurance solutions amidst a challenging market.
Harnessing Relationships in the Insurance Industry
The importance of relationships can’t be overstated in the insurance realm, where effective communication with brokers and underwriters profoundly influences a client's experience. Understanding the nuances of their relationship is key for commercial real estate operators, as it often leads to better coverage options and pricing. Skyler's approach involves matching clients with brokers that align with their specific needs and fostering in-depth knowledge about the risks they face. This strategy not only enhances clients' positioning in negotiations but also helps them navigate the increasingly complex insurance landscape as market conditions evolve.
In this special guest episode of The TreppWire Podcast, we are joined by Skylar Romines, Founder and Owner of ATW Advisors, and self-proclaimed insurance nerd. Skylar walks us through her journey from being a commercial insurance broker to filling a critical gap in the market by starting her own company. We also discuss the state of the commercial property insurance market and the wider impact on the real estate finance industry. Tune in now.
Episode Notes:
- Background & Founding ATW (1:10)
- State of the Insurance Market (4:45)
- Helping Clients & Benefits (10:50)
- Current Insurance Crisis (18:15)
- Specific Challenges & Solutions (23:06)
Role of Social Media in Business (31:10)
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