For those REIN™ Members following this post, you know many of these concerns have been addressed by the exclusive REIN™ member insurance program...Eastern Canada REIN™ members, you have heard about the exclusive REIN™ member insurance program in Western Canada, and you have asked when the your program would be available. We are proud to announce the OFFICIAL launch of the new REIN™ Member Property Insurance Program for Eastern Canada this month (June 2009). That`s right; the coverage you asked for is finally ready in one simple package. Single Family, Multi-Family or condos and a special package available for student housing. Be prepared to have your expectations surpassed!
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For a little success story from some members using this program read the following story below from Don Buchanan, Len Fullen, Denzal Lobo, Bob Buchanan (Properties of Distinction Co.)... below is an email note we received recently
REIN™ Insurance Program saves Properties of Distinction Big Bucks!!
Thanks Russell, Don all the REIN™ staff and members and Brian Fitzpatrick from Park Insurance, who were involved developing this great insurance program.
Over the past few years its been an exciting ride to see our apartment property values increase dramatically. To keep pace we have been steadily increasing our replacement costs of insurance on our apartment buildings. The result has been a doubling of our insurance costs in the past 3 years to an average of $400 per apartment unit per year in 2008.
Under the new REIN™ Insurance Program with Park Insurance; PODCO has been able to reduce our insurance costs on 135 of its apartment units by an average of 34% or $135 per door per year. This is a combined savings of $18,225, which coming from a Scottish background is a great cause for this "laddie" to celebrate. We have realized these savings in 2 ways. An 18% saving was achieved by increasing our apartment insurance deductibles from $1000 to $10,000. The reason was that it made no sense for us to continue to have a lower $1000 deductible for an apartment building when we had no intention of making small claims of $10,000 or less.
Another great feature is the dispersing deductible at claims of $10,000 or more - so you pay no deductible. Another 14% saving was realized by the lower premiums of the REIN™ Insurance Program. The REIN™ Insurance Program also has many other superior benefits to other insurance programs that Brian Fitzpatrick explained at our January workshop in Edmonton. We plan to convert all our apartment buildings over to the REIN™ insurance program; because it offers much better insurance at much lower costs. This is a WIN WIN for PODCO and our investors.
I encourage other REIN™ members to check into this insurance program and also to carefully consider what is a realistic amount for their insurance deductibles. If they do not plan to make small insurance claims and have their insurance costs increase as a result of these small claims - then why pay for the lower deductible.
For baseball lovers like myself the REIN™ Insurance Program is another home run hit on behalf of REIN members - thanks for keeping on slugging for us !!!
Thanks "Laddies and Lassies" and everyone who helped develop this great insurance program.
Best Regards and God Bless,
Bob Buchanan
for Denzal, Len and Don
Properties of Distinction Corp
Edmonton
