Call Peter Tran at Propel Insurance - at (206) 695-6625
or E-Mail Peter at pnt@propelinsurance.com
Go to www.propelinsurance.com for more information about Propel!
What is IPAH?
Nearly four years ago, two statewide affordable housing associations in the Pacific Northwest – AHMA and CARH – created the Insurance Program for Association Housing (IPAH). Since 2006, AHMA and CARH chapters in 7 other western states have enrolled properties in the program. We now welcome members of the Washington Apartment Association and the Rental Housing Association of Puget Sound to the program!
We know that our association members work very hard to achieve excellence in the field of property management. We also know that volume AND quality are important factors that insurance companies consider. This is why we are expanding the insurance program, and why you’ll likely save thousands of dollars this year and in future years across all of your portfolios…and increase coverage at the same time.
What property and liability coverage do I get?
The same coverage your property has now – including a minimum $25,000,000 in liability coverage. All insurance companies are “A-rated.” The policy also meets all HUD, USDA, Tax Credit and other affordable housing program requirements.
No way! How can there be 15-20% in savings?
This isn’t similar to what you purchase now from insurance brokers. In a Master Program such as this one, we “group together” quality properties that are the most inspected, the most regulated and likely the least risky in their asset class. We – not you – go out and do the bidding for the best rates. We educate the insurance companies and they rate our portfolio in a lower risk posture. So far, we’ve saved our members and average of 15% (per year) in savings – and premiums will likely decrease as the group grows larger. Plus you support our housing associations – an added plus.
IPAH has buying power, with over 40,000 units and over 1,000 locations.
Do I have to wait for my current policy to expire?
No, you don’t have to wait. Virtually all other managers/owners are canceling their existing policies and binding under our program immediately upon receiving the quote. Owners will be amazed at the money you’ve saved them. IPAH even makes regulators happy – it lowers operating costs!
What has been the track record of IPAH so far?
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One Page application for Indication of cost
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$4,450,000 of annualized premium placed
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3 Year Rate Commitment from our Partner Market
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Program has just renewed with below market pricing to participants
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Loss Control/Inspection Service Offered with Program
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Tax Credit and Hope VI properties have contributed most significant recent growth
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25 Million Excess Liability/Umbrella provided per location per year
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342 locations added in last 18 months
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Loss Ratio is monitored - ensuring long term stability of renewal terms
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Estimated BOTTOM LINE savings at the property level of $880,000 annualized
THIS WEB SITE IS MAINTAINED BY THE MANAGING MEMBERS OF IPAH, LLC, WASHINGTON STATE LIMITED LIABILITY CORPORATION:
Affordable Housing Management Association (AHMA) of Washington, and Washington State Council for Affordable & Rural Housing (WA-CARH), as Managing Members
Go to www.ahma-wa.org and www.wa-carh.org for more information about our organizations
c/o Loveridge Hunt & Co. PLLC, CPAs
11100 NE 8th Street, Suite 410
Bellevue, WA 98004-4441
Tel (425) 454-6836
Fax (425) 454-7695
Cell (206) 290-5498
housing@sprynet.com