Skip to main content

Adam Hochfelder: Hot to Protect Your Real Estate from Additional Costs

For most people, including Adam Hochfelder, having your own home is a very important segment of life, which is evident by the fact that even 92 percent of NYC's real estate properties, are privately owned. However, what many people often overlook is the insurance of their living space, which is equally important. Here the figure drops to only about 20 percent.

The sources of financial loss to real estate company owners and managers are as varied as they are significant.

You've might heard the expression, small claims do great accounts. Well, one of the reasons for this lies in the fact that we think that fires, floods, lightning strikes and other disasters can never happen to us and that this is an unnecessary expense.

In reality, many small accidents can damage or destroy our living space, whether it's a flat, a house, apartment or cottage, together with the things that are in them. According to Mr. Hochfelder when these small costs are added together, you can hardly put them on the household budget.

Vacation houses where we don't spend as much time as in apartments or houses, can also lead to malfunction and damage.

Another misconception that Adam points out is that insurance covers only the roof and the walls, but the real package can provide us with all that is in the area, including installation, equipment, things, and people who find themselves with us.

In order to avoid additional costs that might appear from such situations, Adam Hochfelder shared several solutions addressing real estate risks and how proper execution could save you a few dollars.

Coinsurance clauses, often found in property policies, restrict loss recovery if the limit of insurance purchased by an insured is not at least equal to a specified percentage of the value of the insured property. This approach can save significant amounts of money.

Quantification of risk through modelling for catastrophes is another option suggested by Hochfelder. Many standard property policies contain certain limitations of coverage if a building is vacant for more than 60 days. Reduced coverage normally applies when vacancy levels reach 31% for more than 60 days.

And last but not least, he recommends eliminating subcontractor warranties and limitations. This important exercise is often neglected but conducting a thorough review of the general liability policies could identify any exclusions or warranties relating to construction, repair or renovation work for the owner by contractors.

Comments

Popular posts from this blog

Adam Hochfelder

Adam Hochfelder was born 1971, and was brought up on Long Island, in Old Westbury, New York. He attended the University of Pennsylvania's Wharton School of Business, from which he graduated in 1993.

Mr. Hochfelder began his professional career while still in university, after his sophomore year, when he took on an internship position at Newmark and Co, a major real-estate services company.

In 1996, Mr. Hochfelder co- founded Max Capital Management Corp, and began building his commercial real-estate portfolio, that reached up to seven million square feet, measuring up to holdings of some of the most prominent real-estate magnates. In 1998, Adam Hochfelder was one of the youngest people ever selected to serve on the Real Estate Board of New York.

Thanks to Adam Hochfelder’s exceptional business management skills, his real estate investment firm in NYC reached over $3 billion in assets under management. Under Mr. Hochfelder’s stewardship the firm added some major acquisitions inc…

Real Estate Star Adam Hochfelder with a Mission Statement

After several hot years the real estate market is starting to move at a slower speed, but as a sign of encouragement real estate executive Adam Hochfelder has a message for the real estate agents. “A new opportunity can be brought out of every change; all you have to do is look for it”. This star of New York real estate business has stuck to this advice his entire life. Now that he is serving as the Managing Director of Real Estate Acquisitions & Development at Merchants Hospitality and a member of NYCDH, Hochfelder found a new way to train and educate agents and broker on how to build better relationships with their potential customers, and run their businesses more professionally in general.

Held online, without any financial reimbursement, his classes are small, with up to 20 agents, and in order to customize his advice and activities according to the agent’s level of experience. That’s why he usually forms smaller groups with similarly experienced agents. As part of his goal …

Becoming a Pro in the Real Estate Business

The rise of real estate comes as a direct result of a new type of quality on the market – mobility. Real estate executive Adam Hochfelder, concurs with this, saying that this may very well shaken the entire industry and that with the opportunities that our cell phones and other mobile machines (such as laptops) offer, it is no wonder. Many people are belive that they too can be a part of this industry and that they can do what other, more experienced people have been doing for decades now. One of the biggest reasons is that real estate is a promising branch in the industry, but unfortunately for all of these eager young minds – mastering this craft is not as easy as it seems… So being a professional here matters.

Luckily, nowadays there are specialized programs for real estate management and business academies that offer such studies, and give you the opportunity to learn how to manage and cope with every different aspect of real estate transactions. Through these specialized programs,…