LAS VEGAS, NV – Shelter Realty Inc., a Las Vegas property management firm, announced they have opened their own in-house insurance company to cater to the diverse needs of their property management clients.
The company, now operating a subsidiary business called “eTech Insurance,” will focus primarily on lines of coverage to protect both landlords and renters, including policies for dwellings, homeowners, tenants, etc.
Having an in-house insurance company will allow the company to possess a unique advantage over competitors, says broker/owner Antonio “Tony” Sena, allowing them to assist both landlords and tenants by ensuring and overseeing property coverage, not to mention the convenience and simplicity of having a single company to work with in the event there is a claim to be processed.
One of the reasons Shelter Realty decided to launch this new in-house insurance company stems from a portfolio-wide audit where staff discovered many of their landlords were underinsured. This raised serious questions on proper protection for landlords as well as an obvious benefit to their customers to step in.
Landlords should always have appropriate insurance as it will help to protect them from what could easily become a significant financial liability and will provide peace of mind knowing that the property is covered in the event of a disaster, the property is damaged and/or becomes uninhabitable, or a tenant or visitor is injured.
Shelter Realty expects to enhance the agency with additional lines of insurance, for instance, auto, commercial, etc.
Property and casualty (P&C) insurance is one of the most profitable types of insurance for insurance companies. In 2022, P&C insurance companies in the United States reported a net profit margin of 6.2%, which was higher than the net profit margin for life insurance, workers’ compensation insurance, and auto insurance.
According to a recent study by the National Association of Realtors, there are over 260 property management companies in the Las Vegas area. This number has been steadily increasing in recent years as the demand for rental properties in the city has grown tremendously.
Property management services are the various tasks involved in overseeing and managing the day-to-day operations of a rental property. This generally includes advertising and marketing vacant units, screening tenants, collecting rent, enforcing lease agreements, managing evictions, handling maintenance requests, and keeping financial records, all while complying with laws and regulations. Services typically cost the property owner roughly 8% of the monthly rent and allow property owners distance between the investment and the responsibility of maintaining it, which is a small cost for many landlords who choose to opt to utilize property managers.
Shelter Realty focuses specifically on real estate and property management services, providing buyer and seller leads, rental leasing, relocation services, assistance with investment properties, tenant screening, and more in and around Henderson, North Las Vegas, and the entire Las Vegas Valley. The firm was founded in 2009.