Why Insurance Premiums Are Rising
Why Insurance Premiums Are Rising
Experts share strategies for dealing with the increases
As with most things these days, the costs of insurance are rising—particularly in the multifamily sector.
In fact, some properties saw their premiums rise more than double the normal rate in 2021, says Jeremy Burr, vice president of sales at Insurance Office of America.
“Last year, pricing increased by 20% to 40% instead of the typical 10% to 15% increase we would typically see,” Burr says.