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Our renewals have been in the range of +15-35%, not 70%. High, but not like how you describe. You might want to find a new insurance broker
We're reaching out to several brokers as well as specialized providers (AmFam, Farmers, Etc.). What kind of buildings do you own? Our newer product has been reasonable (we've even seen it decrease in a couple of cases). But older, non-sprinklered, buildings are getting hammered.
Mostly garden style multifamily in Florida and the sun belt, that's our bread and butter. Class B and up
What is it per unit for you guys
Looking abroad to find other insurance provider - all TBD. Insurance isn't the line item that kills deals anyways...
Yeah we're doing all of that, but consensus for our older assets is that they're in the 50%+ increase range (this is from 3-4 brokers plus some one-off AmFam/Farmers brokers that I've had quote individual buildings)
Also, it might not kill the deal, but having your insurance go from $400/unit to $650 does not help...
What states are you in? We are in the southeast, and are seeing increases of 10%-30%
What are you seeing per unit?
$500 or whatever it is per unit per year is significant. Insurance could be half your R&M number!
Mobile Homes here - getting absolutely crushed. Up 4x in some locations
oof, sorry to hear that, I'm not familiar with mobile homes coverage, are you looking at more traditional multifamily providers (Travelers, CIBA, etc.), broader retail insurers (Farmers, AmFam, etc.), or somebody else?
Generously applying lube to our hind-quarter for Florida insurance renewals which have been through the roof.
Been going on for years in NYC. Maybe not 70% in a year, but I feel like I've seen our premiums triple in the last 10 years or so.
Carriers as a whole had their worst year in decades last year, not surprised they're raising rates.
And there isn't a way to deal with it unless you want to step into a first risk piece or something along those lines. We've looked into it, especially on the GL side, and it actually makes a fair bit of sense if you get some mass behind it, it's just a pain in the ass and expensive to set up
We just got guidance that they are seeing +80% YoY across our port (giant, mostly class A, various product types) and the PY was already up ~20%. Sure you can just have a higher deductible and lower your monthly cost but just pray nothing happens!
Yeah, insurance is brutal. I was on a site visit the other day and literally every bill board was injury attorneys, something has to give.
Eastern side of florida is crazy with insurance currently. Ive seen insurance jump from $800/unit to $2100/unit in Miami on a 300 units class A property
Yeah our insurance costs are up 30-50% as well and builders risk is out of control right now after that total loss fire in charlotte last month.
We just got quoted $2,200/unit on a property in Nebraska… insane
We're contacting multiple brokers and specialized insurance providers (such as AmFam, Farmers, etc.). We're curious about the types of buildings you own. Our newer properties have experienced reasonable insurance rates, with some even decreasing in cost. However, older buildings without sprinkler systems are facing significant increases in insurance premiums.
Yeah we did the same thing, in my experience the multiple brokers usually just makes things harder outside of the one off AmFam/Farmes you mentioned. And yeah, our newer stuff not in our umbrella policy (because it was acquired recently and the umbrella was more expensive) has had reasonable renewals, but our older buildings were hammered.
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