It seems alarming, but it’s true: Apartment building insurance has increased 20 percent every year for the last two years. Here’s why:
- All types of insurance, including umbrella insurance, are experiencing significant rate increases.
- Reinsurance problems due to increased catastrophic losses (e.g., hurricanes and fires) have driven up rates.
- Reinsurers raise their rates, and carriers then pass them down to consumers.
- Insurers are facing substantial losses in their multi-family business, particularly on the liability side.
- Property owners are increasingly being found liable for covered losses occurring on their properties.
- Some insurers have been forced to leave the market entirely due to these losses. Fewer carriers in the market lead to reduced competition and higher prices.
But there’s good news:
A three-year prepaid policy from Brownstone Agency locks in this year’s rate until 2027. There is no other agency that provides that product. (For the record: Others have tried, but they don’t have the experience of Brownstone Agency, which has been doing this since the 1970s.)
To protect your investment, reach out to Brownstone Agency today and inquire about locking in a low rate with their three-year prepaid policy.
