Multifamily Insurance - Here’s How We’re Making It Work Again

[Andrew Sink]

I used to work for a large multifamily developer and remember the year our insurance premiums nearly doubled — almost enough on their own to kill a few deals. That was my wake-up call to how much insurance can make or break the math on these projects.

Now on the brokerage side, I work with investors and developers trying to navigate the same thing — especially those building large, multi-story, wood-framed assets. Those are still getting hammered by underwriters.

That said, we’ve had more success this year by getting creative with how we present the risk:

• Breaking out coverage by phase or building

• Highlighting strong roof, wiring, and fire protection

• Structuring master policies for better efficiency

If anyone’s dealing with challenges in their insurance program — or just wants a second set of eyes — feel free to reach out. Always happy to talk through ideas or share what I’m seeing in the market.