It’s happening across the market—not a sign your building is uninsurable.
Insurance carriers are pulling back from multifamily —non-renewing even insureds with no claim history or raising premiums forcing insureds to pay more and/or move into surplus/excess non-admitted market.
If this is happening to you and have questions about it, I am a resource.
Rental Property Investor · SE Michigan · Member since 2014 · 4k+ posts · 6k+ votes
8mo
Any insurance carrier can non-renew you for any reason. Or, if they don't want to non-renew, they will give you 2x the premium.
That said, in my on experience and those of my colleagues that own apartments, insurance costs are on the decline. The past 12 months or so, the numbers have been moving in a better direction.
I agree, but alot of multifamily owners are not aware it's the carrier not their property. Some agents don't explain why. I have a new client who was moved to non-admitted from lack of marketing by broker. Received coverage last minute in E&S with a short term policy costing them $2.17 rate. Sometimes it's a broker problem not a carrier problem.