Insurance Rate Increase by 20%

[Matthew Cope]

I recently read a local business journal article that predicted insurance was going to go up by approximately 20%. The main reason was under insured properties due to property values continuing to climb along with an increase in repair/replacement costs. I talked to my broker about it and he had a similar message. Is this happening across the country? For context, I invest in 12-30 unit apartments in the Midwest.

Insurance is not my strong suit. Is there a good book or reference out there to better educate myself on the topic?

[Mark F.]

NJ investor here. My policies have jumped approximately 20% in the last year. To help offset I've raised rents slightly, upped my deductibles and have my insurance broker continously shop around for the best polices. I've also never made a claim nor will I unless it's catastrophic.