20 Mar Commercial Property Insurance Hikes Challenge Property Owners
Commercial property insurance prices have been on the rise everywhere, especially in the climate-affected states. These are the states that deal with frequent extreme weather events such as wildfires, hurricanes, or blizzards. Because of these larger increases in insurance price, it is starting to become an issue for commercial property owners to both start new developments or to try to sell their properties now.
Some of the weather-related payouts have been so high that some insurers are unable to ultimately pay for the damage. Because of this, other insurers are now avoiding the higher risk states, thus creating higher rates and less coverage for these commercial property owners. Those insurance companies that are deciding to stay in these high-risk states are generally raising rates by 45 to 100 percent.