Everything we have seen here in
apartment owners insurance marketplace in 2008 told us that the rates for 2008 decreased now we have some data to back it up. The
NMHC annual apartment risk survey came out and stated that on average apartment owners paid approximately 17% less in premiums than they did the years before. So the decreases in this marketplace were similar to what we saw in
lessor's risk coverage and
commercial property as a whole which decreased from 10-25 %. Premiums for this class also decreased for general liability coverage an average of 10% to about $28 per unit in 2008.
The insurance, and more importantly the reinsurance market, trend for 2009 is still up in the air but most analysis, and myself, agree that the market will stabilize and potentially begin to set into a hard market cycle. Carriers have been loosening their underwriting criteria for Apartment complex coverages for the past 3+ years, allowing older units, pools, etc., where they would once be excluded from these programs. This is an excellent time for owners to get into a program that they are not likely to be able to gain entry into when the insurance market hardens. Get an
apartment owners insurance quote from us and we will compare top insurance companies writing apartment complex risk in California.
We help owner's to determine if they are getting the best possible coverage for the best possible pricing, get out of poor customer service agencies and provide risk assessments of their properties.
Tim Pine
Arroyo Insurance Services
Orange – Los Angeles – Inland Empire
(714) 984-4023 Cell
(949) 340-9664 Direct
