Skyrocketing property insurance premiums for apartment operators are being called "our greatest noncontrollable expense" by some owners.

Premiums are rising by 30 percent in many markets, by more than 50 percent in others, and even doubling elsewhere. Additionally, some renewing policies offer half the coverage for that same full price.

Yardi reported that states with increasing climate-related risk, such as Florida and Texas, see their costs rising upwards of 50% and starting to threaten new development and property sales.

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