Insurance, who needs it? Any CRE property if it wants financing. But disasters are making that costlier than ever before, as GlobeSt.com has reported.

Commercial property insurance premiums were up 20.4% in the first quarter of 2023 — the first over-20% jump since 2001. Many markets have seen double-digit premium jumps. Some policy renewals offer half the coverage for the same price as before. The lack of affordable options is putting needed levels of coverage out of the reach of many owners. And it’s also putting a lot of potential power in the hands of lenders.

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Erik Sherman

GlobeSt

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