Although property insurance is only 7% of total expenses, it continues to take a whack at apartment operations with its share of overall costs is growing.
Insurance costs spiked most in the Southeast and other areas that suffered from weather-related damage. Obtaining insurance in areas with severe hurricanes, floods, and fires is becoming more difficult.
Property insurance costs per unit rose an average of 27.7% in the year ending January 2024 and have risen 129% nationally since 2018 to an average of $636 per unit, according to a recent survey by Yardi Matrix based on more than 20,000 properties using its software.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
