{"id":4056,"date":"2023-03-09T15:23:50","date_gmt":"2023-03-09T15:23:50","guid":{"rendered":"https:\/\/www.realtrends.com\/blog\/2023\/03\/09\/how-real-estate-trends-impact-on-insurance-rates\/"},"modified":"2025-03-13T02:49:36","modified_gmt":"2025-03-13T02:49:36","slug":"how-real-estate-trends-impact-on-insurance-rates","status":"publish","type":"post","link":"https:\/\/www.realtrends.com\/blog\/2023\/03\/09\/how-real-estate-trends-impact-on-insurance-rates\/","title":{"rendered":"How real estate trends impact insurance rates"},"content":{"rendered":"\n<p>After a tumultuous 2022,\u00a0<a href=\"https:\/\/www.housingwire.com\/mortgage-rates\/\" target=\"_blank\" rel=\"noreferrer noopener\">interest rates<\/a>\u00a0will remain high and likely rise this year. Add increased property claims and rising construction costs and, together, these forces will compound market challenges in the real estate sector and reduce profits.\u00a0<\/p>\n\n\n\n<p>Here are three of the top real estate trends affecting the insurance industry that will continue into 2023, and how real estate brokerage company owners and managers can lessen their real estate-related risk.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-high-rebuilding-costs-and-outdated-property-valuations\">High rebuilding costs and outdated property valuations<\/h2>\n\n\n\n<p>Anticipate <a href=\"https:\/\/www.realtrends.com\/blog\/articles\/what-exps-glenn-sanford-has-up-his-sleeve-for-the-housing-market-in-2023\/\" target=\"_blank\" rel=\"noreferrer noopener\">decreased real estate profits<\/a> due to years of high rebuilding costs and outdated or inexact property valuations, interest rates that have made loans and financing more expensive, and rising crime rates in many cities.\u00a0<\/p>\n\n\n\n<p>Work-from-home trends will also impact commercial real estate profits, with a\u00a0<a href=\"https:\/\/cre.moodysanalytics.com\/insights\/market-insights\/2022-midyear-outlook-multifamily-and-industrial-flourish-office-and-retail-muddle-through\/\">national vacancy rate of 18.4%<\/a>.\u00a0<a href=\"https:\/\/www.wsj.com\/articles\/pension-funds-are-selling-their-office-buildings-11661381460\">Pension funds<\/a>\u00a0have also pulled back on building investments.\u00a0As a result, insurance carriers will pull back on capacity and significantly increase insurance rates, further squeezing profit margins.\u00a0<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">What can be done?\u00a0<\/h2>\n\n\n\n<p>To lessen the impact on your property <a href=\"https:\/\/www.realtrends.com\/blog\/articles\/tips-from-a-tax-pro-on-how-to-cut-auto-insurance-costs-for-agents\/\" target=\"_blank\" rel=\"noreferrer noopener\">insurance coverage<\/a>, ask about higher deductibles and loss limits that meet your risk profile and budget.\u00a0In some cases, self-insurance may become necessary to keep premiums in budget for property insurance in 2023.\u00a0Self-insurance can be on a primary basis or excess.\u00a0\u00a0<\/p>\n\n\n\n<p>In addition, improve your <a href=\"https:\/\/www.realtrends.com\/blog\/articles\/5-tips-for-managing-risk-in-a-real-estate-business\/\" target=\"_blank\" rel=\"noreferrer noopener\">risk management<\/a> practices to avert potential liability or damage claims. When building or making property improvements, consider implementing leak detection systems and using fire retardant building materials, which can help prevent claims.\u00a0\u00a0<\/p>\n\n\n\n<p>Also, work with your insurance broker to right-size your property policy. Because of the change in valuation of many properties since the onset of COVID-19 and the rise in replacement costs, if you have a claim on a property that is undervalued, your policy payout may not fully cover a rebuild.\u00a0\u00a0\u00a0<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Multi-family and habitational property increases<\/h2>\n\n\n\n<p>Insurance for commercial, multi-family and habitational properties will also increase up to 20% to 50% due to continued supply chain issues, increased construction costs, and closer analysis of insurance-to-value from carriers. In addition, claims litigation and the\u00a0<a href=\"https:\/\/www.travelers.com\/travelers-institute\/webinar-series\/symposia-series\/nuclear-verdicts\">rise in nuclear verdicts<\/a>\u00a0will threaten real estate owners with older properties or buildings in high-crime areas.\u00a0\u00a0<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">What can be done?\u00a0<\/h2>\n\n\n\n<p>Accordingly, coverage \u2014 in certain cities \u2014 will likely be less than what is required to protect owners if a lawsuit occurs. As a result, carriers will set their sights on best-in-class properties and mandate current building valuations before analyzing risks. Those who try to prevent damage or liability claims will likely get more property coverage from carriers.<\/p>\n\n\n\n<p>To obtain better insurance policy rates, maintain records on maintenance and renovations (think: upgrades for electrical, roofing and plumbing) to ensure insurance is priced accordingly. <\/p>\n\n\n\n<p>In addition, review leases to see what risks remain the responsibility of tenants. Most important, put an emphasis on safety by implementing risk management practices, including\u00a0water mitigation equipment and procedures,\u00a0and provide extra training.\u00a0\u00a0<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">The impact of CAT claims on 2023 rates<\/h2>\n\n\n\n<p>Extreme weather such as <a href=\"https:\/\/www.realtrends.com\/blog\/articles\/corelogic-appoints-selma-hepp-as-its-chief-economist\/\" target=\"_blank\" rel=\"noreferrer noopener\">hurricanes<\/a>, floods, tornados, blizzards, and droughts, will also impact real estate insurance rates. Coverage for catastrophic events will increase 20% to 50% in low-hazard areas; rates could triple for high-hazard areas.\u00a0<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">What can be done?\u00a0<\/h2>\n\n\n\n<p>The right investments and strategies can help mitigate risks stemming from catastrophic events. A well-maintained property and the use of materials designed to withstand geographical hazards can reduce risks. Consider obtaining additional policies such as parametric insurance, which will pay out a set amount even if your property suffers no loss. These are generally available in areas where property insurance capacity is in short supply.&nbsp;<\/p>\n\n\n\n<p>Underwriters are more likely to cover properties that do suffer a loss if they are rebuilt with construction materials designed to withstand hazardous weather-related events and if construction techniques are used that adhere to local codes as mandated by authorities having jurisdiction.<\/p>\n\n\n\n<p><em>James \u201cChip\u201d Stuart is the corporate Chief Sales Officer and Practice Leader for global insurance brokerage <strong>Hub International\u2019s<\/strong> real estate specialty in North America.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>From outdated valuations and supply-chain issues, property insurance rates continue to rise. Here&#8217;s how real estate brokers can be proactive.<\/p>\n","protected":false},"author":15802,"featured_media":4822,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3255],"tags":[],"coauthors":[3086],"class_list":["post-4056","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-archive"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v25.4 (Yoast SEO v26.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>How real estate trends impact insurance rates - RealTrends - Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.realtrends.com\/blog\/2023\/03\/09\/how-real-estate-trends-impact-on-insurance-rates\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How real estate trends impact insurance rates\" \/>\n<meta property=\"og:description\" content=\"From outdated valuations and supply-chain issues, property insurance rates continue to rise. 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