Blog Tag: commercial property insurance
Rates have been on a steady climb for commercial property insurance coverage. And thus far in 2019, loss trends continue to create pricing concerns. The market began to harden in 2017 following the second costliest year on record for insured and uninsured claims. Matters were made worse in 2018, which is now the fourth costliest natural disaster year on record for insured losses. With a combined loss total of $230 billion, 2017 and 2018 represent the most insured losses for two consecutive years.1
While 2017 was mostly a buyers’ market for commercial property insurance, rates are currently on the rise. From hospitality and storage to development and habitational, the commercial real estate insurance market is firming up. Carriers are responding to natural disasters, including hurricanes Harvey, Irma, Maria and Florence, as well as recent California wildfires. Events like these have significantly affected the insurance industry, with global insured losses totaling well over $100 billion in 2017 alone.
When running a business, it can be difficult to keep tabs on your commercial property value because your attention is often pulled in other directions. Losing focus on this number, however, can spell big trouble for your commercial property insurance policy. If you experience a loss and file a claim, your insured property value will be the number that either gets you back to business or forces you to shut your doors – so you better be sure that number is right!