Ask the Expert: What is the biggest insurance trend impacting the commercial real estate market?
“The biggest trend facing commercial real estate today is the hardening of the property market. Carriers are beginning to realize the effects of the last few hurricane seasons. The losses sustained were higher than originally projected. In addition, the reinsurance market has taken large increases and those are getting passed through to property owners.
Some property owners will also experience increases due to their current building’s insurable replacement values. Carriers have found that many properties on their books were undervalued. They are having owners raise their coverage limits, which in turn causes their premiums to increase.”
Lonnie Kitchen
Partner
Franklin Street Insurance Services
[email protected]
813.839.7300 x 0320
