Apartment owners are feeling an outsized impact from turbulence in the umbrella insurance market, with some property holders seeing rates growing by triple digits. (AP Photo/John Minchillo)
Right now, commercial property owners are dealing with rising rates in both property and liability insurance.
"In the past eight months, the umbrella rates have gone up, and that's attributable to the financial capacity available in the market," said Garet Marr, director of Insurance Services for Franklin Street, which has an insurance portfolio of 400,000 multifamily units and 30 million square feet of commercial space. "There's a low-interest-rate environment, and carriers depend on that for investment purposes."
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Leslie Shaver
Les Shaver has been covering commercial and residential real estate for almost 20 years. His work has appeared in Multifamily Executive, Builder, units, Arlington Magazine in addition to GlobeSt.com and Real Estate Forum.
