Commercial Property Insurance Rates Increasing

Weather related losses in the US are already surpassing $15 billion this year – that’s 3 times the annual average!   The number of predicted tropical storms is also higher than average.  In addition, a new hurricane weather model was published this year showing an increase in inland wind damage.  The current losses and the new model have underwriters taking another look at catastrophe-exposed commercial risks - and adjusting premiums.  Reinsurers are also increasing their commercial rates.  So be prepared - although commercial property rates have been fairly flat, they may increase 5% to 10% and include tighter terms and conditions.