The latest survey of hundreds of insurance brokerages serving the real estate industry offers fresh insights on the lines of insurance their clients are buying, the limits and deductibles.
Among the findings:
- Property rates are significantly greater in coastal areas of the South and wildfire-plagued areas of the West than in the Midwest.
- Liability rates are generally greater in the Midwest, however small real estate firms in the South reported exceptionally high rates.
- Excess liability limits generally increased compared to last year. Excess liability rates increased as well. Habitational real estate firms paid more per million dollars of excess liability limit than commercial firms. 13 percent of large buyers purchase limits over $15 million.
- The data reflects a shift toward higher deductibles for property coverage.
- The percentage of firms purchasing management liability related coverages is less than other industries that we have surveyed.
- The use of risk management services such as contract review and certificate of insurance tracking is surprisingly low.
Download the full report by filling out the form below:
2023 Real Estate Industry Insurance Benchmark Report
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