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Housing Scene: Insurance Costs Skyrocket for Apartment Owners.(Brief Article)(Statistical Data Included)
Although the inability to obtain insurance covering acts of terrorism has been widely reported, apartment owners also are facing an explosion in premium costs for all types of insurance, creating higher hurdles for deals to overcome.
Single-family owners as well face higher insurance costs, curtailed coverage and larger deductibles.
According to an analysis by the National Affordable Housing Management Association, the median increase in premiums is in the 80%-100% range. But NAHMA's George Caruso reported hikes of up to 40% "are not uncommon."
Deductibles also are "headed up sharply," according to the research, with many renewal policies typically being offered with deductibles in the $25,000-$50,000 range.
In addition, new policies are coming with numerous exclusions. Not just acts of terrorism are being eliminated from coverage, but also toxic mold claims, airborne pathogens like anthrax and many other types of health claims.
The situation is such that, according to one wag, the new standard of coverage is that property insurers will pay for anything except a claim.
Wisecracks aside, though, commercial and residential real estate interests are worried, and lenders are no exception.
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...drawing the concern of apartment owners, and that worry...become an issue for apartment owners because some renters...wild jumps in their insurance costs, which have doubled...Allen said, because apartment owners still need the government...
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- Press release article from: Business Wire October 22, 2004 700+ words
SAN DIEGO -- "Everyone knows insurance costs are still tough for California businesses," says Craig...industries including hotels, restaurants, auto repair, apartment owners, and auto dealers. Accountants' and attorneys' professional...
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...giving headaches to some San Diego apartment owners. The measure, which passed in 1986...before moving, to court, he said. Apartment owners receive letters stating they can resolve...Pinnegar said. The majority of apartment owners back down and fork out the settlement...
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- Newspaper article from: Daily Oklahoman (Oklahoma City, OK) May 1, 2007 700+ words
...a Minnesota-based group. The apartment owners sued The Village in December, alleging...for $13 million in damages. The apartment owners said the city's announcement during...the lawsuit be dismissed while the apartment owners, represented by attorney Joseph Bocock...
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- Newspaper article from: North County Times (Escondido, CA) May 18, 2005 700+ words
...land to single-family status, "apartment owners are bound to make money." The county...residential property, Nevin said apartment owners could not hope to raise rents much...he said there's a fast way for apartment owners to increase their rents: Renovate...
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- Magazine article from: San Diego Business Journal Schwab, Dave September 19, 1994 700+ words
...in rates between cities also cited Apartment owners countywide are being financially squeezed...Gittens, association president, said apartment owners can't recoup losses brought about...Prior to 1993, she said, only apartment owners with three or more rental units had...
- Village apartment owners cite debts, file for bankruptcy.
- Newspaper article from: Daily Oklahoman (Oklahoma City, OK) January 16, 2007 700+ words
...build single-family homes. The apartment owners, Heather Apartments Limited Partnership...Minneapolis, Minn. Court records show the apartment owners also owe $9,505 to Oklahoma Gas...also the attorney representing the apartment owners in a civil case filed against The...
- Richmond Apartment Owners Association Endorses Property Automation Software's...
- Press release article from: Business Wire February 8, 2001 700+ words
...today that the Richmond (Virginia) Apartment Owners Association has selected Tenant Pro...Automation Software and the Richmond Apartment Owners Association are planning a free...Holnberg, president of the Richmond Apartment Owners Association. "Tenant Pro 5.0 has...
Source: HighBeam Research, Housing Scene: Insurance Costs Skyrocket for Apartment Owners.(Brief...