Five Strategies to Soften a Hard Insurance Market
The current state of the commercial insurance market poses several pain points for affordable multifamily housing owners and operators, including rising premiums and decreasing coverage.
The reasons for these hard market conditions are many, ranging from an uptick in catastrophic weather events, building material costs, inflation, and labor shortages to huge liability payouts, cybercrime, and reinsurance challenges.
Many of the factors impacting the current hard market cycle are pure economics and well beyond the control of affordable housing owners and operators, according to Jeffrey Weslow, assistant director of business development and strategic solutions for HAI Group, a member-owned insurance carrier dedicated to serving the public and affordable housing communities.