Insurance Rates for Apartment Building Insurance Dropped 3% in 2009

The National Multi Housing Council reports that apartment owners benefited from lower insurance costs in 2009. Sixty-one owner/firms responded to the NMHC annual survey of expenses, supplying cost data for insurance procurement for over 1 million apartment units nationwide. Price cuts are expected to flatten into 2010.

In addition, the survey found that fully 44% of apartment firms require residents to have renters’ insurance, a big jump from the 24% reported last year. The most common limit required is $100,000.
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