Apartment Insurance Cost Fell 6% In 2010, National Multi Housing Council Finds

Apartment firms benefited from lower insurance costs in 2010, according to the National Multi Housing Council.

The mean (nonweighted) average Total Cost of Risk (TCR) decreased by about 6% from 2009 to 2010. (Total Cost of Risk reflects the cost of the three principal components of the insurance premium: property, general liability and workers’ compensation.) The weighted average cost of risk, which is less distorted by very large or very small respondents, dropped by a full 14%.

“Our findings show that it’s a buyers’ market,” commented Jeanne McGlynn Delgado, NMHC’s Vice President of Business and Risk Management Policy. “The momentum of insurance rate decreases accelerated in 2010, following decreases in 2008 and 2009.”  Read More > > >