Fla. Reforms Cut Property Premiums but Data Show Multifamily Liability Rates Up
In the warming Florida market, post-legislative reforms, much of the focus has been on homeowners’ property insurance rates. But one segment has been overlooked to a degree: multifamily dwellings, a category that includes everything from duplexes and fourplexes to big apartment complexes with hundreds of residents. Statewide, Florida has an estimated 1.7 million multifamily units, with more being built by the week. The segment of the market is facing new pressures as rents have dropped in some areas amid an oversupply of units, a University of Florida report and other research indicate. Data from Advocate Technologies, a data analytics firm that tracks commercial and commercial residential rates around the country for the insurance industry, show that property insurance premiums for multifamily dwellings in Florida, like those for most other properties, have indeed fallen sharply in the…
