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Multifamily property insurance costs risen 26% on average for respondents over the past year
Research - JUNE 6, 2023

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Multifamily property insurance costs risen 26% on average for respondents over the past year

by Andrea Zander

Owners, operators and developers of rental housing have been hit hard by dramatically rising insurance costs in recent years, according to the National Multifamily Housing Council (NMHC) in its 2023 State of Multifamily Risk Survey and Report, which is a comprehensive review of today’s insurance market and risk mitigation strategies that multifamily businesses need to understand and consider.

Coverage limitations, deductible increases and the absence of an affordable or viable private insurance market altogether have increased the financial risk borne by housing providers and strained property operations, whi

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