It continues to be a tough market

Real estate insurance rates are up 33% year-over-year while accounting for nearly 10% of an owner’s quarterly per-unit operating expense, according to a report by Marcus & Millichap.

According to Tom Lynch (pictured), Jencap’s senior vice president, this is due to “the way that claims are being litigated and their payouts, plain and simple.”

“However, it goes both ways, if these buildings are in poor condition, they’re not being physically maintained and people are trip

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