The cost to insure apartments rose slightly in 2011, the first time in four years, according to the National Multi Housing Council’s annual Apartment Cost of Risk Survey (ACORS). The Survey, which is based on data covering 750,000 units operated by 57 apartment firms, shows the average (nonweighted) Total Cost of Risk (TCR) rising 1% between 2010 and 2011. By comparison, last year’s report show a 6% decline in the TCR. (Total Cost of Risk reflects the cost of the three principal components of insurance premiums: property, general liability and workers’ compensation.)
A 25% increase in workers’ compensation rates was one of the main factors behind 2011’s higher TCR, although higher premiums were also recorded for general liability coverage.
Read more...Apartment Insurance Costs Rose Slightly in 2011 - Multifamily News Headlines – Breaking News, Stories, Top Headlines :: MultifamilyBiz.com
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