Landlords Try to Stem
Rising Insurance Costs
(April 23) -- Commercial property owners are making every effort to
try and curtail soaring insurance costs. The U.S. House of Representatives
and the Senate, meanwhile, appear poised to introduce amendments to current
federal legislation that would make property-insurance coverage more
affordable by enabling owners to form partnerships in purchasing bulk
coverage.
Property-insurance costs for landlords have been on the upswing since 2001,
although recent Marsh & McLennan Cos. research shows that the rate of growth
has started to wind down in the early going of 2003--due both to the lack of
many major natural disasters as well as to the higher deductibles being
taken on by property owners. Besides raising their deductibles, insurance
brokers are now advising building owners to do everything from taking their
own photos to document property damage to developing more personal
relationships with their insurer.
Source: Wall Street Journal
(04/23/03); Smith, Ray A.
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Chirico Huber Properties
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McGuire Properties, Inc/TCN
SouthEast
Commercial Real Estate
Trammell Crow Company
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