Authored by Sara Weathers

According to a recent article from Insurance Business Magazine, commercial property insurance rates have increased by double digits for two straight years. Rates are unlikely to drop any time in the near future.

Severe weather events are one of the biggest challenges that both insurance brokers and clients are facing. States like Florida and Texas have been hit harder than others with severe weather events in recent years. Because of this, insurance companies are less willing to cover as many properties as they have in previous years in these areas.

The pandemic has also caused a strain on the amount of properties that insurance companies can cover. However, Gary Wells, managing partner at The Liberty Company Insurance Brokers, believes that as we come out of the pandemic, insurance companies should have higher capacity when it comes to taking on new insurers.

AdvoCap Insurance Agency, Inc. is ready to work with our insurance partners to help you evaluate your insurance needs moving forward in an ever-changing insurance landscape.

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