Authored by Sara Weathers

MarketScout is predicting a substantial rise in both commercial and personal property rates after Hurricane Ian, according to Insurance Journal.

Rates are expected to rise considerably in Florida and other coastal states. The losses from Hurricane Ian are mostly to blame for these increases. For commercial property insurance, MarketScout reported that rates were up by 7.7% in quarter 3 of 2022.

While rates are rising, businesses are still wise to make sure their property insurance remains up to date. With inflation and natural disasters like Ian, policies may not cover as much damage as before.

Our AdvoCap Insurance team is here to help with any questions you may have about your business and its insurance coverages! 

Photo Credit: 123rf.com, michaeljung