The cost of property insurance is expected to continue rising for the foreseeable future, according to Risk Placement Services’ (RPS) 2021 U.S. Property Market Outlook.
The effects of the firming property market will be felt by every commercial insurance buyer, according to RPS – whether through higher premiums, less capacity, stricter terms, or all three. During the first half of the year, insureds can expect rate increases from the high single digits to the 15% range on clean accounts, and higher increases on accounts with losses.
