COMMERCIAL PROPERTY OWNERS FACE INCREASES

Commercial property owners throughout the nation can expect their insurance premiums to increase significantly in 2002 due to the impact of the Sept. 11 attacks on the insurance industry, according to Jenny Jones, CEO of Los Angeles-based Elkins/Jones, an insurance brokerage firm that specializes in coverage for the real estate industry. According to a Business Wire report, Jones said premiums have already gone up as much as 40 to 70 percent. Jones pointed out that commercial buildings, which now pay five or six cents per square foot for insurance, could expect costs to go up to as much as seven or eight cents a foot. She added that the increases could be across the board for all types of properties, with single family housing developers being especially affected.

Topics Commercial Lines Business Insurance Property