It may not be a BS excuse.
I’m in property management. My company oversees and provides services to approximately 70,000 families.
We saw huge premium increases the last 3 years on insurance across the board, even for properties that had no claims. On one property, the insurance went from $195,000 per year to $300,000 a year at renewal.
Gas prices went up, so landscaping costs went up. Unless you want to pay for a bunch of illegals on the cheap, you pay more.
Pool chemical hard costs went up 40%. I know; some of our communities have CPOs (certified pool operators) on staff and by their chemicals direct.
One property had the local water district raise the water rates. The monthly water bills went from $10K average per month to $18K per month under the new rate.
Also, as a property ages, more maintenance is required. Roofs used to be insured for replacement value up to 15 years, now it’s 12. Deductibles used to be $25K per property, now they range from $100K to a million.
I’m seeing upward price pressures all over on things beyond our control.
As a risk manager, holding back costs while staying compliant with increasing regulations in an inflationary market is an impossible task.
You’re right, though. It’s in part due to Bidenomics.
You want to speak to the local housing authority or Fair Housing. They can offer free legal and let you know what your rights are.
You're right. It isn't just property insurance, but insurance in general. My family just got sticker shock with our premium increases, and that's with clean records. Needless to say we're shopping around, but I'm not too optimistic we'll find much better rates.