Help - Insurance rates 2-3x!

[Sheree H.]

Please forgive me if I'm being repetitive - I did a quick search and didn't see any situations specifically like mine.

I'm shopping for insurance on small multifamily apartments, and the quotes I'm getting back have been 2-3x what I'm currently paying. This is killing cash flow and eliminating refinancing options, not to mention financing for new acquisitions. I would really welcome any advice or tips.

A quick summary of my situation:
- I’ve owned ~4 small apartments in the city of Atlanta since ~2021, all affordable housing and heavily voucher-based tenants,  ranging from 7-20 units.
-Two apartments are under Fannie Mae loans which have extra insurance requirements
- I've filed one insurance claim in my entire life - a total loss on a duplex when it burned down.
- For the apartments, I’ve had to move insurers multiple times due to insurers non-renewing in the Atlanta area
-The apartments are now clearly in the non-standard market only —  due to (a) apartments being more than 30 yrs old and (b) crime scores

-Example: 8 units in zip code 30318, 2 stories brick. Current premium $4257 but non-renewed. ~5 Quotes received so far ballpark $15K.

If anyone can suggest ways to lower these rate, brokers who specialize in my market, or any other avenues I could look into, I'd be incredibly grateful. I just cannot believe yet that this is the standard and there's no way around it.

Thank you!

Sheree Hsu

[James Sigsbee]

I was also non-renewed despite no claims (insurer pulled out of market) and went from $13k in 2024 to $29k in 2025 for 24 units in northern Metro Atlanta. I have a CMBS loan with particular (difficult) insurance requirements. I tried working with 4 different commercial agents over a two month period. Two couldn't even place the insurance meeting the requirements. I wish I had answers or suggestions for you, but I was unable to do better and just wanted to share that and say you are not alone and is a frustrating situation.