Skyrocketing insurance costs!?

[Seb Ko]

Hi everyone, wanted to see what your experience has been with home insurance costs. I own a 2-unit primary residence in Lakeview and premiums have doubled in 1 year from ~3200 to ~6500. I have 0 claims - this is strictly due to "inflation protection and rate revisions in IL". My bundled auto insurance went up 60% to 1600 (0 claims, same reasons). Wondering what others here are seeing and if anyone has recommendations for home insurance companies covered 2 units. 

[John Warren]

@Seb Ko we have mostly commercial apartment buildings, and we are seeing increases in the 30-50% range. It is very frustrating as we also have never made any claims. Insurance companies are getting crushed with all the natural disasters, and investors are going to have to underwrite higher insurance. 

One thing I have learned in my time investing is that expenses are not static. They go up over time, and you have to raise rents to compensate for this. This is one of the most unfortunate things as a lot of Mom-and-Pop investors get very invested emotionally in long term tenants and don't feel it is "fair". Ultimately, rents are what cover the expenses of the property, and increasing them moderately every year is how we stay in business and maintain our parts of the communities responsibly.