Insurance rates increased 52% over the last 2 years for an apartment building...

[Karen Higgins]

I'm sure I'm not the only one who has noticed, but insurance rates are bananas right now!  I just got my statement for the upcoming year and the premium has increased 52% over the past 2 years.  I'm looking for any recommendations of insurance companies in Minnesota for multifamily real estate.  This particular building is a 15 unit  building built in the 1990's in great condition.

I'd love to know if anyone has a great insurance broker or company that I should look into.  Thanks so much for any input.

[Josh Schaap]

Hi Karen, 

I know this is not apples to apples, but I'm on the board of an HOA in the south metro. And our insurance provider for 83 townhouses backed out on us. We were in a scramble and facing being uninsured. Ended up going with a provider that meant around a 50% increase in the annual premium. Our homeowners didn't like that too much as everyone is pitching in via HOA dues to foot the bill.

As far as local referrals, I can’t recommend Pinnacle Insurance Agency of MN enough. They are based in Coon Rapids. They have a commercial division that is top notch. I also have my personal home & auto with them. Great service and saving me a lot of money.