2022 – 2023 Insurance Quotes
44 Unit Row Townhouse, 2022 $11.85M, 2023 $13.21M.
That’s a 12% change to our Property Valuation from 2022 to 2023.
I don’t believe I planted that many trees or shrubs, nor was the grass that well maintained…
Honestly… We didn’t add any actual tangible value!
Insurance Quotes for 2023 were, +140%, +114% (the company we have history with), and +104%, from the 2022 rate.
That’s a ridiculous spread and the “proof within the pudding” was that all the policies were practically identical!
We haven’t submitted a claim in at least 5 years. (prior to my ownership maybe a few?)
I have an average sale price of $240k when I tally all the closing prices of every unit within the last 3 years.
However, insurance valuations divided by units are over $300k a unit…
CPI is not the metric to raising rates!
Clearly there are some discrepancies between paper and real asset value.
When the pendulum swings and we have a firm recession for years… Will rates go down?
All I’ve really heard is that Insurance Caps were lifted a couple of years ago and we’ve got no choice according to the Act.
The ol’ between a rock and hard place, where we’re all in this together… Separately.