Building insurance premiums are doubling, and in some cases tripling, putting building owners in precarious positions in relation to tenants, ownership and affordability.
Steep rises in premiums during the past 12 months are especially putting pressure on owners to ditch tenants that insurance companies consider a high risk.
“Our insurance premiums have almost doubled in 12 months, rising from $3195 per year in 2021 to $6177 in 2022,” Matthews Real Estate business development manager Michelle Clair says.
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