From 2013 to 2023, insurance premiums for commercial buildings nearly doubled. Following this trend, this means that premiums in 2030 could be as high as $4,890 every single month. From the insurer’s perspective, the reason these costs are higher and higher is due to the rampant number of claims from their insureds. In recent years, there has been an abundance of extreme weather events that account for an estimated $1 billion in expenses for insurers in 2023. Worst of all, this trend is only expected to worsen by 2030. So, with insurance premiums rising, how can you keep your building’s premiums under control?
In insurance, the building’s condition is just as important as market conditions. Getting annual inspections helps you to keep an eye on upcoming roof issues and provides a credit for your commercial insurance policy. Furthermore, if the report comes back favorable, it allows you to find more agreeable terms for your insurance, which means lower rates. This inspection also helps you to notice problems before they become bigger, which avoids you putting in claims on your insurance policy.
Ultimately, while premiums are bound to increase, the amount of that increase is dependent on how much you keep up with your roof’s maintenance. Proactively inspecting and maintaining your roof is the best way to ensure your policy’s premiums are as low as possible for your commercial insurance.
Source: Kato Roofing
