{"id":35437,"date":"2023-03-09T05:28:00","date_gmt":"2023-03-09T13:28:00","guid":{"rendered":"https:\/\/www.yardi.com\/blog\/?p=35437"},"modified":"2026-02-22T15:26:49","modified_gmt":"2026-02-22T23:26:49","slug":"climate-costs-climb","status":"publish","type":"post","link":"https:\/\/www.yardi.com\/blog\/climate-costs-climb\/","title":{"rendered":"Climate Costs Climb"},"content":{"rendered":"\n

A new\u00a0Yardi Matrix Bulletin<\/a>\u00a0focuses on the rising cost of commercial property insurance, especially in climate-affected states like Florida and Texas.<\/p>\n\n\n\n

These increases are a growing problem for commercial property owners and beginning to threaten new development and property sales. Although rates are rising nationwide, the problem is most acute in states that are experiencing frequent extreme weather events like hurricanes, winter freezes and wildfires.<\/p>\n\n\n

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Hurricane Ian, for example, resulted in over $50 billion in damages in Florida last September. Weather-related payouts have left some insurers insolvent, while others are avoiding high-risk states. This translates into higher rates and less coverage for property owners.<\/p>\n\n\n\n

\u201cThe rate environment for real estate-specific property is severely challenged, especially in Florida and Texas and along the Gulf Coast,\u201d said Danielle Lombardo, the chair of Lockton Global Real Estate, a New York-based advisory firm. \u201cThis has caused a bifurcated market between catastrophe-exposed and non-catastrophe-exposed business, with the highest double-digit increases in properties that have negative risk attributes, such as older frames, a challenged loss history or undervalued assets.\u201d<\/p>\n\n\n\n

Many reinsurance companies, which property insurers use to move portions of risk off their own balance sheets, are quitting high-risk states, and those that stay are raising rates by 45-100 percent. Lombardo said. \u201cReinsurers are running away from Florida,\u201d she said. \u201cSomething has to be done differently.\u201d<\/p>\n\n\n\n

Learn more in the new bulletin from Yardi Matrix.<\/a><\/p>\n\n\n\n

Yardi\u00a0Matrix offers the industry\u2019s most comprehensive market intelligence tool for investment professionals, equity investors, lenders and property managers who underwrite and manage investments in commercial real estate. Yardi Matrix covers multifamily, student housing, industrial, office and self storage property types. Email\u00a0matrix@yardi.com<\/a>, call (480) 663-1149 or visit\u00a0yardimatrix.com<\/a>\u00a0to learn more.<\/p>\n","protected":false},"excerpt":{"rendered":"

A new\u00a0Yardi Matrix Bulletin\u00a0focuses on the rising cost of commercial property insurance, especially in climate-affected states like Florida and Texas. These increases are a growing problem for commercial property owners and beginning to threaten new development and property sales. Although rates are rising nationwide, the problem is most acute in states that are experiencing frequent […]<\/p>\n","protected":false},"author":413,"featured_media":35438,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_s2mail":"yes","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2791],"tags":[1169],"class_list":["post-35437","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-matrix","tag-yardi-matrix"],"acf":[],"yoast_head":"\nYardi Blog<\/title>\n<meta name=\"description\" content=\"A new\u00a0Yardi Matrix Bulletin\u00a0focuses on the rising cost of commercial property insurance, especially in climate-affected states like Florida and Texas.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.yardi.com\/blog\/climate-costs-climb\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Climate Costs Climb\" \/>\n<meta property=\"og:description\" content=\"A new\u00a0Yardi Matrix Bulletin\u00a0focuses on the rising cost of commercial property insurance, especially in climate-affected states like Florida and Texas.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardi.com\/blog\/climate-costs-climb\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Blog\" \/>\n<meta property=\"article:published_time\" content=\"2023-03-09T13:28:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-02-22T23:26:49+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.yardi.com\/blog\/wp-content\/uploads\/sites\/15\/2023\/03\/rsz_adobestock_554484364.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"675\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Leah Etling\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Leah Etling\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.yardi.com\/blog\/climate-costs-climb\/\",\"url\":\"https:\/\/www.yardi.com\/blog\/climate-costs-climb\/\",\"name\":\"Climate Costs Climb - 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