Savings and Improved Coverage Amid a Challenging Real Estate Market
Published December 18, 2023
The owner of one of the premier high rise luxury condominiums in the Los Angeles area came to Newfront for an insurance solution. While the owner’s real estate company was having success from a loss-performance standpoint, they faced industry-wide challenges. Insurance rates were spiking due to rising property valuations; losses were piling up from weather-related events like wildfires and flooding; and rising inflation was impacting the cost of building and repair. The real estate company was told to budget a minimum 10% increase in insurance costs for their next renewal. The Newfront team knew it could do better, and set out to try.