It would be logical to blame rising insurance rates on the Covid 19 crisis but the truth is that property insurance rates have been going up for the past few years even before the virus entered our lives. The crisis has created a “new normal” for many people but it is not the only thing responsible for the rise in insurance rates. Natural disasters and social unrest are also to blame. In addition to raising premiums, many insurance companies are responding by restricting some coverages and eliminating some risks that might have been covered in the past. In short, property owners will pay higher premiums to get less coverage.
Hurricane season is upon us, and this year’s storms look set to be more powerful than average. Researchers at Colorado State University have predicted 17 storms between June 1 and November 30, four of which are set to sustain winds of at least 111 miles per hour.
The COVID-19 pandemic has transformed the rental market. Before 2020, average occupancy rates for primary multifamily markets were on an upward trajectory. Due to the widespread adoption of remote working arrangements, however, secondary and tertiary rental markets experienced positive net absorption last year.
COVID-19 has disrupted and transformed everything about our lives, not the least of which is how we live. Suddenly, people who spent most of their days outside their homes at work, school, or other activities were stuck staring at the same four walls for months on end.
Not surprisingly, this fact alone will have a significant impact on the way new homes are built. Let’s explore.
Here comes yet another Hurricane Season.
On August 5th, the Department of Atmospheric Sciences at Colorado State University increased its forecast for the 2020 Atlantic hurricane season to “extremely active.” According to their report, they predict “an above-normal probability for major hurricanes making landfall along the continental United States coastline.” Unfortunately, it only takes one storm to cause physical substantial and financial damage.