Twice The Cost. A Fraction Of The Coverage. I recently re-underwrote a deal we originally looked at in 2019. Insurance costs were up over 200%. Deductibles were materially higher. Coverage limits were lower. Same asset. Same market. Twice the cost for less protection. But price isn’t the only problem. On a recent acquisition, we couldn’t place basic A & B liability coverage with any standard carrier. Not because we didn’t want to pay. Because there had been a shooting on the property three years earlier. No market would touch it. The only solution was a specialty carrier through Lloyd’s of London. Coverage existed, but at a cost that blew past underwriting assumptions. Then we read the policy. No coverage for dog bites. And yes, the property had a Dog Park! On paper, we were insured. In reality, a very common claim was completely excluded. Insurance hasn’t just gotten more expensive. It’s gotten narrower, more conditional, and far more dangerous if you don’t read every line. Assault & battery exclusions. Firearm-related carve-outs. Animal liability exclusions. Sub-limits that look fine until a real claim hits. Florida developers are now saying this out loud, too. As reported by Bisnow, sponsors are walking from deals when insurance requirements or availability don’t make sense. Some are vetting lenders based on insurance flexibility before they even sign. If owners and property managers aren’t pressure-testing cost, availability, deductibles, and exclusions upfront and having someone independent review the policy, they’re underwriting blind. Curious what others are seeing. What exclusions or coverage gaps have surprised you lately? https://lnkd.in/egC2Mnbk