What Hoteliers Need to Know About Rising Insurance Costs: Leave No Stone Unturned

Terri Stanganelli | September 12, 2023

By Terri Stanganelli Hotel operators can combat rising rates with audits, accountability, and awareness of post-pandemic challenges Just as ensuring hotel safety requires leaving no asset or process unexamined, the quest for affordable property coverage requires casting a wide net. Property insurance is probably the biggest insurance-related concern for all hotel operators this year. It is a very difficult market. Brokers tell us they have not seen a property market like this in 30 years. Thanks largely to an active 2022 hurricane season, reinsurance rates for 2023 have risen 25% to 30%. Carriers are passing on those increases, in th...