2023 Real Estate Practice State of the Market

2023 Real Estate Practice State of the Market

The BRP Real Estate Practice anticipates the challenging market conditions of 2022 and the first quarter of 2023 to continue for the remainder of the year due to several reasons, including:

The steady occurrence of severe weather and natural disaster events nationwide such as flooding, wildfires, and windstorms.

An increased emphasis by carriers on property owners and operators to utilize accurate replacement cost valuations.

A decreased appetite among carriers for certain asset types and geographies.

The cost of nearly everything continuing to rise; it is hard to dismiss the inevitable impact of inflation on the insurance industry. From construction materials to labor and services, the impact is difficult to quantify, but BRP can help you identify and evaluate options to find the best insurance and risk management solutions for your real estate portfolio.

This report explores these factors and others, as well as highlights actions owners and operators can take to position their portfolio’s renewal submission and overall risk management strategy for the best outcome — this year and moving forward.

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Real Estate Practice State of the Market

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This document is intended for general information purposes only and should not be construed as advice or opinions on any specific facts or circumstances. The content of this document is made available on an “as is” basis, without warranty of any kind. Baldwin Risk Partners, LLC (“BRP”), its affiliates, and subsidiaries do not guarantee that this information is, or can be relied on for, compliance with any law or regulation, assurance against preventable losses, or freedom from legal liability. This publication is not intended to be legal, underwriting, or any other type of professional advice. BRP does not guarantee any particular outcome and makes no commitment to update any information herein or remove any items that are no longer accurate or complete. Furthermore, BRP does not assume any liability to any person or organization for loss or damage caused by or resulting from any reliance placed on that content. Persons requiring advice should always consult an independent adviser.

Baldwin Risk Partners, LLC offers insurance services through one or more of its insurance licensed entities. Each of the entities may be known by one or more of the logos displayed; all insurance commerce is only conducted through BRP insurance licensed entities. This material is not an offer to sell insurance.

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