Apartment building insurance went up? Compare your renewal on equal terms

An apartment building insurance increase is a good reason to review the market, even when you have been with the same insurer for years. The useful question is not simply who will quote the lowest premium. It is whether another available option offers a better combination of price, building protection, deductibles and rental income coverage for your property today.

Burch Insurance Group helps apartment owners in Minnesota and New Mexico compare renewal options across a broad spectrum of markets. We can review the current policy, the renewal offer and the building's updated information so the comparison reflects the risk you actually own.

Why can my premium rise when property insurance pricing is softening?

National commercial property pricing can become more competitive while an individual apartment building receives an increase. The Council of Insurance Agents & Brokers reported an average 6.3% decrease in commercial property premiums in its second-quarter 2026 survey. That is a broad market observation, not an apartment-building rate promise or a Minnesota or New Mexico forecast.

Your renewal can still change because of insured values, claims, roof condition, occupancy, the insurer's appetite or coverage changes. Liability and excess liability also have their own pricing conditions. A package total can rise even when the property portion becomes more competitive.

The practical advantage of a softer property market is a reason to investigate alternatives. It is not a reason to assume that every lower quote provides the same protection.

First, identify what actually increased

Ask for a comparison of last year's policy and this year's offer. Look separately at the building limit, property premium, liability premium, deductibles and fees where they are shown. If the insured value changed, compare the premium in that context.

For example, a higher total premium alongside a materially higher building limit is different from the same limit becoming more expensive. Neither fact alone tells you whether the new value or rate is appropriate. It tells you which question to ask next.

An increase can also be accompanied by a less visible change, such as a new roof settlement provision or wind and hail deductible. Those terms deserve attention even if the final premium barely moved.

What should an apartment owner send for a second opinion?

Start with the current policy and renewal proposal, if available. Add the property address, unit and building counts, occupancy, rent roll or rental income information, and your renewal deadline. Roof and building-system updates are particularly useful when they can be supported by invoices, permits or inspection records.

Available loss history helps markets evaluate the account. BIG can explain what is needed and help coordinate the submission. You do not need to solve every underwriting question before contacting us.

If there have been claims, describe the repairs and any steps taken to reduce a repeat loss. If you have improved the property, make sure the submission reflects those improvements rather than repeating an old application.

Put each proposal on the same comparison sheet

For a deductible example, 2% of a $4 million scheduled building value is $80,000 if that is the value the policy uses. That is different from a $10,000 flat deductible. Confirm the actual calculation and application in each proposal; percentage deductibles are not all written the same way.

What if a cheaper market wants repairs?

A proposal may depend on a roof replacement, inspection, electrical correction or other condition. Compare the cost and timing of that work with the proposed coverage and premium. Ask whether the work must be finished before binding or within a specified period afterward, and what happens if the deadline is missed.

Sometimes improving the building's presentation produces more useful options than asking several agencies to circulate an incomplete submission. A clear, consistent account of the property makes it easier to understand whether offers are genuinely comparable.

Should I switch insurers at renewal?

Switch when the available terms make sense for the property and your tolerance for retained loss. Staying may be reasonable if the competing proposals introduce exclusions, deductibles or conditions that outweigh the price difference.

If you do move, coordinate the effective dates and obtain confirmation of the replacement coverage before cancelling the existing policy. For a midterm change, also review cancellation provisions, minimum earned premium and any charges that affect the net result.

Ask BIG to compare the options

BIG's broad market access gives us room to explore alternatives beyond a single renewal offer. We will focus on the building, the actual coverage terms and the cost you retain after a loss, not just a headline premium.

Request an apartment insurance renewal comparison, or call 612-712-6407. Send the renewal date and current proposal if you have it.

Market context: CIAB Q2 2026 Property/Casualty Market Survey. For building-specific issues, see insurance for older commercial buildings.