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The multifamily real estate insurance market in the United States has hardened significantly over the past few years, resulting in major rate increases and restrictions in coverage terms and conditions.

Three prevalent issues that are driving claim severity in the multifamily real estate space – and therefore influencing the hard market conditions – are: slips and falls resulting in serious injury or broken bones, swimming pool deaths and/or life-threatening incidents, and assault and battery.

Jeremy Burr, VP of sales specializing in multifamily real estate transactions at Insurance Office of America (IOA), described assault and battery – where an individual uses their own body and/or a weapon of some sort to inflict harm on another – as “the most heinous claim type that is really crushing the casualty side of our property and casualty (P&C) sector”.