Property insurance faces big changes in 2023, says insurance broker
“Fires and storms have made 2022 one of the toughest costly years for the insurance industryleading to the bankruptcy of several companies across the country,” says Karl Susan (opens in a new tab), a Los Angeles-based insurance broker. “Unlike ‘what happens in Vegas stays in Vegas,’ when it comes to property insurance, what happens anywhere in the country has the potential to impact the rates we pay. all for the cover.”
A longtime friend of this column, Susman has been an insurance broker for more than 30 years, holds a master’s degree in insurance administration from Columbia University, and serves as an expert witness in lawsuits involving coverage issues and agent malpractice.
Increase in rates and reduction of certain important coverages
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