Insurance

Multifamily Insurance Costs 77% More Per Unit Than in 2019

Premiums are softening at the margin — but underwriting should treat the post-2023 base as the new floor, not a spike.

The FYN Intelligence Team5 min read

Real per-unit multifamily insurance cost climbed from about $465 in 2019 to $821 in 2024 — a 77% increase, driven by a 25% surge in 2023 alone (Federal Reserve / PREA).

Per-unit insurance cost has risen 77% in real terms since 2019.

Softening is not recovery

The nuance that matters for 2026: premiums are finally easing. CIAB shows all-accounts pricing down 1.2% in Q1, with quality-construction accounts seeing 10–30% relief. But the cost level has been permanently reset — and high-hazard markets like Houston still exceed $1,200 per unit.

Sources

  1. Federal Reserve / PREA — real multifamily insurance cost per unit, 2019–2024.
  2. Council of Insurance Agents & Brokers (CIAB) — Q1 2026 commercial property pricing survey.
  3. National Apartment Association (NAA) — per-unit operating expense series.

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