More Americans have been opting to rent in recent years as the allure of owning a home has diminished, due in part to tight lending restrictions, falling prices and rising foreclosures. These forces are driving up apartment building values—to levels unseen since 2007, in some cases.
The rush into apartment building development is raising the specter of a bubble, particularly in urban markets such as Washington and New York. While more than 173,000 units are expected to be started this year, 225,000 and 280,000 starts are expected nationwide in 2012 and 2013, respectively, according to development research firm Zelman & Associates. That still is less than 2005, when starts were at 352,000. More information on this market is available in this
news article.
These new apartment buildings will need to be insured, and agents can take advantage of this opportunity with two habitational markets available on Big "I" Markets.
Each market serves a distinct niche. MiddleOak specializes in accounts with 11 or more units in the states they are filed in,. Travelers is a go-to market for up to $15 million in insured value in states where MiddleOak does not write and up to 11 units in the states MiddleOak does operates.
MiddleOak's Worlds Apart program for 11 or more units is available in Arkansas, Arizona, Colorado, Delaware, Georgia, Iowa, Idaho, Illinios, Indiana, Kentucky, Maryland, Maine, Michigan, Missouri, Montana, New Hampshire, New Jersey, New York, Nevada, Ohio, Oregon, Pennsylvania, South Carolina, Tennesee, Utah, Virginia, Vermont, Washington and Wisconsin.
Travelers Apartment Pac is available in Alabama, California, Connecticut, Washington, D.C., Kansas, Massachusetts, Minnesota, Mississippi, North Carolina, North Dakota, Nebraska, New Mexico, Oklahoma, South Dakota, West Virginia and Wyoming. for up to $15 million in total insured value. (Acceptability subject to state-specific underwriting guidelines).
Travelers Apartment Pac for 11 or fewer units is available in Arkansas, Arizona, Colorado, Connecticut, Delaware, Georgia, Iowa, Idaho, Illinois, Indiana, Kentucky, Maryland, Maine, Michigan, Missouri, Montana, New Hampshire, New Jersey, New York, Nevada, Ohio, Oregon, Pennsylvania, South Carolina, Tennesee, Utah, Virginia, Vermont, Washington and Wisconsin. (Acceptability subject to state-specific underwriting guidelines.)