Whether you're a homeowner or a renter - you will need insurance. And insurance premiums are skyrocketing.
The top five biggest increases in 2024 were in:
1. Utah: +59%
2. Illinois: +50%
3. Arizona: +48%
4. Pennsylvania: +44%
5. Nebraska: +35%
Florida was #13 (+29%), California #21 (+25%) on the list, New York State #33 (+13%). And even in New York City, which wasn't hit by any major climate events in 2024 - premiums only move in one direction: upwards; to around +50%.
These are the factors that have driven up rates (and insurance providers now anticipate these events:)
- Climate-related: Wildfires, flooding and severe weather events are damaging more homes
- Inflation: Rising labor, construction and building material costs have made homes more expensive to build and repair.
- Reinsurance: The reinsurance market is tight and rates have increased as providers pass the cost onto customers
- Weak regulatory oversight: State insurance commissioners have given insurers much more leeway in raising premiums.
These are some ways to reduce premiums, besides shopping around for competitive bids:
1. Bundle home and car insurance
2. Evaluate what coverage you do and don't need.
3. Raise deductibles.
4. Improve your credit.
(CNBC)
Comparison shopping for insurance has become a Kafkaesque task that takes time and will test your patience. What I can recommend: shop around soon enough, so you'll have your insurance binder ready to go when the closing date or lease signing is approaching!
Here's to a sunny and happy May and scroll down to my events section of fabulous NYC May events, curated for you by me.
Warmly,
sue
Real Estate in the News
Compass Manhattan Market Report Q 1, 2025
(click into the image to open)
The #1 Thing Sellers Need to Know About Their Asking Price
When you put your house on the market, you want to sell it quickly and for the best price possible; that’s generally the goal. But too many sellers are shooting too high right now. They don’t realize the market has shifted as inventory has grown. The side effect? Price cuts are on the rise, but they really don’t have to be. Here’s why.
Shop local at the Makers Market by Urbanspace. More than 175 vendors will showcase art, jewelry, food, and handcrafted goods at Bryant Park from April 18 through June 1. Open Fridays–Sundays, 11 AM–7 PM, and on Memorial Day (Monday, May 26), the market features new eco-friendly and artisan vendors alongside returning favorites.
Amy Sherald is a storyteller. She creates precisely crafted narratives of American life, selecting, styling, and photographing her sitters as the foundation for her nuanced paintings. They center everyday Black Americans, compelling in their individuality and extraordinary in their ordinariness, inviting viewers to step into Sherald’s imagined worlds.
Enjoy Dragon Fest this May, with two exciting days of food, art, and performances. Visit 6th Ave (30th–31st St) on May 10 for traditional Dragon Fest festivities, and don't miss the panda-themed fun at Astor Place on May 24 for a special "Panda Day," featuring treats like shaved ice from Dragon Lulu, Candied Hawthorn from 80’s Rabbit, and Panda Boba Tea from Master Panda.
Celebrate spring at the annual Kite Festival on Saturday, May 17 from 11 AM–3 PM! For one day only, kite flying is open to the public, offering a colorful spectacle set against the Manhattan skyline. Bring your own kite, purchase one, or craft your own on-site, and enjoy a day filled with hands-on activities, classic lawn games, and family-friendly fun. Free and open to all ages.
Sighted Eyes/Feeling Heart, the first-ever feature documentary on the life and work of the brilliant playwright and activist behind A Raisin in the Sun. The film reveals the complex inner life of a woman who used art and activism to challenge injustice and reimagine freedom.
A beginners guide to gardening and landscape design from garden designer Angel Collins, who takes us through everything you need to know when planning a garden from scratch.
Compass is a licensed real estate broker. All material is intended for informational purposes only and is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description or measurements (including square footage). This is not intended to solicit property already listed. No financial or legal advice provided. Equal Housing Opportunity. All Coming Soon listings in NYC are simultaneously syndicated to the REBNY RLS. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions.