Economic forecasters have been anticipating a significant spike in real estate foreclosures and evictions as a result of the coronavirus pandemic since before states began issuing lockdown orders in March 2020. The effects have been muted by government action on the residential front—for now—but commercial markets are starting to feel the downturn.[1] This post examines one of the issues insurance professionals can expect when handling property claims associated with the increasing inventory of distressed property.
Census data indicates that third quarter 2020 vacancy rates for housing units are slightly lower than the same period last year, albeit with far
Continue Reading How will COVID-19-Related Property Foreclosures Affect Property Insurance Claims?