Insurance Is Now a Gatekeeper in Commercial Real Estate

In this episode, we examine how insurance has quietly moved from an operating expense to a structural underwriting constraint in commercial real estate. While premium spikes from prior years have moderated, coverage selectivity, deductibles, and renewal uncertainty are now influencing loan sizing, refinance proceeds, and exit assumptions. We break down how forward insurance volatility affects DSCR sensitivity, why mid-hold renewal risk may be the blind spot in most models, and how geography and asset quality are beginning to shape insurability — and therefore liquidity. This isn’t a premium story. It’s a leverage and capital structure story.