What Florida's Excess Layer Actually Costs: Multifamily Liability

Everyone benchmarks the primary layer, because primary is the easiest number to get hold of. It is also the one layer where Florida looks unremarkable. On an ordinary Florida garden style program, roughly nine tenths of what the state costs you over anywhere else is sitting above primary, in the layer almost nobody benchmarks.This week Katie Dowson and Grace Schmidt run a data pulse on Florida multifamily liability using the Advocate Market Terminal: where the national market stands in mid August, how the Florida spread actually splits between primary and excess, what the carrier board looks like once you read the layer mix beside the rate, and the four year crossover that put general liability at nearly three times property on the same asset.All figures are rate on line, premium per one hundred dollars of coverage, drawn from the Advocate Market Terminal. Eighty thousand plus policies and five billion plus in premium.Run these cuts yourself at https://advocate.app/?utm_source=spotify&utm_medium=podcastChapters0:00 Welcome1:18 How to read a rate on line1:38 The National Market2:40 The Florida Spread4:23 The Layer Split6:22 What the Spread Costs on a Real Program7:54 Florida Liability Carriers8:50 Where the Board Will Lie to You10:06 The Four Year Crossover11:28 In the News12:41 The Surplus Lines Question14:11 Close to a Coin Flip15:09 The Takeaways