Hotel insurance cost relief in sight, expert asserts

Insurance rates for hotels and resorts should increase at a moderate rate this year after they soared by double digits for commercial properties in 2021, an insurance industry executive predicts. John Welty, president of Suitelife Underwriting Managers, warns that hotels in higher-risk locations such as hurricane paths could see hikes as high as 30% compared to 5%-10% for lodging generally.