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What Florida’s property insurance rate hikes mean for deals, markets

ORLANDO, Fla. — Editor’s note: This story is available as a result of a content partnership between WFTV and the Orlando Business Journal.

As recently as 2018, Akarsh Kolaprath was telling people there was no better place to be in the apartment business than Central Florida.

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Lately, though, the principal and director of Orlando-based development and investment firm American Apartments Management LLC changed his tune. His company — which owns small to midsize apartment communities in Orlando and Cocoa — has expanded out of state, into Memphis, Tennessee.

One of the reasons for that, Kolaprath said, was to “balance out” the headwinds he is taking on for his properties in Florida — namely, surging property insurance costs. “Things are changing.”

Click here to read the full story on the Orlando Business Journal’s website.