Property insurance is getting cheaper. If your bill went up, ask why.

If you are renewing property coverage, the market may be on your side. The Council of Insurance Agents & Brokers (CIAB) publishes a quarterly market survey, and its second-quarter 2026 results, reported by Insurance Journal on August 20, 2026, show premiums down an average of 2 percent across all accounts.

Commercial property led the decline. CIAB found property premiums fell 6.3 percent, the largest drop of any line. Cyber and workers' compensation each fell 3.2 percent.

Why property rates are falling

Insurance Journal reports that CIAB tied the property decreases partly to carriers seeking to offset increases they asked for in lines like commercial auto and umbrella. It also cited extra capacity: 75 percent of survey respondents reported increased capacity, which put downward pressure on premiums as carriers competed for clients.

Why your bill may not match the average

Small accounts saw the smallest relief. CIAB reported small-account premiums down an average of 0.5 percent, medium accounts down 1.9 percent and large accounts down 3.7 percent. A survey average is also not a quote. Your premium depends on your building, location, claims history and what you ask the policy to cover.

The NAIC notes that liability premiums are typically linked to a business's sales and payroll estimates, and that a business may owe an extra premium if the actual amounts come in higher. A bill can rise because your business grew, even when the market is soft.

What to ask when your renewal went up

1. 1What changed on my account: my claims, my sales or payroll, my property values, or the market?
2. 2Which line drove the increase? Property, liability, auto and umbrella often move in different directions.
3. 3Did you ask other insurers for a quote, and which ones?
4. 4Are the limits and deductibles the same as last year, or did something shift?
5. 5If I accept a higher deductible, what does the premium become, and could I pay that deductible tomorrow?

The NAIC advises business owners to review all insurance policies annually and to compare the cost of equivalent coverage from several insurers. A soft market is the best time to do both.

How to use a soft market

You do not need to wait for your broker to bring it up. Send a short note a few weeks before renewal: "Property rates look like they are falling. Can you show me what you are asking insurers for, and which ones will quote?" Brokers answer that question every day, and the answer tells you whether anyone is really shopping your account.

Be careful what you trade for a lower price. A cheaper quote may come with a higher deductible, a lower limit or fewer covered items. Line the two policies up side by side, and compare what each one would pay on the same imaginary loss. A lower premium that leaves a gap is not a saving.