Insurance companies drop SODO businesses due to high crime rates

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Businesses in Seattle’s SODO neighborhood report insurance providers are increasing rates, and in some cases, even refusing to issue policies altogether.

Erin Goodman, Executive Director of the SoDo Business Improvement Area received these complaints. Goodman acknowledges that insurance companies calculate rates by considering several factors among them like the local police shortage, upticks in claims made, and a rise in crime."If you’re looking at Seattle right now as an insurer, we are a high risk," remarked Goodman. "Where we see the most is related to businesses that have vehicles, that have trucks.

"According to Goodman, one small business told her they won't report anything under $30,000.Pervasive catalytic converter theft is another issue. Lawmakers in Olympia passed a law recently intended to crack down on the illegal resale. It's Goodman's understanding that criminals have found a workaround."The metals inside of catalytic converters are so valuable, that we understand that stolen catalytic converters are out of the state the same day," said Goodman.

 

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