Nirav Sheth, who owns Meinecke stores in Gig Harbor, Silverdale, and Des Moines, is at risk of losing his insurance due to repeated property crimes. Nationwide has informed him that his policy will not be renewed after more than three reported losses in three years, including a significant break-in in March 2023 where thieves stole customers’ vehicles.
Without insurance by September 29, Sheth faces eviction and loan default. He’s found an alternative policy quoted at $50,000 annually—more than double his current rate—potentially leading to bankruptcy.
Mark Johnson, WR’s Senior VP of Policy & Government Affairs emphasized the broader issue, stating, “Insurance companies, when they continue to pay these insurance claims, they’re getting more and more cautious.” He noted that small businesses are particularly vulnerable, with some paying out of pocket to avoid losing coverage or facing high premiums.
In response to these challenges, a summit on October 2 in King County will bring together prosecutors, mayors, police chiefs, and others to find solutions to support small businesses affected by crime.
WR remains committed to advocating for the needs and protection of small businesses across the state, particularly in the face of rising crime rates and insurance challenges.
