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Report: Most Affordable Housing Providers Will Act to Address Increased Insurance Premiums

Wednesday, October 11, 2023 - 9:00AM

More than 93% of affordable housing providers who responded to a survey say they will take action–by increasing deductibles, decreasing operating expenses or other options–to address significant increases in insurance premiums, according to a report by the National Leased Housing Association. The report, Increased Insurance Costs for Affordable Housing Providers, was written by ndp | analytics and compiled from responses by 404 affordable housing providers who operate approximately 2.7 million homes. For 2022-23 policy renewals, 29% of respondents saw premium increases of more than 25%, driven primarily by limited markets and capacity. More than half (58%) of housing providers who responded to the survey had to change insurance providers at least once in the previous three years.

The role of operating expenses in financing for affordable housing will be addressed at the Novogradac 2023 Housing Tax Credit Finance Conference, Nov. 30-Dec. 1 in Las Vegas.

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