The skyrocketing cost of property insurance is endangering the future of affordable housing, even as the need for housing itself is growing. Franklin Schneider has been reporting on the situation for Shelterforce, and we’ve put together his articles and an introductory video that explains the scope of the problem.
Soaring Property Insurance Rates Threaten Affordable Housing Development—Rapidly rising insurance premiums are forcing affordable housing developers to cut back on programming, lay off staff, and even sell properties. To add insult to injury, some insurers also seem to be adding penalties or withdrawing coverage for housing-voucher holders.
Are Insurance Problems on The Horizon for Community Development Groups?—A mistaken cancellation letter to a national membership organization might indicate trouble to come for on-the-ground community development organizations.
Reining in Rising Property Insurance Rates—There are many proposed ways to mitigate the property insurance cost crisis. They all require the federal or state governments to act.
Is there another aspect of this story we should be covering? Let us know by emailing [email protected].
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I have been a public and private housing planner/developer. We really need new federal programs like those in the ‘60’s and ‘70’s to effectively build subsidized housing. There is no answer for climate change and high insurance costs but moving. We need massive large scale planning.