The National Leased Housing Association (NLHA) published the results of its insurance this week. The concerted effort received over 400 responses. NDP Analytics analyzed the responses and assembled a comprehensive report.
As expected, affordable housing owners are experiencing higher premiums across multiple lines of insurance. Key points in the report are as follows:
- For 2022-23 renewals, 29 percent of housing providers experienced premium increases of 25 percent or more, compared to 17 percent the previous year;
- Limited markets and capacity are responsible for most premium increases; followed by claims history/loss and renter population; and
- 67 percent of respondents reported increasing insurance deductibles to manage the increases followed by decreasing operating expenses and increasing rent.
We expect the data generated will assist as we collectively advocate for legislative and administrative reforms to address the mounting concerns related to insurance costs and availability.