Increases of up to 104 percent in insurance rates are squeezing nonprofit affordable housing developers as rates rise around the country.
Rising insurance costs are burdening affordable housing developers, who often pay 10 to 15 percent more than market-rate developers, according to a report by Nancy Marshall-Genzer for Marketplace.
One insurance co-op, the Housing Partnership Insurance Exchange, saw rate increases between 34 percent and 104 percent for next year. “Whether it’s flooding or fires on the West Coast, we believe that those are adding inflationary pressure to our premiums,” said Paul Bernard, vice chair of the Exchange. For the nonprofits that manage affordable housing, this often means shifting funds from resident programs.
As extreme weather events like wildfires and flooding make the market riskier in many parts of the country, insurers have raised rates and started leaving some states, such as California, altogether.
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