Broad Housing Coalition Calls on Lawmakers to Address Rising Insurance Costs

WASHINGTON, D.C. — June 10th 2024, a broad coalition of groups representing America’s housing providers, lenders and residents sent members of Congress and the Biden administration a letter outlining a number of bipartisan policies to address the causes of rising insurance premiums across the nation’s housing market.

The letter focused in particular on the significant negative impacts such increases have had on all stakeholders, including, but not limited to, single-family, multifamily, and affordable housing developers, lenders, investors, owners and our nation’s renters. Rising insurance costs are one of several factors that are mostly beyond the control of housing providers, driving price increases. The volatility in the insurance market over recent years hinders the ability of housing providers to deliver the housing that is so desperately needed. Since housing costs are a major driver of inflation, addressing insurance and other operating costs challenges in the rental market will also have positive follow-on effects for the national economy.

Ultimately, the primary objective in this letter is to ensure housing providers can meet the long-term housing needs of the nearly 40 million Americans who live in rental homes and continue to foster the growing contributions rental housing makes to our economy and communities throughout the country.

Credit* NMHC