The rising cost of insurance is a concern for us all. Learn about what it means for nonprofit affordable housing developers from our own Holly Benson.
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The rising cost of insurance is a concern for us all. Learn about what it means for nonprofit affordable housing developers from our own Holly Benson.
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#Nonprofits face rising insurance premiums, escalating deductibles, and fewer carriers, with #AffordableHousing providers hit hardest. The proposed Nonprofit Property Protection Act (NPPA) offers hope, but regulatory hurdles persist. Read as Propel expert Rhonda Ross explores strategies to overcome these challenges >> https://lnkd.in/g386TvQK Alera Group, Inc.
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Our foundation has set it's sights on the growing problem at hand, more and more high risk populations and communities will find insurance to be unaffordable, inadequate or not available to them. When disasters occur, we aim to place a safety net down for those without any other option. We ensure the community is rebuilt stronger, more connected and safer into the future. #rebuildtomorrow #nonprofit #disasterrecovery #disasterrelief
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As the new fiscal year approaches, ensure your nonprofit is ready to embrace opportunities and navigate challenges. With Hanson & Ryan's nonprofit insurance, embark on your mission with confidence. Start exploring your options now!
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ICYMI: How does losing property insurance options impact #disaster #philanthropy? In our last #webinar, we took a deeper look at the growing insurance crisis and the impact on communities after disaster. Read the full review from Giving Compass: https://bit.ly/4cGyYql
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Rising costs and inflation are putting pressure on us all, but did you know that it could also increase the risk of your commercial property becoming underinsured? We've noticed that some businesses and charities are discovering that their rebuild values are out of date due to the changing prices. This could mean that they have a large bill to pay if their property needs to be repaired or rebuilt. To find out more about the risks and what you can do to reduce the possibility of underinsurance on your commercial property, take a look at our helpful article. https://bit.ly/3UxtNQw #Property #inflation #business #charity
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“Property insurance has long been a part of the safety net for households post-disaster, but in many places, insurers can’t offer policies at a price that homeowners can afford or are willing to pay. There are several major trends leading to the current reality; the biggest driver of these trends is the growing risk of weather and climate-related disasters. These trends include bankruptcies of insurance companies; escalating prices of insurance, labor, and materials; insurers pulling out of the market; and migration of risk from the private sector to the public sector. The drivers and the trends lead to increased costs and decreased accessibility.” Trends like these are why I believe that a whole community approach to preparedness is more critical than ever! Excited to run in to the second half of 2024 building more resilient, trained volunteer community organizations in Tennessee! #CommunityPreparedness #ResilienceIsAnActionWord
ICYMI: How does losing property insurance options impact #disaster #philanthropy? In our last #webinar, we took a deeper look at the growing insurance crisis and the impact on communities after disaster. Read the full review from Giving Compass: https://bit.ly/4cGyYql
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Insurance Policy Percentage Deductible - 2% "of What?" Many insured do not read their entire 170+ page policy. When presented with what appears to be an acceptable premium to endorse a new policy or renewal, the percentage deductible many times is not fully explained, or understood. Herein lies the rub = danger. We see it all too often. The general perception for some policyholders is that it is a percentage of the loss value. So a 2% deductible on a $1M loss would be $20k; awesome right? Nope. It is 2% of the TIV (Total Insured Value) of the entire property, or by building but same difference. So if the property's TIV is $10M, even though the loss is only valued at $1M, the deductible is $200k. We recently had a property with a 2% TIV deductible in Houston with $1M in roof damage, and the TIV was $45M: $900k deductible! There are solutions. One common solution if you must purchase a percentage deductible policy is to purchase a secondary deductible buy down policy + rider. The other of course is go ahead and likely pay a little higher premium with a fixed deductible per occurrence policy. Here's the thing; rates are going up, regardless of your loss history. It all comes down to options and your cash position + tolerance once the shoe drops and you have damage. Remember, it's Not If But When. Our Risk Management division provides full policy analysis, in layman's terms so you can make informed decisions. This should be done at least 60 days before renewal + underwriting so we can help you obtain additional coverages through our vetted independent insurance broker network. Simply contact Ethan Deddens, our Director of Risk Management, for a no obligation + cost analysis. mobile 937-684-7460, email ethan@istormgroup.com https://lnkd.in/eEm_s7Je
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Thanks NPR’s marketplace for the interview and for addressing the effects of rising insurance rates on affordable housing. At Gallagher, we are honored and committed to provide affordable housing operators with innovative risk solutions to support their mission of developing, operating and preserving quality homes to live for the people and communities they serve. #affordablehousing #insuranceinnovation #riskmanagement #riskassessments #realestatedevelopment #constructionriskmanagement #nonprofit
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𝗡𝗔𝗥𝗣𝗠 𝗶𝘀 𝘁𝗮𝗸𝗶𝗻𝗴 𝗮𝗰𝘁𝗶𝗼𝗻! 🏛️ Today NARPM is one of a coalition of 24 national real estate and housing associations and non-profit organizations to encourage the Administration, Congress and all federal policymakers to address the causes of rising insurance premiums across the nation’s housing market, and in particular 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. 𝗥𝗲𝗮𝗱 𝘁𝗵𝗲 𝗹𝗲𝘁𝘁𝗲𝗿 𝗵𝗲𝗿𝗲: https://lnkd.in/et_mdgd2 #NARPM #advocacy #propertymanager #rentalhousing #propertymanagement #insurance
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Independent insurance agents are pillars of their communities. From sponsoring local teams to leading charity efforts, they take pride in protecting their clients. But what happens when it's time to pass the torch? Without a solid succession plan, the legacy they've built over decades could be at risk. Ensure your agency's future by planning ahead. #Renaissance #InsuranceNetwork #SuccessionPlanning
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