California Coalition for Rural Housing’s Post

Story on insurance's negative impact on housing affordability. This Los Angeles Times Editorial highlights a crisis at hand. At a time when California has been trying to fast-track affordable housing, affordable housing providers have to consider reducing staff and services at their properties, delay maintenance or, even possibly closing buildings? Holly Benson, Abode’s president and chief executive is reporting Abode paid $561 per unit for liability and property coverage. "When Abode renewed its policy in January, the annual premium jumped to $1,947 per unit." This is after it had a $5,000 deductible for property damage that increased this year to $250,000. #unsustainable #insurance #Insurerwithdrawal #realestate #affordablehousing https://lnkd.in/gD48ZqKV

🏠 Facing denied insurance claims? You're not alone. Recent reports highlight alarming denial rates for Florida HOAs and condos. When insurance falls short, HOA collections step up to keep communities thriving. In Florida and beyond, homeowners grapple with high denial rates from major insurers like Castle Key and State Farm. These denials leave HOAs and residents footing repair bills for shared amenities and personal properties. It's clear: robust collection strategies are crucial. From uniform policies to flexible payment plans, effective collections ensure HOAs stay financially sound, even amid insurance challenges. Don't wait—secure your community's future today with Axela Technologies. Discover how we make HOA collections equitable and efficient. Contact us now and safeguard your community's financial health. #HOA #InsuranceClaims #CommunityManagement #AxelaTechnologies

Chilling article on how the rise in home insurance is impacting on low income families. The missing piece - corporate social responsibility and the insurance industry when it comes to supporting the most vulnerable in our society. It is time for the insurance industry to step up. 👇 🏡 👇 🏡 👇 🏡 #HabitatforHumanity #Insurance #HomeOwnership https://lnkd.in/gHDY_EJw

Full Spectrum Restoration acknowledges the concerns raised by Florida residents about high living costs and homeowners insurance rates. As experts in property restoration, we understand the importance of homeownership and the challenges it brings. Our team is ready to assist and guide Floridians, offering support in navigating insurance-related challenges and ensuring the safety and resilience of their homes. Let Full Spectrum Restoration be your trusted partner in addressing property concerns and securing peace of mind. Read the latest in Florida insurance news in the article below. #Restoration #Insurance #HereToHelp #Remediation #FullSpectrumRestoration

Brace for impact - today's article in the WSJ on the impending insurance crisis for homeowners continues to underscore the increasingly dire situation facing everyone that has a home- whether you have a mortgage on it or not and the lack of viable solutions needed to address this problem. Thus far, the solutions seem to be for insurance companies to either pull out from certain areas and/or raise premiums to financially burdensome levels. It is clear that the present insurance system with 50+ different insurance commissions coupled with great uncertainty in estimating potential damages from extreme weather events will, if not addressed create a crisis in housing. My article in HousingWire outlines a solution to address this issue. A more expansive study on this issue forthcoming this year provides a roadmap for how this new entity would operate, its financing, and new risk transfer securities, among other key topics. https://lnkd.in/epVP6T5r https://lnkd.in/dKjTByPj

The rising cost of property insurance is hitting affordable housing providers hard. For insurers, this is worth keeping an eye on. There are a few avenues to explore: Supporting stronger building codes could help reduce future claims and costs. Being transparent about why prices are going up can build trust with your clients. Teaming up with government and nonprofit groups might lead to more sustainable insurance solutions. Stay tuned to policy changes that could help balance risk. The better we understand how insurance affects housing and communities, the better products we can build. #PropertyInsurance #Insurance #InsuranceCosts

🚨 Urgent Call to Michigan Legislators, Attorney General's Office, and Housing Advocates! 🚨 Michigan residents are facing dire consequences due to modern-day redlining in the insurance industry. As homeowners struggle to obtain insurance, urban neighborhood policies surge by over 50%, and families are forced to replace roofs, the stability of our communities hangs in the balance. The recent New York Times article sheds light on Dave Langston's plight in Iowa, mirroring the challenges experienced by Michiganders statewide. natural disasters are prompting insurers to retreat, leaving homeowners defenseless and communities on the brink of financial ruin. Michigan, the time for action is now! We implore our legislators, Attorney General's office, and housing advocates to confront this crisis head-on. Let's ensure access to affordable homeowners insurance, prevent unjust premium hikes, and protect our communities.Together, we can make a difference. #ModernDayRedlining #MichiganHousing #CallToAction 🏠🔍

Then Insurers Must Adjust STOP CREATING CRISIS BEFORE THEY HAPPEN. BUILD RESERVES, NOT POLITICIANS

Home insurance rates are on the rise, particularly in states like California and Florida, which have experienced significant increases in severe weather events. While these rising costs affect homeowners broadly, they are disproportionately impacting low-income buyers and the nonprofit networks that help them access affordable housing. In a new development in Selma, Alabama, the spike in insurance rates has doubled expected annual payments from around $900-$1,200 to $1,800, placing a significant burden on low-income homeowners. In some states, insurers are mandated to offer discounts to property owners who have taken steps to strengthen and weatherproof their homes. Expanding this requirement to more states could help alleviate the financial strain caused by rising insurance costs. More: https://lnkd.in/dwuh3kT3 

Homeowners insurance affordability has deteriorated over the last two decades, driven by frequency and severity of natural disasters, economic conditions, rising construction costs and litigation, according to a new Homeowners Insurance Affordability report by the Insurance Research Council (IRC). #homeownersinsurance #homeinsurance #insurancenews