NYHC testified at the state Joint Public Hearing of the Senate Standing Committee on Insurance, Senate Standing Committee on Housing, Construction, and Community Development, and Senate Standing Committee on Investigations and Government Operations regarding the, “Cost and Availability of Insurance for Residential Property”.
Last year, New York Housing Conference released a policy brief that examined property and liability insurance data from 18 partners, covering over 130,000 units of housing in both affordable and mixed-income portfolios in New York City. We found that costs have skyrocketed and coverage has decreased, even with no losses reported or when losses decreased. This was particularly for affordable units – where premiums increased 103% between 2019 and 2023. Costs for mixed-income housing was lower but costs still increases almost 60% over three years.
Rapid increases in insurance costs are impacting both new construction underwriting, and the financial viability of existing affordable housing.