LeadingAge Calls on HUD to Address Senior Housing Insurance Issues

August 06, 2024

BY Juliana Bilowich

Recommend

LeadingAge urges HUD to work together with Congress and other federal agencies, as well as with state insurance commissioners, to achieve solutions to the property insurance crisis.

In a letter sent to the Department of Housing and Urban Development (HUD) on August 5, LeadingAge called on the agency to address both the availability and affordability of property insurance coverage for affordable senior housing providers.

Following a recent HUD-hosted property insurance summit, LeadingAge thanked the agency for hosting the event and outlined priorities for next steps.

The letter calls on HUD and congressional lawmakers to adjust property budgets to manage concerning insurance premium and deductible cost increases as a first step to responding to the insurance crisis; the letter goes on to request action by HUD, Congress, and other federal entities to establish a property insurance product to stabilize runaway costs and to increase market competition.

Finally, the letter requests a commitment to transparency and accountability in the insurance market, including through data disclosure requirements and protections against discrimination in coverage decisions.