LeadingAge Participates in HUD Property Insurance Summit

(July 23, 2024) LeadingAge’s housing policy team recently joined leadership from the U.S. Department of Housing and Urban Development (HUD) for an all-day summit on property and liability insurance in affordable housing. The summit was hosted by Acting HUD Secretary Adrianne Todman and Federal Housing Administration (FHA) Commissioner Julia Gordon. The summit brought together housing and insurance leaders, housing providers, academics, policymakers, and other stakeholders to discuss how limited availability and high costs in both property and liability insurance are impacting affordable housing across the country.

LeadingAge Director of Housing Operations and Policy Juliana Bilowich participated in person and spoke to HUD leaders about the unique challenges faced by senior housing providers. In addition to disaster-impacted insurance increases, LeadingAge housing provider members are seeing insurance increases and coverage losses despite no claims history or expected disaster risk at the property. In some cases, carriers have denied liability coverage to properties because of what they consider higher risk due to the properties receiving federal housing assistance or providing housing to older adults.

There are currently a limited number of carriers that insure affordable housing properties, and affordable senior housing properties in particular are facing insurance misclassification due to the unique services they offer independent living residents who are aging in community. In cases where carriers classify senior housing as a health setting (as opposed to a real estate setting), costs are higher and coverage is more complex; this has led to some senior housing providers limiting or reducing resident services.

LeadingAge will continue working with HUD, Congress, and other stakeholders to advance solutions.

Contact: Annalyse Komoroske Denio, akomoroskedenio@leadingageny.org, 518-867-8866