Skyrocketing Insurance Costs are Affecting Rents And Housing Affordability

“The U.S. has a serious housing affordability crisis that is being exacerbated by turmoil in the insurance market.

NMHC’s 2023 State of Multifamily Risk Report provides essential data and insurance industry insight to understand the severity of the situation.

Apartment firms have faced a volatile and costly insurance market for nearly a decade. All apartment firms (market-rate, workforce, affordable) have been affected, but the issue has been particularly acute in the lower-income and middle-income housing space, and the costs of all lines of insurance (property, liability, cyber) have risen.“