Gothamist, July 8, 2024, Landlords Of NYC Affordable Housing Launch New Venture To Combat Spiking Insurance Costs
Several affordable housing landlords are fighting back against skyrocketing insurance rates with a new strategy that they say will get costs under control and improve conditions for tenants: insuring themselves.
The owners of a combined 80,000 apartments — all with regulated rents and government financing — launched an insurance collective last month after a series of dramatic spikes in the cost of property and liability insurance, which covers damages and lawsuit settlements.
One of the collective’s members, John Crotty, said the ever-increasing insurance costs are threatening the ability to repay loans and are eating into other expenses, like building repairs and maintenance that can make life worse for tenants.
