Ways to Improve Affordable Housing Insurance Coverage
For owners and operators of multifamily affordable housing, understanding the complex landscape of property and casualty insurance can be as challenging as it is crucial. Multiple layers of subsidies and agency regulations add complexity to an already intricate field.
"Navigating the multifamily affordable housing landscape is akin to walking a tightrope over a vat of boiling oil,” explains Jeff Weslow, assistant director of business development and strategic solutions for HAI Group, a member-owned insurance carrier dedicated to public and affordable housing.
“Imagine you're balancing not only the inherent property and casualty risks but also the intricate nuances of subsidies and stringent agency regulations,” he says. “It's a high-stakes act, where the smallest misstep can lead to significant consequences—both for the well-being of the communities you serve and your own bottom line."
Weslow advises affordable housing stakeholders to consider the services of a specialized affordable housing insurance provider. When evaluating such providers, he recommends keeping four critical factors in mind...