LeadingAge submitted a letter for the official record of the Senate Committee on Banking, Housing, and Urban Affairs September 7 hearing, “Perspectives on Challenges in the Property Insurance Market and the Impact on Consumers.”

In addition to offering support for the September 7 testimony of LeadingAge member Michele Norris of National Church Residences, our September 14 letter highlights that insurance carriers and brokers conflate independent, affordable senior housing with health care settings and offer insurance products with greatly increased costs, demand much higher deductibles, or both.

LeadingAge is pleased the Committee is gathering information and searching for solutions. “The solution is not how to pay for runaway insurance increases. The long-term, responsible solution is to reign in and normalize the cost of insurance for affordable housing with policies that protect current and future residents, the federal investment, and owners. Until then, HUD funding that does cover exorbitant insurance costs takes away, dollar for dollar, funds that should be spent to address the severe shortage of affordable housing in this country,” according to an excerpt from the LeadingAge letter. Read LeadingAge’s September 14 letter here.