Coverage Dries Up: Housing Provider Sues Insurer After Coverage Denial
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On July 16, 2024, housing provider Mill Creek Management and Real Estate Sales, Inc. (Mill Creek) filed suit in the Superior Court of California against its insurance company provider, United States Liability Insurance Company (“USLIC”). Mill Creek alleges USLIC unlawfully refuses to defend the…
Law Firm Offers Insurance Considerations for Property Owners Following Natural Disasters
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Lawyers Joseph Jean and Amit Roitman from international law firm Pillsbury Winthrop Shaw Pittman LLP have authored an article outlining several key considerations property owners should consider during the recovery from Hurricanes Helene and Milton. To assist with insurance claims and…
Property Insurance Increases Impacting Rental Operations
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The cost of insurance is rising for property owners in the rental housing industry. While this has typically been seen in locations with potentially higher claims such as Florida, Texas and California, the rise of insurance has been felt across the country.
The New York Times looks at the impacts…
Congressional Subcommittee Examines Rising Insurance Costs
By Jodie Anderson | | Updated
The House Financial Services Subcommittee on Housing and Insurance held a hearing on November 2, 2023, entitled “The Factors Influencing the High Cost of Insurance for Consumers.”
A hearing of this kind was largely anticipated in response to the rapidly rising insurance premiums across the nation…
Rental Housing Insurance Costs Skyrocket
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Insurance costs are rising for multifamily owner-operators, seen across the country but notably in markets with potentially extreme weather conditions such as earthquakes, fires, floods and hurricanes. Some insurance companies are exiting the areas entirely while others have pressured the rental…
Rising Insurance Costs to Affect Sunshine State Housing Providers
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Florida’s apartment operators have seen skyrocketing insurance costs. Higher insurance costs put pressure on rents, limit capital expenditures and discourage new construction and acquisitions. However, there are meaningful steps operators can take to mitigate some of the premium increases they will…