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Lawmakers seek study of rising property insurance costs for affordable housing
Summary
Senators and representatives requested a special commission to study sharp increases in property insurance premiums affecting affordable housing and recommend policy solutions, citing New York—s 2024 law as a model to review.
Senator John Keenan and Representative Steven Owens asked the Joint Committee on Financial Services to report favorably on legislation (S.768 / H.1279) that would create a special commission to study rising property insurance costs for affordable housing. "Premiums and deductibles for policies required by mortgage lenders and governmental agencies have shot up two to threefold over the last five or more years," Keenan said, citing a Nixon Peabody summary.
Why it matters: Committee sponsors said rising insurance costs are squeezing operating budgets of affordable housing providers,…
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