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Plaza East's insurance at risk after 2024; authority extends coverage while pursuing options
Summary
Staff reported that Plaza East would remain covered under the master policy through Dec. 31, 2024, but insurers may not renew due to claim history and market retreat. Management also described a recent mold complaint being triaged and capital repairs underway to improve habitability and insurability.
Plaza East management and housing authority staff told commissioners the site is insured through Dec. 31, 2024, under an extension from the current master insurer but warned that coverage beyond that date is not secured.
Ted Perini, the authority's resources analyst, said brokers could not find a standalone habitability policy for Plaza East after a months-long search, citing the site's claims history and a broader California insurance market contraction. MBS, the property's master-policy carrier, agreed to extend coverage to the end…
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