Policy Advocates Testify on Challenges in Property Insurance Markets
2023-09-08T17:02:25-04:00https://ximage.c-spanvideo.org/eyJidWNrZXQiOiJwaWN0dXJlcy5jLXNwYW52aWRlby5vcmciLCJrZXkiOiJGaWxlc1wvYzZkXC8wMDFcLzE2OTQwOTUzNzlfMDAxLmpwZyIsImVkaXRzIjp7InJlc2l6ZSI6eyJmaXQiOiJjb3ZlciIsImhlaWdodCI6NTA2fX19Policy advocates, including Consumer Federation of America’s Insurance Director Douglas Heller, testified before the Senate Banking Committee on challenges in the property insurance market and how rising rates have impacted homeowners and renters alike. Mr. Heller pointed to climate change and inadequate oversight of state insurance marketplaces as two of the main drivers for raising insurance rates. Other topics discussed were the challenges in insuring multi-family properties and affordable housing units, building resiliency into insurance regulation, and the recent departure of several insurance providers from several states, including California and Texas. They also addressed the importance of the National Flood Insurance Program (NFIP) and the need to reauthorize it before it expires on September 30, 2023.
Policy advocates, including Consumer Federation of America’s Insurance Director Douglas Heller, testified before the Senate Banking… read more
Policy advocates, including Consumer Federation of America’s Insurance Director Douglas Heller, testified before the Senate Banking Committee on challenges in the property insurance market and how rising rates have impacted homeowners and renters alike. Mr. Heller pointed to climate change and inadequate oversight of state insurance marketplaces as two of the main drivers for raising insurance rates. Other topics discussed were the challenges in insuring multi-family properties and affordable housing units, building resiliency into insurance regulation, and the recent departure of several insurance providers from several states, including California and Texas. They also addressed the importance of the National Flood Insurance Program (NFIP) and the need to reauthorize it before it expires on September 30, 2023. close
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Michelle H. Norris Executive Vice President National Church Residences->External Affairs and Strategic Partnerships
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