Most lenders require apartment owners to carry terrorism risk insurance. Prior to the 9/11 terrorist attacks this was not a problem. However, after the attacks, private carriers began dropping terrorism coverage from their policies.
In an effort to fill this critical void, Congress passed the Terrorism Risk Insurance Act (TRIA), which provided a federal backstop for insured losses resulting from acts of terrorism. NMHC supports an extension of the Terrorism Risk Insurance Act until private markets recover enough to meet the demand. Read our Issue Fact Sheet.
More information on terrorism insurance, in addition to the NMHC/NAA viewpoint.Read More