Coming This Fall
Stay tuned for the latest edition of NMHC’s State of Multifamily Risk Survey & Report, arriving this fall. Building on the insights from the 2023 edition, this report delivers crucial data and trends to help you navigate the evolving challenges of insurance and risk management in the multifamily sector.
What was in the 2023 Report
Skyrocketing insurance costs and a growing risk landscape are multifamily’s new reality. Inform your strategy with actual data and analysis. NMHC’s 2023 State of Multifamily Risk Survey and Report with analysis by FHS covers:
- Firm Risk Management Practices
- Insurance Coverage
- Claims
- Total Cost of Risk
- Catastrophe Coverage
- Construction Coverage
- Renter Insurance Requirements
- Alternative Risk Financing
- Market Analysis & Strategies
If you are a federal, state or local policymaker and are interested in learning more about accessing the report, please reach out to Alex Eveland, aeveland@nmhc.org.
Respondent Information
- 160 individual firm responses
- Over 1.5 million owned units represented
- 1.5 million managed units represented
- Asset classes represented: Market-Rate Class A, Market-Rate Class B, Market-Rate Class C, Subsidized/Affordable, Purpose-Built Student Housing, Age-Restricted (Seniors)
Selected Findings:
- 45.6% of respondents use one insurance broker/consultant; 30.0% use two; 21.9% use three or more.
- 35.7% of respondents use an outside vendor to handle third-party insurance compliance.
- 55.4% of respondents have a formal Crisis Management Plan.
- 60.6% of respondents have been forced to increase their deductible in the past three calendar years to maintain affordability.
- 50.3% of respondents have a Named Storm deductible that affects flood coverage.
- For 24.6%, the Texas/Southern State freeze was responsible for the largest loss in the last three years. For 23.8% of respondents, it was a fire.
Related Webinar
Webinar: 2023 State of Multifamily Risk Results—Documenting Insurance Market Volatility