Olympia report outlines solutions for affordable Washington housing insurance [Video]

OLYMPIA, Wash. — A recent report submitted to the Washington State Legislature highlights the challenges facing the insurance market for housing providers funded by the state’s Housing Trust Fund program. The report, released on Thursday, offers 12 potential policy options aimed at improving insurance costs for these providers.

The Washington Insurance Commissioner, Mike Kreidler, collaborated with Davies Actuarial and Alvarez & Marsal Financial Services to produce the report. This initiative was requested by the Legislature during the 2024 session.

The report addresses the affordability and availability of insurance for housing providers serving extremely low-income households. Kreidler emphasized the urgency of the issue, stating, “The lack of affordable housing is one of the most critical issues facing our state today. The options in this report mark an important first step in addressing one of the barriers those housing providers face.”

The proposed solutions focus on three main areas: reducing the total …