Wildfires and Rising Insurance Costs Worsen Housing Crisis in the Mountain West
A new report from the Climate and Community Institute highlights the growing impact of rising property insurance costs on renters, particularly in the Mountain West region of the United States. While much of the focus has been on homeowners, the report reveals that tenants in subsidized or affordable housing are also facing financial strain. Insurance premiums for multi-family rental properties have surged, driven in part by the increasing frequency and severity of wildfires. These rising costs are putting pressure on operating budgets, leading to higher rents, deferred maintenance, and challenges in developing new affordable housing projects. The report also notes that some property owners are turning to alternative insurance options, such as surplus line policies and self-insurance entities, though these may not necessarily reduce costs. 
