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CAHEC Connection                                          March 2020

In This Issue

By: Nathan Kerr, Vice President, Affordable Housing Practice Lead, Scott Insurance

Today's challenging insurance marketplace is impacting organizations working in various sectors of affordable housing - from developers to property owners/managers to investors. While each business has unique characteristics and risks that affect pricing, these general market observations can help affordable housing organizations prepare during this difficult market.
 
What is Driving Property Rate Increases?

Recent Catastrophe Losses & Underpricing
Looking back, 2017 brought near-record highs in U.S. catastrophe losses due to the hurricane trifecta of Harvey, Irma and Maria. While 2018 saw a reduction in these losses (down to $37 billion from 2017's $53 billion*), Hurricane Michael and historic wildfires in California made it the second highest loss year since 2011. While we did not see the same levels of hurricane and flood losses in 2019; the property market was not immune to wildfires, heavy winds and hail losses.

Due to these natural disasters, as well as attempting to rebound from multiple years of underpricing, property rates have been on the rise for nearly every industry. Habitational risks have seen some of the greatest increases - especially those in catastrophe-exposed locations.



The 2020 CAHEC Partners Conference is scheduled to take place on Wednesday, June 17 & Thursday, June 18 at the Grandover Resort & Conference Center in Greensboro, NC. In light of the constantly evolving environment surrounding COVID-19, we have made the decision to hold off on launching registration and opening our room blocks up to attendees at this time. Although we're constantly monitoring and evaluating the situation, we are currently still planning to proceed with the event and ask attendees and sponsors to continue to save the date. Our number one priority is the health and safety of our staff and partners, and we will continue to examine the situation closely over the next few weeks to ensure that we make the most informed decision we can about proceeding forward with the event. 

Additionally, we want to thank our sponsors. We would not be able to put on the quality event we do without your continued support over the years, and we promise that any decision we make about the future of the event will be made with your best interests in mind. Our goal is to always put on an event that was better than the year before and we want to ensure that if we do move forward with the event, we're able to do that again this year. Of course, should the event get cancelled or postponed, all sponsorships will be refunded. 

For questions regarding the conference, please contact Amy Cross at across@cahec.com


On Valentine's Day weekend, a resident from Sandy Ridge Apartments in Wendell, NC, wanted to do something special for her neighbors. Knowing that Valentine's Day was approaching, she offered to reserve the community room and host a slumber party for youth residents to give her fellow parents a much needed break. The children were greeted with decorations, music, food, and games, and had a wonderful time dancing the night away. "It looked like a banquet hall," explained Renee Sparks, Site Manager for Sandy Ridge. "Valentine's is a special time and this gave parents an opportunity to get away and not have to worry about their children. It was a really nice break for them!"


The next morning, waffles and bacon were served for breakfast and the children had more fun playing games and spending time with their neighbors. "This event was so successful that we may do it again!" Renee said. "I love that our community comes together and is there for each other. This is what community is all about!"

MIAMission in Action
  • The CAHEC Foundation recently awarded $3,000 through our Disaster Relief Initiative to East River Place Apartments in Nashville, TN, after a devastating tornado displaced 18 families. We'd also like to thank our partners at First Citizens Bank for matching our funds to help our residents in need! 
  • Congrats to Woodland Olney Apartments in Woodland, NC, on receiving a Rex Williams Wellness Grant from the CAHEC Foundation! Funding was used to purchase equipment for the property's on-site wellness room which will help residents stay active. 
portPortfolio Highlights
Fully Qualified

Congratulations to the following properties who have achieved 100% occupancy:

Glenwood Gardens - Gastonia, NC



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This institution is an equal opportunity provider.