A new Vermont-based captive insurer is promising to provide insurance for New York affordable rental housing buildings at a time when advocates say coverage is difficult to afford or obtain.
The Milford Street Association Captive Insurance Co. will be owned by its member premium payers and will provide insurance only to New York affordable rental buildings that have a regulatory agreement limiting rents and receive public financing.
According to a New York Housing Conference March 2024 report, premiums for these landlords ha