Disaster Prevention, Relief and Insurance
IREM Position:
Real estate managers should be prepared for disasters and emergencies and take part in continuing education with staff of emergency procedure techniques as well as distributing tenant and resident emergency information is critical to adequate response to an emergency.
Adequate insurance is essential to a property's recovery after a disaster. Managers should encourage owners to carry sufficient coverage. In addition to maintaining private insurance, managers should be aware of any governmental insurance, relief, or aid available to them after a disaster. The Terrorism Risk Insurance Program and the National Flood Insurance Program are two examples of government programs that allow real estate managers to be prepared for and minimize economic damage as a result of unavoidable disasters.
IREM encourages the federal government to establish uniform rules for administering national disaster relief programs. In addition, we encourage Congress and state legislative bodies to see that they maintain a healthy reserve of funds to administer disaster relief. IREM is very concerned about the availability and affordability of property insurance. We urge Congress to develop a solution to this problem.
(Adopted 11/90. Updated 4/06, 4/10, 9/14, 10/23)
Terrorism Readiness
IREM Position:
Although most terrorist incidents cannot be prevented by the actions of property managers, the Institute encourages all property owners and managers to work with law enforcement agencies to develop special emergency procedures in case of a terrorist act.
Furthermore, the Institute encourages staff and legal counsel to review standard management agreements for modifications dealing with terrorism. We also encourage federal, state, and local entities as well as property management owners and managers to review standard leases for similar modifications.
We urge Congress and the Administration to maintain legislation providing federal reinsurance coverage for the nation’s property and casualty insurers against losses caused by acts of terrorism or war, such as the Terrorism Risk Insurance Program Reauthorization Act of 2019 which extends through December 31, 2027.
(Adopted 10/23)
National Flood Insurance Program (NFIP)
IREM Position:
IREM believes a strengthened National Flood Insurance Program (NFIP) combined with a robust private market is needed to maintain access to flood insurance in all markets over the long term so that it remains a viable option for property owners. For this reason, IREM supports the long-term reauthorization of the NFIP.
(Adopted 6/07. Updated 9/19, 10/23)
Insurance Redlining
IREM Position:
The Institute is opposed to insurance marketing and underwriting practices that result from discriminatory redlining. Redlining is, as it pertains to property insurance and insurance for property management companies, the discrimination in intent or in effect by an insurer or insurance representative against an applicant or property on the basis of age, geographic location, religion, race, national origin, ethnicity, or income of the applicant.
(Adopted 12/95. Updated 10/07, 10/11, 3/16, 10/23)