Phoenix, Ariz., officials announced Tuesday that they will extend the insurance coverage for homes and apartments that are hit by home invasions for the next five years.
The extension, which will last until 2026, was announced on Tuesday by Phoenix Mayor Greg Stanton, who is an investor in the company that operates the city’s property insurance program.
“The insurance companies, like the insurance companies all across the country, have been struggling with the problem of rising insurance premiums,” Stanton said.
“It’s been a problem that they’ve been trying to solve and the solution has been to extend this coverage.
We’re not going to take it away, but we are extending it.”
The city’s program covers more than 6,000 properties and is available to people living in the city and those living in rural areas.
Phoenix’s insurance program covers homeowners over age 60.
It also covers individuals and families that live in private residences.
According to a statement from the city, the extension will cover people who “were the victims of home invasion on their own or their spouse’s property.”
The insurance program is funded by a combination of tax and fee increases from the state and local governments, and the federal government.
The city is also looking at ways to extend the program to include people who are uninsured.
The move comes as the U.S. Department of Homeland Security has warned that the number of people living on the streets of major cities is skyrocketing.
In its 2017 “Top 5 cities with the highest levels of homelessness in the United States,” the DHS said that Phoenix has the fifth-highest number of homeless people in the nation.
As the number and severity of the crisis has grown, Phoenix’s homeowners insurance program has struggled.
According, the city said that about 4,200 homeowners were insured under the program between 2007 and 2017, with a median payout of $250,000 per homeowner.
About 10 percent of homeowners are eligible for premium assistance payments.
In a statement, Stanton said that the city is looking to expand coverage in the next few years.
“We will continue to invest in our homeowners insurance pool and will work with our insurers to make this an affordable, accessible option for homeowners in the Phoenix area,” Stanton added.
“If homeowners are not covered, they have a right to claim for a policy if they feel that their property was damaged or they were at fault.
The policy will still be able to pay for repairs and repairs will not be out of pocket.”