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TRIA Expiration Sparks SOS From Real Estate Community
January 7, 2015
With the Terrorism Risk Insurance Act now one week expired and still on the table, many in the real estate business say the financial impacts pose a growing threat to future commercial activity and the U.S. economy as a whole.
Even as the House moves toward a vote to reauthorize the federal program through Congress’ fast-track process, possibly today, the uncertainty of the law’s future has fueled anxiety in several fields tied to real estate. Among the potential setbacks are higher insurance costs and heavily reduced terrorism coverage, lost jobs, stalled real estate deals, widespread defaults and less available credit going forward, property owners and industry watchdogs told Commercial Observer.