Equity Lifestyle Properties Inc

Item 1A.Risk Factors

A description of the risk factors associated with our business are discussed in Item 1A. Risk Factors in our 20245 Form 10-K and in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2025. On April 1, 2026, we renewed our property and casualty insurance policies. We have updated those rour risk factors disclosed in Part I. Item 1A. Risk fFactors in our 2025 Form 10-K with the risk factor described below.

The Economic Performance and Value of Our PropertieSome Potential Losses Are Subject to Risks Associated with the Real Estate Industry.

The economic performance and value of our PropertiesNot Covered by Insurance 

We carry comprehensive insurance could be adversely affected by various factors, many of which are outside of our control. These factors include but are notage for losses resulting from property damage and environmental limited to the following:

changesability and business in the global, naterruptional, regional and/or local economies;

the attractiveness o claims on all of our Properties to customers, competition from. In addition, we carry liability coverage for other MH and RV communiactivities and lifestyle-oriennot specifically related to properties and marinas and alternative forms of housing (such as apartment buildings and sy operations. These coverages include, but are not limite-built single family homes);

the d to, Directors Officers liability of MH, RV and boat manufacturers to adapt to changes in the econom, Employment Practices liability, Fiduciary liability and the availCyber liability of units from these manufacturers;

. We believe that the ability of our potential customers to sell or lease their existing residences in order to purchapolicy specifications and coverage limits of these homes or cottagpolicies at our Properties, and heightened price sensitivity for seasonal and second homebuyers;

should be adequate and appropriate given the ability of our potential customers to obtain financing onrelative risk of loss, the purchasecost of manufactured homes and cottages, RVs insurance and/or boats;

our ability to att industry pract new customers and retain them for our membership subscriptions and upgrade sales business;

our ability to collect payments from customersice. There are, however, certain types of losses, such as punitive damages, lease and pay oother control operating costs, including real estate taxes and insurance;

the ability of our assets to generateact claims that generally are not income sufficient to pay our expenses, service our debtsured. Should and maintain our Properties;

our ability to diversify, reconfigure our portfolio promptly  uninsured loss or a loss in response to changing economic or otherexcess of coverage limits occur, we conditions and seuld lose all our Proper a porties timely due toon of the illiquid nature of recapital estatwe have investments;

unfavorable weather conditions, especialled in a Property on holiday weekends in r the spring and summer months, which are peak business periods for our transient customers;

changes in weather patternsanticipated future revenue from a Property. In such and the occurrence of natural disasters or catastrophic  event, we might nevents, including acts of wartheless remain obligated for and terrorist attacks;

fluctuations in the exchany mortgage rate of the U.S. dollar to odebt or other currencies, primarily the Canadian dollar due to Canadian customers, who frequently visit our soufinancial obligations related to thern Properties;

changes in U.S. social, economic and political conditions, laws ay.

Our current property and governmental regulations,casualty includingsurance policies governingwith rent control, fair spect to our MH and equitable access to housing, pRV Property zoning, taxation, minimum wagies, chattel financing, health care, foreign trade, tariffs, regulatory compliance, manufacturing, development and investment, as well as the impawhich we plan to renew, expire on April1, 2027. We have a $125.0 million per occurrence limit with respect of those on U.S.to our MH and Canadian relations and customer sentimentRV all-risk property insurance program, which may influence decisions to visit our Properties or continue tenancy;

an inflationary environment inincludes $75.0 million of coverage per occurrence for named windstorms, which the costs to operate and maintain our communities increase at a rate greater than our ability to increase rents;

a recession or economic downturn;

supply chain disruptioninclude, for example, hurricanes. The loss limit is subject to additional sub-limits and tightening labor markets, which have affected and could affect our ability to obtain materials and sks set forth in the policy form, including, among others, a $25.0 milled labor timely without incurring significant costs or delaysion aggregate loss limit for any development and expansion aearthquake(s) in California. The deductivities;

fiscalbles for this policies, instability or inaction at the U.S. federal government level, which may lead y primarily range from $500,000 minimum to federal government shutdowns 5.0%per unit of insurance for negative impacts on the U.S. economy;

adverse outcomes of litigation;

publmost catastrophic events. For most catastrophic health crises, such as highly infecevents, there is an additious or contagious diseases, which have had and could in the futurnal $5.0 million aggregate deductible. We have an adverse effect on our business; and

theseparate insurance policies with realization of any other risk factors included in our Annual Reportspect to our marina Properties. Those casualty policies expire on Form 10-K for the year ended DeceNovember 31, 20246, and in our Quarterly Report on Form 10-Q for the quarter ended March 3the property insurance program renewed on April 1, 2025.

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C6. Thanges in or the occurree marina property insurance of any of these factors could adversely affprogram has a $30.0 million per occurrence limit, subject our finto self-insurancial condition, resultse and a minimum deductible of operations, market price$100,000 plus, for named windstorms, 5.0% per unit of our common stock and our ability to make expected distributions to oinsurance subject to a $500,000 minimum. A deductible indicates our stockholders or result in claims, including, but not maximum exposure, subject to policy limits and sub-limited to, foreclosure by a lender s, in the event of our inability to service our debta loss.