Senator Kenneth P. LaValle today announced that New York State homeowners would be assured of the availability and affordability of property casualty insurance under a measure passed by the Legislature. Among the provisions of the legislation, the New York property insurance underwriting association (NYPIUA) would be made permanent, while NYPIUA would also be authorized to expand coverage in coastal areas of the state.
"Over the past few years, property insurance companies have reduced their participation on Long Island," said Senator LaValle. "As a result, premiums have skyrocketed and restrictions on the policies being written leave homeowners financially liable for damages they simply cannot afford. We cannot let this trend continue."
According to Senator LaValle, the measure passed by the Legislature includes a number of important initiatives to promote the availability and affordability of homeowners’ insurance. Under the measure, NYPIUA would be made permanent. The bill would also require NYPUIA to develop incentives to encourage insurers to write homeowners insurance policies in coastal areas, as well as authorize them to offer more expansive coverage in coastal areas and other areas of the state. The bill also reinstates the Special Advisory Panel on Homeowners’ Insurance/Catastrophe Coverage to study the issues affecting the availability and affordability of homeowners’ insurance in these regions.
"The decision by insurance companies to move away from writing policies on Long Island has been burdensome for local residents," said Senator LaValle. "This bill would encourage a larger market, greater competition, and, hopefully, bring policy premiums back to a level that homeowners can afford."
This legislation awaits the Governor’s approval.
|