Posted On: November 20, 2008, 1:06 pm CST

Posted By: InsMgmt

What a crock.

The quote made by the NY BOI should have read, "Consumers should know that the Insurance Department will act vigorously to protect the image of the Insurance Department and future political aspirations of the Commissioner."

To suggest that there has been no change in the risk due to a dwelling being unoccupied or in foreclosure is simply ludicrous. I can understand preventing the insurance companies from canceling midterm, and perhaps requiring the current carrier to renew the coverage on a vacant dwelling form, but to suggest that the complexity of the risk has not changed due to unoccupancy or foreclosure, and stating that it is illegal to cancel the policy due to the imagined increase in risk, is ignoring facts in favor of political expediency.

What's next? Will the Bureau of Insurance, in a show of its "Power for the People", mandate that homeowner policies include coverage for loss due to vandalism or malicious mischief in an unoccupied dwelling?

Yepper, Change We Can Believe In!