New York lawmakers hold a roundtable discussion today with insurance agents and industry leaders over the difficulties facing the coastal homeowners insurance market.
The meeting at the state legislature was called for by Assemblyman Joseph Morelle (D) and state Senator Neil Breslin (D), who head the insurance committees in the general assembly and Senate.
At issues is insurers’ reluctance to write homeowners policies in coastal areas, due to the possibility of a severe hurricane striking the region – particularly along Long Island Sound.
Insurance company members and insurance trade groups are expected to testify. Among the topics that will be discussed: the creation of a single, standard definition of an event that would cause large windstorm deductibles to apply to homeowners insurance claims.
The Professional Insurance Agents of New York (PIANY) said it will urge lawmakers to enact legislation to standardize hurricane deductible triggers. “Homeowners deserve certainty in the coverage provided by their insurance policies,” said Peter Resnick, a director at PIANY. “The storms we experienced in March demonstrated vast inconsistencies among carriers and policies with regard to the triggers and deductibles in claims related to storms.”
During a hearing last month, several Long Island insurance agents testified on the problems in the market and ideas for solutions.
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