"Let's fix the roof before it starts raining," Insurance Superintendent James Wrynn said. "Coastal New York has been lucky for a while to escape a direct hit from a hurricane, but luck is no substitute for planning. Homeowners have already been pummeled by rising rates, nonrenewals and threats of nonrenewal of their homeowners insurance policies. Homeowners shouldn't have to worry about whether they will be able to get coverage when their policies expire. This uncertainty must be addressed. We have extensively reviewed our rules and regulations and we are planning for the storm we know is coming."
New York Looks to Reform Coastal Homeowners Insurance Market
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The above post was written by Louis D’Agostino, Managing Partner of Iron Cove Partners, LLC an insurance broker HQ’d in NYC, with offices on LI and FL. Iron Cove Partners, LLC provides expert advice and counsel as it relates to Personal Lines Insurance and other risk transfer insurance products for high-net worth individuals. Mr. D’Agostino can be reached via email at louisd@ironcoveins.com.