New York Looks to Reform Coastal Homeowners Insurance Market
Sep 28, 2010 4:06:43 AM
"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."
