Homeowners Insurance Remains an Issue
Republican Sen. Kenneth LaValle and Democratic Assemblyman Robert Sweeny, both of Suffolk County, have introduced bills S.7397 and A.10790, respectfully, in response to homeowners insurance problems facing Long Island, Westchester County and New York City. Their legislation is the result of the partial withdrawal of Allstate from the homeowners insurance marketplace in those areas and more recent writing restrictions from MetLife and Nationwide. The bills would require an insurer to submit a plan to the state Insurance Department if it intends to reduce its volume of homeowners policies by 4 percent or more per rating territory and calls for making permanent the New York Property Insurance Underwriting Association.


I know we all knew about Allstate, but this is the first I'm hearing about MetLife & Nationwide's writing restrictions. I'm sure soon the rest will follow if this does not come to an end....