Yes, I am being sarcastic with the subject of this post, in response to this article in the Western Queens
Gazette:
With Queens residents facing increased possibilities of
having their home insurance policies cancelled because of forecasts for
dangerous storms, the Assembly in Albany has passed a bill to limit policy
non-renewals or cancellations[...]Pheffer explained that currently, an insurer may withdraw homeowner
insurance coverage from an entire region of New York state without
approaching the threshold requiring filing a plan with the state
Superintendent of Insurance.However, Pheffer explained, the new legislation passed by the Assembly
would limit the amount by which an insurer could reduce coverage of
homeowners insurance policies to no more than 20 percent over five years or
no more than 4 percent over 12 months in each rating territory in use in
this state.
It’s becoming harder to find carriers to write coverage in cat-prone regions
of the state. So, let’s dis-incent new players from entering the market by
making it challenging to fix any problems that arise. Brilliant!