News 584 New York Home Insurance Market Stable Coastal Ny

The New York homeowners insurance market is stable according to Kristina Baldwin, the regional manager of the Property Casualty Insurers Association of America (PCI). Despite Allstate pulling out of the coastal New York area and refusing to write new policies based on the belief that severe storm damages might create major losses, Baldwin claimed that an inspection of the policies and procedures in place in New York create a stable environment for homeowners and home insurers.

New York has several contingency initiatives in place should sever weather strike. After witnessing the devastation of Hurricane Andrew In 1992, the Coastal Market Assistance Program (C-MAP) was put into place as a backstop. C-Map is a network of insurers who volunteer to assist homeowners in locating home insurance in New York's coastal areas.

Baldwin also stated that there appear to be enough home insurance companies in the market to provide healthy competition without Allstate's presence. Other factors backing up New York's healthy home insurance market is the availability of "wrap around" insurance which allows homeowners to purchase fire and extended coverage through New York Property Insurance Underwriting Association and liability, theft and other coverages from a private insurer. Also wind-deductibles are available at varying rates.


Read more: PCI: N.Y. Homeowners Market Healthy (Insurance Journal) The New York homeowners insurance market is stable�, according to the Property Casualty Insurers Association of America (PCI). Kristina Baldwin, PCI's regional manager testified Thursday before a