To assist residents whose insurance carrier cancels or does not renew their policy because they live in a hurricane flood zone, Senator Charles J. Fuschillo, Jr. (8th Senate District) sponsored legislation, passed by both the Senate and Assembly, that would require these companies to inform homeowners about other insurance options that are available.
"Unfortunately, in the wake of last year’s hurricanes, we saw some insurance companies decide to revoke or not renew policies to Long Islanders simply because they live in close proximity to the water. This left many homeowners without coverage and unaware of the options that are available to them," said Senator Fuschillo. "This will ensure that in the future homeowners will be informed of their options and know what other recourses they can take to get coverage."
Senator Fuschillo’s legislation would require any insurance company who is canceling, not renewing, or issuing a conditional policy to notify the homeowner about possible eligibility for coverage through a market assistance program or the New York State Property Insurance Underwriting Association. These companies would also be required to inform the homeowner how to apply for this coverage.
The Coastal Market Assistance Program (C-MAP) is a network of participating insurance companies who have agreed to give special underwriting consideration in an effort to assist New York's coastal homeowners acquire insurance. C-MAP was created by the State of New York Insurance Department and is administered by New York Property Insurance Underwriting Association.
Residents whose homeowner insurance policies were already canceled and would like more information about C-MAP can call NYPIUA at 212-208-9898.
The legislation will soon be sent to Governor George Pataki.
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