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Senators Press DFS and Insurers Over Rising Home Insurance Costs, Seek Data and Relief
Summary
A joint Senate hearing scrutinized why residential property insurance premiums have jumped and coverage narrowed, pressing the Department of Financial Services on data, proprietary models, and discounting for mitigation while housing providers warned that soaring premiums threaten affordable housing.
Lawmakers pressed regulators and insurers Thursday at a joint New York Senate hearing on why residential property insurance costs and deductibles have climbed sharply and why some homeowners and housing operators are losing coverage.
Acting Superintendent Caitlin Azro of the Department of Financial Services told the committee that climate-driven catastrophe frequency and severity, inflation in repair and labor costs, higher reinsurance prices and what regulators call social inflation in legal costs are the primary forces pushing premiums higher. "Extreme weather is the primary factor we are focused on," Azro said, adding that DFS has issued guidance on climate risk and on mandatory discounts for storm shutters and hurricane‑resistant glazing.
Senators pressed DFS on gaps in the regulator’s evidence,…
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