All homeowners should brace themselves for sticker shock next time their homeowners policy is up for renewal. Inflation’s effects on the construction industry and the broader economy extend to premiums charged on insurance policies. While it may cost more now, the...
It is shaping up to be a pivotal year for New York state’s insurance industry, with the establishment of a single definition of windstorm in homeowners policies on the horizon. This is a monumental step forward, not just for insurance professionals, but...
For several years, PIANY has been on the front lines as an advocate for the standardization of the windstorm deductible definition in New York state. It has been a top legislative priority for the association. PIANY members and staff members have meet with countless...
Recently, the Department of Banking and Insurance released Bulletin No. 24-10, requiring all insurers authorized or admitted to sell property/casualty insurance in New Jersey to participate in a comprehensive survey on low-income housing discrimination. Facing...
In recent years, insurance companies have increasingly turned to satellite imagery to evaluate the conditions of properties—particularly roofs—for underwriting purposes. This technological resource allows insurers to assess large numbers of properties from the air...
Summer is the perfect time for outdoor home improvement projects, and one of the most critical components of your home is the roof. It provides essential protection against the elements and contributes to the structural integrity of your property. When it’s time to...
On April 20, 2024, Gov. Kathy Hochul signed into law Chapter 56 of the Laws of 2024, marking a decisive change in how insurance companies can interact with property owners who house tenants utilize federal housing vouchers. According to an investigative report by the...
The 2023-24 legislative session in New York saw a flurry of activity, with legislators in both houses passing hundreds of bills. Despite this progress, several bills on PIANY’s radar did not pass the Legislature. Some bills passed one house but not the other, while...
In recent years, Adirondack Insurance Exchange has grappled with challenging market conditions and increasing claims payment costs—leading to a decline in its financial strength. This situation now has culminated in Demotech's—a financial analysis and rating company...
The New York state Legislature has passed A.10344 that would amend the Insurance Law to incorporate parametric insurance. This bill, introduced by Sen. Skoufis, D-42, and Assemblywoman Gina Sillitti, D-16, at the request of the New York State Department of Financial...